Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "Prosthetics Market By Product, By Design, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The prosthetics market was valued at $1,604.69 million in 2021 and is projected to reach $2,484.12 million by 2031, registering a CAGR of 4.5% from 2022 to 2031.
Advances in the technology of prosthetic components have improved the possibility of successfully fitting the geriatric amputee with a prosthesis. Innovations in socket designs, lightweight components, improved suspensions, and stable knee design options contribute to improved prosthetic tolerance and better functional outcomes for elderly amputees.
The growth of the prosthetics market is driven by a surge in the incidence of injuries related to lower and upper extremities, increase in availability & affordability of tests, and incidences of osteosarcoma that help to increase the demand for prosthetics products. Moreover, large medical technology firms all over the world are increasingly focusing on acquiring companies that provide solutions for prosthetics, which is expected to notably contribute toward market growth.
Furthermore, the global prosthetics market growth is largely driven by factors such as an increase in deaths due to bone and joint cancer that made people to become more reliant on prosthetics products, which is expected to surely lead to the growth of the market. Prominent players in the global prosthetics market have opted for various Strategies such as product launches, acquisitions, and investments in R&D for advancement in prosthetics to strengthen their position in the market and sustain the competitive environment.
A significant increase in awareness about the advantages of prosthetics products and technological advancements in prosthetics, and an increase in the number of accidents and trauma are some of the key factors driving the growth of the market. However, the high cost and greater maintenance associated with these devices and lack of reimbursement policies hamper the market growth. Conversely, increased government initiatives to support amputation initiatives to support amputee patient population is expected to provide lucrative opportunities for the growth of the market in near future. Extensive R&D activities in the field of prosthetics along with significant improvement in medical infrastructure are anticipated to open new avenues for the expansion of the market.
Market Dynamics
Drivers
- Increase in Advancements in Prosthetics
- Increase in the Number of Accidents and Trauma
- Increase in Prevalence of Bone Conditions
Restraints
- High Cost Associated With Prosthetics and Greater Maintenance Associated With These Device
- Lack in the Reimbursement Policies for Amputation
Opportunities
- Increase in Government Support for Amputees
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the prosthetics market analysis from 2021 to 2031 to identify the prevailing prosthetics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the prosthetics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global prosthetics market trends, key players, market segments, application areas, and market growth Strategies.
Key Market Segments
By Product
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
By Design
- Exoskeletal Design
- Endoskeletal Design
By End User
- Prosthetics Clinics
- Hospitals
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Aesthetic Prosthetics Inc.
- Ossur
- Blatchford Limited
- Integra LifeSciences Holdings
- Steeper Group
- Ottobock SE & Co. KGaA (suit X)
- Stryker Corporation
- B. Braun Melsungen AG
- Aether Biomedical
- Mobius Bionics LLC
Key Market Insights
By product, the lower extremity prosthetics segment is the highest revenue contributor to the market and estimated to continue this during the analysis period, with a CAGR of 4.3%. However, the upper extremity prosthetics segment is estimated to be the fastest-growing segment with a CAGR of 4.8% during the forecast period.
Based on design, the endoskeletal design segment was the highest revenue contributor to the market with a CAGR of 6.9% during the forecast period. However, the invasive segment is estimated to be the fastest-growing segment with a CAGR of 4.9% during the forecast period.
Based on end user, the prosthetics clinics segment was the highest revenue contributor to the market with a CAGR of 7.0% during the forecast period. However, the exoskeletal design segment is estimated to be the fastest-growing segment with a CAGR of 4.9% during the forecast period.
Based on region, North America garnered the largest revenue share in 2021 with a CAGR of 3.8% during the forecast period. However, the Asia-Pacific is estimated to be the fastest-growing segment with a CAGR of 5.9% during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1604.69 million |
| Forecasted Market Value (USD) by 2031 | $2484.12 million |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PROSTHETICS MARKET, BY PRODUCT
CHAPTER 5: PROSTHETICS MARKET, BY DESIGN
CHAPTER 6: PROSTHETICS MARKET, BY END USER
CHAPTER 7: PROSTHETICS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/yfo0pi
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