Emphasis on Type (Upper Limb and Lower Limb); Technology (Conventional Prosthetic Devices, Electric Prosthetic Devices, and Hybrid Prosthetic Devices); Component (Socket, Appendage, Joint, and Others); End-User (Orthotists & Prosthetists Clinics, Orthopedic Clinics, and Others); Region/Country.
The limb prosthetics market was valued at USD 1599.39 Million and is expected to grow at a strong CAGR of around 5.6% during the forecast period (2023-2030) owing rising prevalence of limb loss.
Limb loss can occur due to various reasons, including traumatic accidents, congenital conditions, vascular diseases, cancer, and infections. The increasing global incidence of these factors has contributed to a higher number of individuals living with limb loss, thereby driving the demand for prosthetic limbs.
It is estimated that there are around 1.5 million people living with limb loss in the US alone, according to previous statistics from the Amputee Coalition, a national non-profit organization. The leading causes of limb loss in the U.S. are vascular disease (primarily related to diabetes and peripheral arterial disease) and trauma, while cancer-related amputations are less common.
Moreover, according to the International Society for Prosthetics and Orthotics (ISPO), there are approximately 30 million people worldwide who live with limb loss. It is estimated that approximately 15 million of these individuals live in developing countries. The majority of limb loss occurs in individuals over the age of 65, with the highest incidence being in males. The leading causes of limb loss are trauma, cancer, and infection, thus driving the growth of the market during the forecast period.
This section discusses the key market trends that are influencing the various segments of the Limb Prosthetics Market as identified by our team of research experts.
Hybrid Prosthetic Devices Transforming Industry
A hybrid prosthetic device is an advanced and innovative technology that combines the benefits of both mechanical and electronic components. It is designed to replicate the functionality and appearance of natural limbs, providing amputees with greater mobility and functionality. The mechanical components of the device, such as joints and hinges, allow for a wide range of motion and flexibility. At the same time, the electronic elements, such as sensors and microprocessors, enhance the control and precision of the device. Hybrid prosthetic devices have gained significant attention and popularity in recent years due to several driving factors. Firstly, the advancement of technology has greatly contributed to the development of hybrid prosthetics. With the implementation of AI and robotics, these devices are able to mimic natural movements and offer enhanced functionality to amputees, thereby improving their quality of life. A significant development is the launch of the “Symbionic Leg 4” by Össur, a leading Icelandic prosthetics manufacturer, in 2022. This hybrid prosthetic device combines the power of robotics and advanced biomechanics to provide a more natural walking experience for users in the MENA region. The introduction of the Symbionic Leg 4 showcases Össur’s commitment to innovation and meeting the evolving needs of amputees in the region.
Within North America, the United States holds a major share of the market. The major factors boosting the market’s growth in the country are the increasing number of sports injuries, growing focus on R&D, a well-established healthcare infrastructure, and the presence of several market players.
According to a government source, the Centers for Disease Control and Prevention (CDC), it is estimated that approximately 2.1 million people in the United States are living with limb loss. This statistic emphasizes the sheer magnitude of the population in need of limb prosthetics and highlights the potential market demand.
As per the American Orthotics and Prosthetic Association (AOPA), the Medicare Orthotics and Prosthetics Patient-centered Care Act was introduced in the Senate in July 2021, leading to a rise in the demand for prosthetics and orthotics in the US. In December 2022, NYU Langone Hospitals concluded their initial surgeries utilizing FDA-approved implantable prosthetics for individuals with limb loss, a treatment also accessible in the broader New York City area. This procedure, known as osseointegration, aims to enhance the quality of life for individuals with limb loss by strengthening the connection between the limb and prosthesis.
The limb prosthetics market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Fillauer LLC, Hanger Clinic, Steeper Group, Uniprox GmbH & Co. KG, Ortho Europe, Blatchford Limited, Ottobock, Össur, COVVI Ltd, and Aether Biomedical.
In October 2021, Ottobock, a leading manufacturer of prosthetic limbs, announced the launch of its new prosthetic foot called “Meridium” in the U.S. market. The foot incorporates advanced technology and design features to enhance stability, energy efficiency, and walking comfort for users.
In September 2021, Open Bionics, a UK-based company, announced significant investments from both the United States and UK governments to expand its affordable, advanced prosthetic arms into the U.S. market. The investment aims to improve accessibility and affordability of upper limb prosthetics for amputees.
The global limb prosthetics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Limb Prosthetics Market Covid-19 Impact
6. Global Limb Prosthetics Market Revenue, 2020-2030f
7. Market Insights By Type
8. Market Insights By Technology
9. Market Insights By Component
10. Market Insights By End User
11. Market Insights By Region
12. Limb Prosthetics Market Dynamics
13. Limb Prosthetics Market Opportunities
14. Limb Prosthetics Market Trends
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Pricing Analysis
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the global limb prosthetics market were the three major steps undertaken to create and analyze the adoption of limb prosthetics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global limb prosthetics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the limb prosthetics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the limb prosthetics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, technology, component, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the limb prosthetics market. Further, we conducted factor analysis using dependent and independent variables such as type, technology, component, and end-user of the limb prosthetics market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the limb prosthetics market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global limb prosthetics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global limb prosthetics market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, technology, component, and end-user in the global limb prosthetics market.
The current & future market trends of the global limb prosthetics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the limb prosthetics market?
Q2: What are the driving factors for the growth of the limb prosthetics market?
Q3: Which segment has the largest share of the limb prosthetics market by type?
Q4: What are the emerging technologies and trends in the limb prosthetics market?
Q5: Which region will dominate the limb prosthetics market?
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