Artificial Limbs Market is Projected to Grow at 5.1% CAGR to Reach $3.5 Bn by 2031: Insights on technology advancements and demand drivers – TMR Report

Wilmington, Delaware, United States, Aug. 14, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global artificial limbs market was valued at US$ 2.3 Bn in 2022 and is projected to reach US$ 3.5 Bn by 2031.

Increase in usage of new surgical techniques for upper and lower extremity loss is a key factor that is bolstering the demand for advanced prosthetic designs and materials for the patient population.

Targeted muscle reinnervation and peripheral nerve interfaces are instances of advanced surgical technique. Need for advanced motor control and sensory feedback in upper prostheses is likely to broaden the market outlook.

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Market Snapshot:

Key Findings of Study

Significant utilization of electrically-powered/myoelectric prosthesis

Significant demand for myoelectric prostheses for all levels of upper limb loss is anticipated to offer lucrative opportunities for companies in the global artificial limbs market. Presence of a large number of amputees due to upper limb loss, such as fingers and hands, presents a significant untapped avenue for market players. In terms of technology, the electrically-powered/myoelectric prosthetics technology segment accounted for share of more than 40% in 2022.

Extensive R&D activities in myoelectric control of prosthetic systems are expected to bolster market growth. Increase in need for prosthetic systems that can considerably improve performance and boost user acceptance of myoelectric prostheses is fueling the development of next-gen artificial limbs with multiple degrees of freedom (DOF).

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High demand for artificial limbs for lower limb amputations

High demand for artificial limbs among patients with lower extremity amputations is likely to augment market value in the next few years. Based on product, the lower extremity segment is projected to account for the leading market share during the forecast period.

Presence of a large target population could be ascribed to an increase in the number of amputations due to road accidents and diabetes mellitus. Surge in incidence of peripheral arterial occlusive disease is also likely to bolster the segment.

Keyt Growth Drivers of Artificial Limbs Market

• Increase in prevalence of peripheral vascular disease and diabetes mellitus across the globe is a key factor driving the market. Patients with diabetes mellitus and peripheral artery disease are at high risk of amputations of the lower extremities. Rise in the overall number of amputations performed in several countries in patients who are suffering from both peripheral artery disease and diabetes mellitus is anticipated to augment the market size.
• Continuous advancements in prosthetic technologies, such as myoelectric sensors, osseointegration, augmented reality, and targeted muscle reinnervation, are projected to bolster market growth.
• Introduction of novel technologies in myoelectric prosthetics is anticipated to offer significant opportunities to companies in the market.

Regional Landscape

The market in North America is projected to account for a major market share in 2022. The region is anticipated to be the leading market in the next few years as well. Considerable demand for multifunctional prostheses with improved sensory and motor control is anticipated to boost the market in the region.

Rise in adoption of myoelectric prosthesis in hospital settings in the U.S. is projected to fuel the market. Significant R&D in implanted sensors and haptic devices and improvements in adaptive technologies are anticipated to augment market development in the next few years.

The market in Asia Pacific is projected to expand at a rapid pace in the next few years. Rapid increase in demand for intuitive prosthetics in the region for patients with diabetic foot ulcers and other dysvascular diseases is anticipated to create substantial growth opportunities for companies in the market. Rise in number of road accidents is likely to spur demand for artificial limbs after lower extremity amputations.

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Competition Landscape

The business landscape is consolidated due to presence of a few leading companies in the artificial limbs market. Leading players are focusing on new product development and adopting merger and acquisition strategies in order to consolidate their market positions.

Prominent companies operating in the artificial limbs market are

• Ossur
• Ohio Willow Wood Company
• Hanger, Inc.
• Spinal Technology, Inc.
• Liberating Technologies, Inc.
• Blatchford Group
• Fillauer Group
• Optimus Prosthetic
• RSL Steeper Group Ltd.

Segmentation

The global artificial limbs market is segmented based on

Product

• Upper Extremity
• Lower Extremity
• Sockets
• Liners
• Others

Technology

• Cosmetic Prosthetics
• Cable-operated/Body-powered Prosthetics
• Electrically Powered/Myoelectric Prosthetics
• Others

End-use

• Hospitals
• Rehabilitation Centers
• Prosthetic Clinics

Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa

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