This study intends to unfurl the multiple facets of global limb prosthetics market. The insights offered in the report aid in market growth examination during the forecast period.
Alarming Rise in Limb Amputations Drives Limb Prosthetics Market Forward
An increase in amputations due to diabetes, blood vessel disorders, malignancies, infections, excessive tissue damage, malfunction, and pain have sped up the limb prosthetics market growth. Due to several variables, including a decrease in amputations and decreased product sales due to fewer patient visits, the market experienced a dramatic decline during the pandemic. For the year 2020, significant corporations saw a decline in their revenue. Numerous stakeholders are involved in clinical trials to create innovative goods as the frequency of amputations rises globally due to several circumstances. For instance, the University of Washington conducted a functional assessment study in December 2021. It is projected that conducting such important studies will accelerate the expansion of the worldwide market for new products. Many manufacturers concentrate on including cutting-edge technologies as the demand for technologically advanced products rises. Several manufacturers are working diligently to introduce novel materials for creating technology-based prosthetic devices to gain a solid presence in the worldwide limb prosthetics market. The introduction of technologically sophisticated goods and tools is likely to increase the use and preference of these tools by healthcare practitioners worldwide, which will ultimately spur market expansion.
Limb Prosthetics Market: COVID-19 Impact
The COVID-19 epidemic caused a decrease in patient visits for prosthetic services in 2020. For instance, the COVID-19 pandemic has profoundly impacted prosthetic services, with face-to-face sessions typically reserved for urgent patients and inpatients in important countries like the U.K., according to 2021 statistics published by the National Institutes of Health (NIH). Several significant businesses involved in the sales of these products saw a decline in their revenues in FY 2020 as a result of the pandemic. After the pandemic limitations were lifted and regular operations resumed globally in FY 2021, the situation began to improve, which resulted in a rise in product sales for these businesses. Increased patient visits and the corresponding spike in sales both contributed to the explosive market expansion. Institutions in this market that had embraced teleconsultations and other digital technology could maintain themselves despite the pandemic's overall bad effects. Additionally, these elements helped the limb prosthetics market rebound in 2021, when it had steady growth.
Development of Myoelectric Prostheses, and Mind-controlled Prostheses to Boost Limb Prosthetics Market Growth
More emphasis has been placed on creating myoelectric prostheses in the global limb prosthetics market for limb prosthetics. There is a critical demand for prosthetic devices as the number of amputations rises. This has prompted important players to diversify their product offerings to meet the rising demand. Steeper Group, for instance, debuted a myoelectric system in September 2021. The entire limb is produced to provide a long-lasting, high-capacity upper limb system at a reasonable price. Additionally, one of the biggest trends in the global industry is the development of mind-controlled prosthetics.
Electroencephalography (EEG) headset data can be used to operate the arm via brain commands. For instance, the startup Atom Limbs intends to put a mind-controlled prosthetic arm and shoulder on the limb prosthetics market in 2023. A US$120 Mn grant from the U.S. Department of Defense was used to fund the initial ten years of research at Johns Hopkins' Applied Physics Laboratory. These variables are anticipated to support the market growth potential in the timeframe.
Rise in Amputation Rate Fosters Limb Prosthetics Market Growth
The most common reasons for amputations include trauma from accidents, injuries, or procedures performed for various conditions, including diabetes, blood vessel illnesses, cancer, infection, severe tissue damage, malfunction, and pain. Since the demand for prosthetic devices has increased, patient lifestyles have substantially improved. For example, more than one million limbs are amputated each year worldwide, according to the Freedom Prosthetics Report of 2020. Additionally, amputations are performed globally on average every 30 seconds. The global limb prosthetics market is heavily influenced by the variables above. One of the common leading causes of limb loss is peripheral vascular disease. For instance, microvascular disease increases the risk of amputation in patients with peripheral artery disease, according to an article published by the American Heart Association, Inc. in 2020. Amputations are a result of the elevated vulnerability of vascular disease patients. Favorable reimbursement is given to these products because they are regarded as rehabilitative and improve the amputee's quality of life. During the forecast period, it is anticipated that these variables will support the prospects of the global market.
