PUBLISHER: The Business Research Company | PRODUCT CODE: 1619698
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619698
Limb prosthetics are artificial devices created to replace missing limbs, aiming to restore functionality and mobility. These prosthetics are custom-made to fit the residual limb and assist individuals in performing daily activities by mimicking the natural movement and appearance of the lost limb. Their primary purpose is to enable individuals to regain functionality, mobility, and independence.
The main types of limb prosthetics are lower limb prosthetics and upper limb prosthetics. Lower limb prosthetics are designed to replace all or part of a leg or foot lost due to injury, disease, or congenital conditions. This category includes various components such as the socket, appendage, joint, and connecting module. It employs technologies such as conventional prosthetics, electric prosthetics, and hybrid prosthetics. These devices are used by various end users, including orthotics and prosthetics (O&P) clinics, orthopedic clinics, and others.
The limb prosthetics market research report is one of a series of new reports from The Business Research Company that provides limb prosthetics market statistics, including limb prosthetics industry global market size, regional shares, competitors with a limb prosthetics market share, detailed limb prosthetics market segments, market trends and opportunities, and any further data you may need to thrive in the limb prosthetics industry. This limb prosthetics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The limb prosthetics market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth during the historic period can be attributed to increased awareness of prosthetic options, improved access to healthcare services, advancements in surgical techniques and rehabilitation practices, the use of carbon fiber in prosthetics, and a heightened focus on enhancing quality of life.
The limb prosthetics market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The anticipated growth during the forecast period can be attributed to rising incidences of trauma, increased government and insurance support, expansion of medical tourism, growth in healthcare infrastructure, and advancements in bionic and neural prosthetics. Key trends expected to influence this period include enhanced control and functionality of prosthetics, the development of advanced materials and manufacturing techniques, improved affordability and accessibility, integration of regenerative medicine and biotechnology, and a focus on user-centric design and experience.
The increase in road accidents is anticipated to drive the growth of the limb prosthetics market. Rising vehicle traffic, driver distractions, speeding, and poor road conditions are contributing to a higher number of accidents. Limb prosthetics provide vital support for survivors by offering functional replacements for lost or severely damaged limbs, improving mobility, and enhancing quality of life through advanced technology and customization. For example, in October 2023, Brake, a UK-based road safety charity, reported that road accidents in 2022 resulted in 1,766 deaths and 28,941 serious injuries, representing a 10% increase in fatalities from 2021. Thus, the growing incidence of accidents is fueling demand for limb prosthetics.
Key players in the limb prosthetics market are focusing on developing actively powered microprocessor prosthetic knees to offer more personalized and intuitive solutions. These prosthetic knees use sensors and microprocessors to adjust resistance and movement dynamically, enhancing gait and stability. For instance, in February 2022, Ossur hf, an Iceland-based orthopedics manufacturer, introduced the Power Knee, the world's first actively powered microprocessor prosthetic knee. This device is designed to improve mobility and independence for individuals with above-knee amputations or limb differences. It uses advanced algorithms to detect and adapt to movement patterns in real-time, providing active assistance across different surfaces, inclines, declines, stairs, and ramps. The Power Knee promotes symmetrical motion, conserves the wearer's energy, and allows users to perform tasks that traditional prosthetics may have made challenging or impossible.
In August 2022, Ossur hf acquired Naked Prosthetics for an undisclosed amount. This acquisition aims to expand Ossur's upper limb product range by integrating durable finger prostheses for individuals with finger and partial hand amputations. Naked Prosthetics, a US-based company, specializes in manufacturing durable and functional finger prostheses, contributing to Ossur's goal of strengthening its global market position.
Major companies operating in the limb prosthetics market are Ossur Kristinsson, Ottobock SE & Co. KGaA, Hanger Inc., Kare Enterprise Private Limited, Blatchford Limited, Endolite India Ltd., Trulife India Private Limited, Steeper Inc., Uniprox GmbH & Co. KG, College Park Industries, Fillauer LLC, Freedom Innovations LLC, Silipos Holding LLC, ST&G Corporation, WillowWood Global LLC, Ortho Europe Ltd., ALVI Labs, BioGrip GmbH, Toughware Prosthetics, ALIMCO (Artificial Limbs Manufacturing Corporation of India), Streifeneder USA
North America was the largest region in the limb prosthetics market in 2023. The regions covered in the limb prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the limb prosthetics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The limb prosthetics market consists of sales of prosthetic arms and hands, prosthetic legs and feet, custom socket designs, advanced bionic limbs, and cosmetic prosthetics. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Limb Prosthetics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on limb prosthetics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for limb prosthetics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The limb prosthetics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.