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Prosthetics Market Is Expected to Jump USD 2.5 Billion by 2031: Surge in Demand for Prosthetic Devices
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Portland, OR, Feb. 28, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global prosthetics market was estimated at $1.6 billion in 2021 and is expected to hit $2.5 billion by 2031, registering a CAGR of 4.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.6 Billion |
| Market Size in 2031 | $2.5 Billion |
| CAGR | 4.5% |
| No. of Pages in Report | 220 |
| Segments Covered | Product, Design, End-user, and Region. |
| Drivers | Rise in injuries due to accidents or sports |
| Increase in consumer awareness about advanced healthcare options and surge in demand for prosthetic devices | |
| Restraints | High cost associated with the prosthetics |
| Significant maintenance associated with the same | |
| Opportunities | Increase in R&D activities and adoption of innovative techniques |
Impact of Covid-19 on Prosthetics Market-
- Reduction in the number of patients with prosthetic implantation had a sheer negative impact on the global prosthetics market.
- However, as the global situation started getting back on track, the market for prosthetics also recovered slowly and steadily.
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The global prosthetics market is analyzed across product, design, end-user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By product, the low extremity prosthetics segment held the largest share in 2021, garnering nearly half of the global prosthetics market revenue, and is projected to maintain its dominance by 2031. The upper extremity prosthetics segment, on the other hand, would showcase the fastest CAGR of 4.8% during the forecast period.
By design, the endoskeletal design segment contributed to more than four-fifths of the global prosthetics market share in 2021, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 4.9% throughout the forecast period. The exoskeletal design segment is also analyzed through the study.
By end-user, the prothetics clinics segment accounted for the highest share in 2021, generating more than two-fifths of the global prosthetics market revenue. The hospitals segment, simultaneously, would portray the fastest CAGR of 4.9% during the forecast period.
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By region, North America held the major share in 2021, garnering nearly two-ffths of the global prosthetics market revenue. Asia-Pacific, at the same time, would showcase the fastest CAGR of 5.9% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
The key market players analyzed in the global prosthetics market report include Aesthetic Prosthetics Inc., Össur, B. Braun Melsungen AG, Blatchford Limited, Integra LifeSciences Holdings, Mobius Bionics LLC, Steeper Group, Ottobock SE & Co. KGaA (suit X), Stryker Corporation, and Aether Biomedical. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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