What is Artificial Limbs Market?
Artificial Limbs are also known as Prosthesis Devices are used to replace the missing body parts. These artificial devices were initially designed with the help of computer-aided design software but recently they are also being manufactured with the help of 3D printing techniques. The costs for the artificial limbs depend on the body parts it is replacing. That may vary between 5000-50000 USD depending on the features that the same prosthesis devise possess.
Highlights from Artificial Limbs Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia-Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Otto Bock (Germany), Ossur (Iceland), Freedom Innovations (United States), Blatchford Group (United States), Steeper Group (United Kingdom), Roadrunnerfoot Engineering Srl (Italy), Trulife (Ireland), Hanger, Inc. (United States), Fillauer Companies, Inc. (United States) and Orthotic & Prosthetic Centers (United States) |
Very Seldom number of manufacturers are providing artificial limbs across the globe. Threat of new entrants is also minimal due to higher initial investments as well as perquisites such as skilled workforce and robust technological advancements. Thus, the global artificial market is concentrated to very few number of players. Although, increasing healthcare infrastructures and favorable government regulations will attract number of new entrants across the globe. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Artificial Limbs market throughout the forecasted period.
Otto Bock (Germany), Ossur (Iceland), Freedom Innovations (United States), Blatchford Group (United States), Steeper Group (United Kingdom), Roadrunnerfoot Engineering Srl (Italy), Trulife (Ireland), Hanger, Inc. (United States), Fillauer Companies, Inc. (United States) and Orthotic & Prosthetic Centers (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Spinal Technology Inc. (United States), Optimus Prosthetics (United States) and PROTEOR (France). Artificial Limbs Market Segmentation:
Scope | Sub-Segments |
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Type | Upper Artificial Limbs and Lower Artificial Limbs |
Technology | Cosmetic Prosthetics,Cable Operated/ Body Powered,Electrically powered/ Myoelectric,Others |
End User | Hospitals,Prosthetic Clinics,Rehabilitation Centers |
On the basis of geography, the market of Artificial Limbs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Extensive Research and Developments in Artificial Limbs Development and Adoption of Artificial Intelligence in Healthcare
Market Growth Drivers:
Increasing instances of Vascular or Diabetic Patients, Growing Geriatric as well as Handicapped Population across the Globe and Technological Enhancements in Artificial Limbs Manufacturing
Challenges:
Lack of Financial Viability and Healthcare Infrastructure in Developing Countries
Restraints:
Expensive Artificial Limb Treatments and Might Cause Muscle Pain and Bone Inflammation
Opportunities:
Robotic Artificial Limbs and Increasing Awareness about Artificial Limbs in Emerging Economies
Key Target Audience
Artificial Limbs Manufacturers, Hospitals, Prosthetic Clinics, Rehabilitation Centres, Government Agencies and Others
Market Leaders & Development Strategies
On May 22nd, 2018, Ottobock has acquired a company named Plus Medica OT, which will strongly assist Ottoblock in the 3D printing Industry. Plus Medica OT has been successfully marketing 3D-printed orthoses since last couple of years, such as dynamic ankle-foot orthoses, which are fabricated primarily for children.
In February 2022, Össur, a global innovation leader in the O&P (prosthesis and prosthesis) industry, with a rich history of pioneering innovation, launched the world's first active microprocessor prosthetic knee for people with above-knee amputations or limb differences. launched the new POWER KNEETM. The POWER KNEE creates motion by providing active power support while distinguishing whether the wearer is walking, leaning, or sitting and standing on a variety of surfaces.
Recently, The Department of Essential Medicines and Health Products (EMP) has launched a new initiative across the globe, i.e. Global Cooperation on Assistive Technology (GATE) The primary objective of this initiative is to enhance the access to affordable, assistive and high quality health products such as prosthetics and orthotics devices. Number of countries will be benefitted significantly from the favourable Standards for Prosthetics and Orthotics Service Provision.