[Latest Report] Prosthetics Market is estimated to be US$ 9.44 billion by 2030 with a CAGR of 4.5% during the forecast period 2030 – By PMI
Prophecy Market Insights latest research report on the Prosthetics Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina , Sept. 11, 2023 (GLOBE NEWSWIRE) — The demand for Prosthetics Market accounted for US$ 6.1 billion in 2020 and is estimated to be US$ 9.44 billion by 2030 and is anticipated to register a CAGR of 4.5% this is according to the most recent research report.
What is Prosthetics Market?
Prosthetics refer to artificial devices that replace or replicate a missing body part to restore function, mobility, and appearance for individuals who have experienced limb loss or congenital limb deficiency. Prosthetics play a crucial role in enhancing the quality of life and functional independence of people with limb differences.
The global aging population is contributing to an increased demand for prosthetics. As the incidence of age-related conditions leading to limb loss, such as vascular disease and diabetes, rises, there will be a corresponding need for prosthetic solutions to maintain mobility and independence. Many governments are taking steps to improve accessibility to prosthetics, especially in low- and middle-income countries. Initiatives to provide funding and resources for prosthetic care contribute to Prosthetics Market growth.
- In April 2022, The Indian Institute of Technology, Madras (IIT-M) launched the country’s first indigenously developed polycentric prosthetic knee, ‘Kadam’, and said it meets international quality standards while being more affordable than “comparable imported knees”. Kadam has advantages over a hinge joint due to the many axes of rotation that provide the user greater control over the prosthesis while walking and allow for a maximum knee flexion of 160 degrees, making it simple to sit in confined environments like buses and cars. It is a polycentric knee for Above Knee Prosthesis that was created in collaboration with Mobility India and the Society for Biomedical Technology (SBMT).
- In July 2020, Unlimited Tomorrow, a medical device company manufacturing prosthetic limbs, launched “TrueLimb”, a prosthetic arm that is available through a completely remote process which amputees can initiate online. The TrueLimb is 80% less expensive than conventional prosthesis. It is a robust robotic upper limb prosthesis that can move and position in a natural way thanks to its multi-grip capability and individual finger control. Each user’s TrueLimb is specifically made for them and tailored to their skin tone, weight, shape, and size. Utilizing proprietary software developed by Unlimited Tomorrow, clever design, and cutting-edge manufacturing processes, this level of customization is made feasible. Unlimited tomorrow offers a remote, all-in-one solution using 3D printing technology. This enables people with different limbs to get their socket and limb from the same manufacturer without having to leave their homes.
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(A sample of this report is available upon request. The report sample includes a brief introduction to the research report, a Table of Contents, a graphical introduction to regional analysis, top market competitors with revenue analysis, and our research methodology.)
|Base year for estimation||2020|
|Forecast period||2020 – 2030|
|Accounted in 2020||US$ 6.1 billion in 2020|
|Estimated to be in 2030||US$ 9.44 billion by 2030|
|Market representation||Revenue in USD Billion & CAGR from 2020 to 2030|
|Market Segmentation|| By Type – Transradial, Transtibial, Transfemoral, Transhumeral and Others
By Application – Hospitals, Dental Clinics, Rehabilitation Centers, Prosthetic Clinics, Ambulatory Surgical Centers and Others
|Regional scope|| North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
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Some of the Top key players in Prosthetics Market are:
- Smith & Nephew plc.
- BioHorizons Inc.
- Dentsply Sirona Inc.
- Ossur, Braun Melsungen AG
- Johnson & Johnson, Willow Wood Global LLC.
- Fillauer LLC
- Strauman AG
- Ottobock SE & Co.
- Hanger Inc.
- Danaher Corporation
- GaA and Blatchford Group
- Zimmer Biomet Holdings Inc.
- Ultraflex Systems Inc.
Market Insights and Analysis:
Prosthetics Market is expected to experience substantial growth over the next decade, driven by these factors. As technology continues to evolve, and as society becomes more inclusive and accepting, the target market will likely see a wider range of innovative, functional, and aesthetically appealing prosthetic solutions that enhance the lives of individuals with limb differences. The shift towards patient-centered care and design places a greater emphasis on understanding the unique needs and preferences of individual prosthetic users. This trend leads to the creation of devices that align more closely with users’ lifestyles and goals.
Prominent Growth Driving Factors:
When preparing a report on the growth driving factors for the prosthetics market, it’s essential to consider various factors that influence the industry’s expansion and development. The prosthetics market has been evolving rapidly due to advancements in technology, changing demographics, and increasing awareness about prosthetic solutions. Here are some key growth driving factors to include in your report:
- Technological Advancement: Continuous advancement in materials, manufacturing techniques, and digital technologies such as 3D printing and robotics have greatly improved the functionality and aesthetics of prosthetic limbs. These innovations make prosthetics more accessible and user-friendly.
- Aging Population: The global aging population is a significant driver of prosthetics market growth. As people age, the incidence of age-related conditions, accidents, and diseases that may lead to limb loss or disability increases, creating a growing demand for prosthetic devices.
Top Market Influencing Trends:
When analyzing the prosthetics market for a report, it’s crucial to identify the top trends that are currently influencing the industry. These trends can provide valuable insights into the direction of the market and its growth potential. Here are some top market-influencing trends to consider for your report:
- Customization and Personalization: Personalized prosthetic solutions are gaining traction. Advances in scanning, modeling, and materials allow for highly customized prosthetic devices tailored to an individual’s specific anatomy and functional requirements. This trend enhances user comfort and satisfaction.
- Smart Prosthetics: Smart prosthetics equipped with sensors and microprocessors are becoming increasingly common. These devices offer real-time feedback, adaptive functionality, and improved control, enhancing the overall quality of life for users.
The prosthetics market is undergoing significant transformation, driven by a convergence of technological advancements, changing demographics, and shifting societal attitudes. This dynamic market is characterized by innovation, customization, and a growing focus on improving the lives of individuals with limb loss or limb deficiencies.
The report provides answers to questions such as:
- What role does customization and personalization play in the prosthetics market, and how is it impacting user satisfaction?
- How do regulatory frameworks and standards affect the manufacturing and distribution of prosthetic devices?
- What is the impact of healthcare reimbursement policies and insurance coverage on prosthetic adoption and market growth?
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