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.
Electrically Powered Artificial Limbs Segment Rules the Roost due to Ease of Use
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.
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.
Trend of Customized Limbs using CAD/CAM Technology to be Prevalent
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.
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.