Artificial Limbs Market Size is valued at USD 2.42 Bn in 2023 and is predicted to reach USD 3.69 Bn by the year 2031 at a 5.60% CAGR during the forecast period for 2024-2031.
Artificial limbs are a combination of art, science, and technology that seek to enhance the mobility, autonomy, and overall life contentment of those who have lost a limb. Prosthetics are designed to replicate the function and look of a missing limb, improving the overall quality of life for people who have lost a limb. Continuous research and technology advancements consistently expand the limits of prosthetic design and functionality.
The global market is further expected to expand due to the escalating number of amputations performed in various countries, particularly in patients grappling with both peripheral artery disease and diabetes mellitus. This scenario underscores the pivotal role of the lower extremity segment in augmenting market size. Additionally, there's a notable surge in demand anticipated for myoelectric prostheses catering to individuals with varying levels of upper limb loss, presenting promising prospects for market players. Furthermore, the continuous evolution of prosthetic technologies, including advancements in myoelectric sensors, osseointegration, augmented reality, and targeted muscle reinnervation, is poised to fuel market growth.
Competitive Landscape
Some Major Key Players In The Artificial Limbs Market:
- Ossur
- Ohio Willow Wood Company
- Hanger, Inc.
- Spinal Technology, Inc. (Eqwal Group)
- Liberating Technologies, Inc.
- Blatchford Group
- Fillauer Group
- Optimus Prosthetic
- RSL Steeper Group Ltd
- Uniprox (Bauerfeind)
- Ottobock
- Mobius Bionics
- Steeper Group (Eqwal Group)
- Ortho Europe
- Open Bionics
- COVVI Ltd
- Unlimited Tomorrow
- Aether Biomedical
- Stryker Corporation
- Other Prominent Players
Market Segmentation:
The Artificial Limbs market is bifurcated on the basis of product and application. Based on product, the Artificial Limbs market is segmented as Upper Extremity, Lower Extremity, Sockets, Liners, and Others. By technology, the market is segmented into Cosmetic Prosthetics, Cable-operated/Body-powered Prosthetics, Electrically Powered/Myoelectric Prosthetics, and Others. By end users, the Artificial Limbs market is divided into Hospitals, Rehabilitation Centers, and Prosthetic Clinics.
Based on product, the Lower Extremity segment is a major contributor in the Artificial Limbs market.
Within the product spectrum, the lower extremity segment is anticipated to dominate market share throughout the forecast period.
The foreseeable future is poised to witness a substantial increase in market value, primarily driven by the burgeoning demand for artificial limbs among individuals undergoing lower extremity amputations.
There is increasing awareness among amputees and healthcare professionals about the importance of artificial limbs. This awareness has propel the demand that provide optimal comfort and functionality.
The Electrically Powered/Myoelectric Prosthetics Segment Witnessed Growth At A Rapid Rate.
The electrically powered/myoelectric prosthetics segment is projected to develop at a speedy rate in the global artificial limbs market. There is a growing emphasis on aesthetics, appearance as well as functionality in modern society. The rising demand for Electrically Powered/Myoelectric Prosthetics in the artificial limbs market reflects a growing recognition of the importance of aesthetics, psychological well-being, and social integration in the rehabilitation and quality of life of individuals with limb loss. As awareness and access to advanced solutions continue to expand, the demand for these products is expected to continue increasing.
In The Region, The North American Artificial Limbs Market Holds A Significant Revenue Share.
The North America Artificial Limbs market is expected to register the highest market share. The upcoming years are expected to witness the region emerging as the forefront market. There is a significant anticipation of heightened demand for multifunctional prostheses with enhanced sensory and motor control capabilities, propelling market growth in the region. The increasing adoption of myoelectric prostheses within U.S. hospital environments is poised to stimulate market expansion further. Moreover, considerable research and development investments in implanted sensors and haptic devices, alongside advancements in adaptive technologies, are expected to drive market progression in the foreseeable future. In Asia Pacific, the market is forecasted to undergo rapid expansion in the coming years. This growth trajectory is attributed to a swift surge in demand for intuitive prosthetics, particularly among patients with conditions like diabetic foot ulcers and other vascular diseases, presenting lucrative opportunities for market players.
Recent Developments
- In Jan 2024, Aether Biomedical collaborated with the Superhumans Center to provide bionic prosthetics to individuals from Ukraine who have suffered injuries. The increase in Ukrainian injuries and amputations has led to an ongoing urgent demand for prosthetics in the war-affected nation.
- In Feb 2023, Ossur recently introduced its POWER KNEE™, the inaugural actively powered microprocessor prosthetic knee designed to assist individuals who have above-knee amputations or limb differences. The POWER KNEE represented a paradigm shift in bionic technology; it was a motor-driven "smart" prosthesis that detected human movement patterns using sophisticated algorithms, then learned and adjusted in real-time to the wearer's pace and cadence.
Artificial Limbs Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.42 Bn |
|
Revenue Forecast In 2031 |
USD 3.69 Bn |
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Growth Rate CAGR |
CAGR of 5.60 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product, Technology And End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
Ossur, Ohio Willow Wood Company, Hanger, Inc. Spinal Technology, Inc., Liberating Technologies, Inc., Blatchford Group, Fillauer Group, Optimus Prosthetic, RSL Steeper Group Ltd., Uniprox (Bauerfeind), Ottobock, Mobius Bionics, Steeper Group (Eqwal Group), Ortho Europe, Open Bionics, COVVI Ltd, Unlimited Tomorrow, Aether Biomedical, Stryker Corporation and other market players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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