The global market for artificial limbs is anticipated to exhibit a
positive growth trajectory in the forthcoming years, as reported by
Transparency Market Research (TMR). According to the report, the
market consists of a very small number of participants that are
actively contributing to revenue. On account of recent advance in
technology and a small number of existing market players, a number of
new entrants are expected to break into this market. This is
predicted to lead to stiff competition in the industry. Some of the
prominent players in the market presently are RSL Steeper Group Ltd,
Optimus Prosthetics, Hanger, Inc., PROTEOR and Spinal Technology,
Inc.
Over the forecast duration from 2017 to 2025, the global artificial
limbs market is expected rake in a revenue of US$2,869.3 mn, rising
from a valuation of US$1,750 mn in the year 2016. These ball park
figures allude to a steady 5.7% CAGR over the said duration.
Geographically, North America is expected to make impressive strides
in the market, due to surge in instances of vascular ailments in the
region.
The global market for artificial limbs can be segmented on the basis
of product, technology, and end users. At present, technology-wise,
the myoelectric or electrically powered type of artificial limbs is
expected to take the forefront. This segment held a substantial
market share of almost 41.7% in the year 2016. The segment is
predicted to hold on to the considerable market share over the
forecast period as well. The myriad features of myoelectric
artificial limbs, such as advanced degree of customization along with
higher number of options for better grip are significant factors
propelling the market segment.
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Based on geography, North America is seeing continued dominance due
to the high awareness of the population about artificial limbs and
active support of government toward research and development of new
products. That aside, the higher incomes of people coupled with swift
adoption of innovative technology for artificial limbs are also
responsible for the upswing in the market in this region.
A number of mechanical devices are available in the market that
provide assistance to persons with amputation for performing day to
day activities. However, such devices come with some limitations. They enable limited movement in limbs and are mostly expensive.
Artificial limbs help overcome the problems with their low weight and
high strength. This is achieved by the use of specialized materials
such as titanium, Kevlar and carbon fiber in making them. These
materials enable restricted movement of the limb along reduced pain
and additional control. Technological developments such as CAD/CAM
technology that allows manufacturers to develop limbs as per the
individual requirements is providing rich opportunity for growth to
the market.
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Osteoarthritis, an ailment that largely affects the geriatric
populace has created new avenues for growth in the market.
Technological innovations such as the robotic artificial limbs and
digital control are rising trends in the industry. Additionally,
there has been a movement toward utilization of limbs with integrated
circuits that can study and act based on the electrical impulses in
the body. Such innovations in artificial limb technology are expected
offer lucrative market opportunity over the coming years.
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