Global Prosthetics Market (by Technology Type, User Type, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Artificial limbs, often known as prostheses, are used in prosthetics to improve the function and quality of life for people who have lost limbs. For a variety of reasons, including circulation issues brought on by atherosclerosis or diabetes, traumatic injuries sustained in auto accidents or in military action, cancer, and birth defects, people can lose all or parts of an arm or leg. An artificial device known as a prosthetic implant is used to replace a missing bodily component that has been lost as a result of trauma, illness, an accident, or a congenital defect. Prostheses are designed to replace the missing body part's lost functionality.

For it to meet the functional needs of an individual, there should be a unique combination of suitable materials, design, construction, and alignment. Individuals have complex needs that differ for their upper and lower extremities. Lower limb prosthesis provide stability while walking, standing, absorbing shock, improving one's look, and storing energy. Reaching and grasping problems, other occupational difficulties like hammering, weightlifting, or painting, and daily living functions like dressing, writing, and eating are all addressed by upper limb prostheses. The global prosthetics market is likely to escalate to US$2.30 billion in 2023, progressing at a CAGR of 5.87%, during the forecasted period.

Segment Covered

- By Technology Type: On the basis of technology type, the report identifies three segments of the global prosthetics market: Electric Powered Technology, Hybrid Prosthetics and Conventional Technology. Electric powered technology segment dominated the market with largest share. Electric prostheses, also known as myoelectric prostheses, are controlled by electrical signals generated by the body's muscles. During the historical years, growth in the global electric powered technology prosthesis was driven by increased cases of traffic accidents causing severe injuries. Therefore, demand for electric powered prostheses increased as they provide a natural appearance in the form of artificial limb. Moreover, undertaking of various technological advancements in electric prosthesis would support market growth during the forecasted years.
- By User Type: The report provides the categorization of the market into four segments in terms of user type: Prosthetic Clinics, Hospitals, Rehabilitation Centers and Others. Among the user type, hospital segment is expected to grow at a highest CAGR during the forecasted period. Growing incidences of medical ailments such as diabetes which leads to several problems in lower part of the human body, and other ankle & feet related disorders require surgical interventions, which have supported the growth of the segment throughout the years. And, the rising incorporation of digitalization and newer product launches are expected to propel the growth of the market in coming years.

Geographic Coverage

According to this report, the global prosthetics market is divided into four regions: North America, Europe, Asia Pacific, and ROW. The countries covered in Asia Pacific region are China, Japan, India, South Korea, and Rest of the Asia Pacific, while North America includes the US, Canada, and Mexico. Moreover, Germany, UK, France, Italy, and Rest of Europe are included in the Europe region. North America dominated the prosthetics market, accounting for the maximum share. Factors such as increasing prevalence of orthopedic injuries, growing incidences of trauma cases, increase in sports related injuries and rise in obesity leading to diabetes aided the market growth in the region. Europe offers strong growth potential to the prosthetics market. Rising life expectancy is changing the shape of the European nations age pyramid, the most significant change will be a notable shift toward a much older demographic structure, a trend that is expected to continue. Increasing cases of road injuries, technological advancements in designing & manufacturing of prosthetic devices and rising geriatric population are all expected to propel growth of the market in Europe during the forecasted period.

Top Impacting Factors
Growth Drivers

- Increasing Prevalence of Diabetes
- Surging Geriatric Population
- Rising Incidence of Road Injuries
- Growing Prevalence of Bone Cancer

Challenges

- Potential of Low Cost and Limited Function Prostheses
- Barriers to Entry

Trends

- Use of Artificial Intelligence in Robotic Prosthetics
- Escalating Healthcare Spending
- Surge in Middle Class Population
- Increasing Use of Myoelectric Prosthetics

Driver: Rising Incidence of Road Injuries

Across the globe, roads are shared by trucks, cars, motorcycles, pedestrians, taxis, animals, buses and many more. Despite the fact that travel made possible due to these motor vehicles contributes towards social and economic development of the countries, millions of deaths and injuries are caused because of the crashing of these vehicles. Sometimes these road accidents cause loss of a body part or multiple parts or the injuries can last lifelong leading to obstruction in doing everyday activities like walking, running, sitting and moving. Therefore, to provide support and help in replacement of the missing or damaged body part prosthetic implant is used. It is an artificial device that is replaced for the body’s missing part to help an individual in performing daily activities like eating, walking or dressing.

Challenge: Potential of Low Cost and Limited Function Prostheses

Producers of prosthetic arms and legs tend to fight an uphill financial battle. This indicates that the producers have high-end products with a small market which makes it challenging for them. Purchasing of prosthetic limb or artificial organs includes a significant amount of cost. Some recent studies found that a robotic upper limb prosthetics cost approximately US$20,000 to US$120,000. However, some private insurance companies tend to cover 50 to 80 percent of the fee, other companies either provide payment caps or provide coverage only for one device in a patient’s life span. Apart from this, insurance companies also question whether the most advanced prosthetics are medically necessary or others can be used in place of them. Although the use of latest prosthesis is much more expensive, but usage of low-tech prosthesis is believed to cause development of joint conditions, hip arthritis, knee arthritis and continual pain medication. Therefore, potential of low cost and its impact on functions of prosthesis act as a challenge to the prosthetics market.

Trend: Growing Demand from Retail Industry for Personal Assistance

From patient care, diagnostic accuracy to drug development, AI is revolutionizing the healthcare sector. The basic idea behind incorporating artificial intelligence in robotic prostheses is that the algorithm interprets nerve signals from the patient's muscles, allowing for more precise control of the prosthesis. University of Utah researchers developed an AI-powered prosthetic limb that adjusts to the user's hip and residual limb movements. It makes avoiding obstacles smoother and easier. In an upper-extremity prosthesis, artificial intelligence is used for direct control as well as indirect control from the neural network via various signals, sensors, controllers, and algorithms. In the lower extremity of an intelligent prosthesis, such as a knee joint, artificial intelligence replaces the hydraulic mechanism with a combination of microprocessor-controlled and a hydraulic or pneumatic actuator. The increased demand and efficacy of amputation through the integration of AI in prosthesis is expected to drive the prosthetics market growth in the coming years.

The COVID-19 Analysis

The unparalleled burden of the COVID-19 crisis on the global healthcare sector created substantial challenges for the major players in the prosthetics market. Redirection of the available resources by hospital administration as well as governments restricted the scope of supply and distribution networks for prosthetics. In addition to that, various restrictions on elective medical procedures also hindered the market growth in the short term. However, the negative impact of COVID-19 was slightly compensated with the adoption of digitalization in prostheses designing and manufacturing process. New digital technologies like 3D scanners and CADCAM supported the growth of the market and further technological advancements like use of artificial intelligence (AI) and myoelectric prosthetics are expected to support the market growth during the post COVID period.

Analysis of Key Players

The global prosthetics market is moderately concentrated. Market players have implemented sustainable growth techniques in the market. To strengthen their position in the market, some of the leading competitors are pursuing various growth methods such as mergers, acquisitions, collaborations, and agreements. The key players in the global prosthetics market are Straumann Holdings AG, Zimmer Biomet Holdings, Inc., Ossur HF, WillowWood, Hanger, Inc., Blatchford, Fillauer Companies, Inc., Proteor Group, Streifeneder, Ottobock SE & Co. KGaA, ProtUnix, Daw Industries, and Trulife.

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