Prosthesis Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2028

  • Report ID : 100061
  • Category : Healthcare Technology
  • Pages : -----
  • Reporting status : Published Jan, 19
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Prosthesis is an artificial device capable of replacing a body part lost due to congenital conditions, trauma or diseases. The primary purpose is to perform functions accomplished by the missing body part. Prosthesis is usually created with Computer Aided Design (CAD) visualizing the 3D design and major application is to enhance the function and lifestyle of persons with limb loss.

Prosthetics customers are patients experienced amputation due to risk factors such as accidents, frostbite, abnormalities in blood vessels or nerves, cancer, trauma, infection or born with limb deficiency. Obesity, diabetes, stroke, and arthritis are few diseases contributing to the increasing number of globally amputation cases. Prosthesis is customized based on the appearance and functional needs of the customer. There is a range of prosthetics varying in materials used, alignment, design and construction. Amputee Coalition published a report stating that approximately 185,000 amputations are performed in the U.S alone each year henceforth, paving new market growth to witness the demand over the forecast period.

The aim for future designs of prosthesis is to develop extremely powerful and much more realistic looking products, particularly for patients who are likely to have their artificial limb exposed. The field of prosthetics is also venturing into making exoskeletons .Exoskeletons are artificially intelligent, bionic devices that can be worn by wheelchair users and the device will help them to walk again. Prosthetics have moved on from simple aesthetic replacements to an addition which functionally capable of performing everything that a biological limb can do. Thus as time passes, prosthetics are getting smarter.

One of the most crucial factors aiding to the rising demand of prosthetic devices is involvement of government agencies such as Centers for Disease Control and Prevention (CDC) and Defense Advanced Research Projects Agency (DARPA). Both of these agencies are funding research for development of limb prosthetics. Other factors driving the market demand includes advancement in technology, increase in the number of amputation cases both due to accidents as well as diseases and wars. Particularly myoelectric prosthetics segment is expected to grow considerably owing to advanced technology that allows patients more freedom and mobility while using their limbs.

The global prosthesis market has been segmented by technology and extremity. On the basis of extremity, the market segment has been further segregated as upper-limb and lower-limb prostheses. Upper limb prosthesis addresses activities such as grasping and reaching, painting, hammering, weight lifting and other activities of daily living like drinking/eating, dressing and writing. Lower limb prosthesis provides stability while standing and walking, absorption of shock, cosmetic appearance, and even jumping, kicking, running and many such other athletic activities.

Lower body extremity segment is expected to hold majority of the revenue share owing to the huge commercial presence and large number of lower body amputation cases across the globe. Furthermore, the lower body segment is anticipated to grow at the significant rate owing to rising prevalence of vascular disease and diabetes, further leading to a rise in the number of lower limb amputation.

Technologically, the global prosthesis market has been divided into Microprocessor Controlled (MPC) prosthetics and myoelectric prosthetics. MPC prosthetics has been anticipated to account for the maximum revenue share over the forecast period owing to the application of novel devices implementing MPC technology. Few MPC devices commercially available are Knee Joint C-Leg, PROPRIO, RHEO KNEE, Elan, and Plie.

Prosthesis manufacturing companies use the most advanced technologies such as Bluetooth, microprocessor controller, and myoelectric technology along with the lightest material to manufacture various prosthetic products. Prostheses can also be controlled by microprocessors and nerve impulses has given rise to highly advanced prosthetics for converting muscle movements to electrical signals and vice versa thereby, improving the overall efficiency of devices. Standard Grade Polypropylene plastic or thermoplastics and carbon fiber are used to allow artificial limbs to be light-weighted, yet extremely strong, such that no additional energy is required to operate that particular limb. Rising awareness and increased adoption of these technologically advanced products particularly in developed regions are few factors expected to boost the market over the forecast period.

North America region is predicted to witness acquire the major revenue share followed by Europe. Growing healthcare expenditure, increasing technologically advancements, surging amputee population, and favorable government initiatives for robotic technology are few key drivers for the growth in the region. However, Asia Pacific is anticipated to rise at the fastest rate over the forecast period owing to rapid economic development, high diabetic population, rising geriatric population, and developing healthcare infrastructure in countries such as India, Indonesia, Philippines, and China. Increasing number of amputees and incidence of foot ulcers associated with diabetes drives the market for robotic prosthetics.

Research and Developments initiatives have been taken up by key players of the market which promises a lucrative growth rate in market over the forecast period. Some of the key players include Touch Bionics, Inc., Oessur Americas, SynTouch, Inc., Ottobock, Shadow Robot Company, Endolite and HDT Global.

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