The limb prosthetics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Limb Prosthetics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 in the historic period can be attributed to increased awareness about prosthetic options, improved access to healthcare services, improvements in surgical techniques and rehabilitation practices, the use of carbon fiber, and an increased focus on 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 growth in the forecast period can be attributed to rising incidences of trauma, government, growth in medical tourism, government and insurance support, growing healthcare infrastructure, and advances in bionic and neural prosthetics. Major trends in the forecast period include enhanced control and functionality, advanced materials and manufacturing, affordability and accessibility, regenerative medicine and biotech integration, and a focus on user-centric design and experience.
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Scope Of Limb Prosthetics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Limb Prosthetics Market Overview
Market Drivers –
The rising number of road accidents is expected to propel the growth of limb prosthetics going forward. The number of road accidents are significantly rising due to increased vehicle traffic, driver distraction, speeding, and poor road conditions. Limb prosthetics are useful for road accident survivors by providing functional replacements for lost or severely damaged limbs, enhancing mobility, and improving quality of life through advanced technology and customization. For instance, in October 2023, according to Brake, a UK-based road safety charity, in 2022, road accidents caused 1,766 deaths and 28,941 serious injuries, with a 10% increase in fatalities compared to 2021. Therefore, the rising number of accidents is driving the growth of the limb prosthetics market.
Market Trends –
Major companies operating in the limb prosthetics market are focusing on developing actively powered microprocessor prosthetic knees, to offer more personalized and intuitive prosthetic solutions. Actively powered microprocessor prosthetic knees use sensors and microprocessors to dynamically adjust resistance and movement for improved gait and stability. For instance, in February 2022, Össur hf, an Iceland-based manufacturer of non-invasive orthopedics, launched the Power Knee, the world’s first actively powered microprocessor prosthetic knee designed to enhance mobility and independence for individuals with above-knee amputations or limb differences. It utilizes advanced algorithms to detect human movement patterns and learn and adapt to the wearer’s speed in real-time, providing active powered assistance while navigating varying surfaces, inclines, declines, stairs, and ramps. The Power Knee encourages more symmetrical motion, conserves the wearer’s energy, and allows users to accomplish tasks that were previously challenging or impossible with traditional prosthetics.
The limb prosthetics market covered in this report is segmented –
1) By Type: Lower Limb Prosthetics, Upper Limb Prosthetics
2) By Component: Socket, Appendage, Joint, Connecting Module, Other Components
3) By Technology: Conventional Prosthetic Devices, Electric Prosthetic Devices, Hybrid Prosthetic Devices
4) By End-User: Orthotics And Prosthetics (O&P) Clinics, Orthopedic Clinics, Other End-Users
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Regional Insights –
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.
Key Companies –
Major companies operating in the limb prosthetics market are Össur 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
Table of Contents
1. Executive Summary
2. Limb Prosthetics Market Report Structure
3. Limb Prosthetics Market Trends And Strategies
4. Limb Prosthetics Market – Macro Economic Scenario
5. Limb Prosthetics Market Size And Growth
…..
27. Limb Prosthetics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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