High Prosthetic Costs, and Shortage of Prosthetists and Orthotists Restrain Limb Prosthetics Market Expansion
Despite significant demand for these useful items, one of the most important challenges preventing limb prosthetics market expansion is the expensive price of these prosthetic devices. An orthotist or prosthetist typically prescribes these devices, each specifically tailored to the patient's needs. Depending on the mechanism and amount of advancement, these devices get more expensive. The cost of a bionic hand in the United States ranges from US$8,000 to US$100,000, according to a 2021 article from BionicsForEveryone. Still, some significant conventional manufacturers price upwards of US$30,000. Additionally, younger businesses are pricing their bionic hands between US$8,000 and US$30,000. Furthermore, cost hurdles are increased since emerging nations have lax payment systems for prosthetists and prostheses. These factors restrict prosthetics' use, particularly in developing nations where reimbursement rates are comparably lower.
Lower Limb Prosthetics Category Leads Limb Prosthetics Market due to Increased Number of Lower Limb Amputations
The lower limb prosthetics category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. Due to the high number of lower limb amputations on a global scale, the lower limb segment has a disproportionately large limb prosthetics market share. For instance, the AT2030 Programme said in a published article that 1.5 million lower limbs were amputated yearly, leaving around 65 million individuals worldwide without limbs in 2020. The segment has significant development possibilities due to the increased incidence of orthopedic and diabetic illnesses. Additionally, the growth rate for the upper limb sector is expected to be quite small. The expansion of the segment will probably be aided by rising accidents and injuries as well as rising upper limb product use.
Conventional Prosthetic Devices Category Dominates Limb Prosthetics Market with Rising Prevalence of Newborn Mortality
The conventional prosthetic devices category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. These gadgets, essentially body-powered, cost much less than those made using other technology. Additionally, in 2021, electric prosthetic devices represented the second-largest limb prosthetics market segment. Demand for these items has increased as a result of the government's and private insurance companies favorable reimbursement policies. Using an electric prosthetic device, such as a myoelectric micro-controlled device, allows for easier access to strength, various grip patterns, and more natural hand movements. The segment is anticipated to expand due to the high demand for these treatments, greatly enhancing patient outcomes. Furthermore, in terms of market share, hybrid prosthetic devices occupy a lesser fraction. The increasing technological advancement in these gadgets, which includes both traditional and innovative features, is projected to fuel the expansion of the segment.
Europe to Dominate Limb Prosthetics Market with Supportive Governmental and Reimbursement Policy
Over the forecast period, it is anticipated that the European limb prosthetics market will account for the largest revenue share. The region is expected to have a significant market share due to several favorable aspects, including a supportive governmental and reimbursement policy, many amputations, and cutting-edge technologies. For instance, the National Health Service (NHS) forecasts that between 55,000 and 60,000 individuals with congenital limb deficiencies or those who have received amputations will visit specialized rehabilitation service facilities each year in the United Kingdom. Each year, NHS England spends about US$71.4 Mn on these treatments. It is projected that these developments in important nations, like the U.K., will further increase the acceptance of these items in the area.
Asia Pacific market is anticipated to experience stable revenue growth throughout the forecast period due to the significant elderly population in the area. The region is expected to expand at the greatest CAGR due to the significant senior population and the rise in the prevalence of diseases, particularly diabetes. In 2021, a smaller portion of the global limb prosthetics market was anticipated to belong to the rest of the world sector. Future growth potential for the region is anticipated to be influenced by several variables, such as increased consumer knowledge of these items and rising healthcare spending in important nations.
Global Limb Prosthetics Market: Competitive Landscape
In February 2022, POWER KNEE, a new product from Ossur, was released. The first actively powered microprocessor prosthetic knee for those who have had an above-the-knee amputation or limb differences, it is available now. Similarly, in November 2021, at the UAE pavilion of Expo 2020, Bauerfeind ME, and the Zayed Higher Organization for People of Determination (ZHO) engaged into a JV contract. According to the agreement, Bauerfeind will work with ZHO in Abu Dhabi to make prostheses and orthotics by hiring and training workers there.
A few of the players in the limb prosthetics market Fillauer LLC (Fillauer Companies, Inc.) (U.S.), Hanger, Inc. (U.S.), Ossur (Iceland), Blatchford Limited (U.K.), Ottobock (Germany), WillowWood Global LLC. (U.S.), Steeper Inc. (U.K), Uniprox (Bauerfeind) (Germany), and Ortho Europe (U.K.).
Global Limb Prosthetics Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Limb Prosthetics Market
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