Fact.MR – A Market Research and Competitive Intelligence Provider: According to the latest Fact.MR analysis, the global artificial limbs market size would reach US$ 630 million by 2025 and is expected to grow at a healthy CAGR of 6% between 2020 and 2025.
Fact.MR’s latest report on Artificial Limbs Market offers unbiased industry analysis for the period between 2020 and 2025. The study divulges exclusive information about existing opportunities and emerging trends across leading segments in terms of product, usage and end user. It also highlights various strategies employed by key manufacturers to gain edge in the market.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to the latest Fact.MR analysis, the global artificial limbs market size would reach US$ 630 million by 2025 and is expected to grow at a healthy CAGR of 6% between 2020 and 2025.
The following five to seven years are projected to witness a sustained upshift in investments and exponential improvements in the artificial limbs market. The soft and pliant nature of advanced prosthetic materials to protect underlying skin from residual damage is having a significant effect on their rate of adoption.
Mind-controlled humonic solutions are a radical breakthrough in research related to artificial limbs. These solutions can restore the unmet needs of lost sensation and human-like aesthetics, including gestures and volitional control. Extensive research in the field of artificial intelligence aimed at better quality of life for amputees is fuelling the growth of the artificial limbs market. Fact.MR, in its newest report, reveals that, the artificial limbs market is all set to witness a healthy CAGR of 6% through the forecast period (2020 - 2025).
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Key Takeaways of Artificial Limbs Market
- Lower extremity prosthetics accounted for 55% share of the market in 2019, owing to the high prevalence of diabetes and vascular diseases across the globe.
- Electrically-powered/myoelectric prosthetics are projected register the fastest growth by the end of the forecast period. Advancements such as multi-articulating myoelectric hands are estimated to fuel this growth.
- According to Fact.MR, hospitals and prosthetic clinics will collectively account for 75% of the Artificial Limbs market share by the end of the forecast year. An uptick in the demand for prosthetics for trauma injuries and amputations during military combat will bolster the growth of these segments.
- North America will lead the artificial limbs market by the end of the forecast period. However, Asia Pacific will witness prolific growth, on the back of a surging geriatric population and an alarming high incidence of accidents.
“Clinical service networks, strong clinical teams, high focus on the marketing of products, and market diversification will be the key tenets of success for market players operating in the artificial limbs market”, says a Fact.MR Analyst.
Product Innovations and Well-timed Partnerships Lead to a Top-Heavy Competition Landscape
The artificial limbs market is highly consolidated in nature, with Ossur, Ottobock, and Hanger among the key players. Leading players have established a strong foothold in the market through strong teams, innovation, a highly-nuanced product portfolio, and timely acquisitions. For instance,
In November 2019, Ossur and Alfred Mann Foundation (AMF) signed a milestone agreement that allows Ossur to further develop and licence AMF’s implanted myoelectric sensor systems, as both these organizations surge ahead to explore the potential of mind-controlled prosthetic technologies.
In the same month, Ottobock announced advancements in upper limb prosthetics, called the Myo Plus pattern recognition system. Ottobock partnered with Hanger to fit this new design onto an amputee. The technology has been approved and cleared by the FDA.
Find More Valuable Insights on Artificial Limbs Market
The research study on the artificial limbs market by Fact.MR incorporates an unbiased assessment of the key demand-driving factors and trends that can shaped the landscape of artificial limbs over 2020 - 2025, and includes a detailed assessment of the key parameters that are anticipated to exert influence over the forecast period. Market statistics have been presented on the basis of product (upper extremity, lower extremity, sockets, liners, others), technology (cosmetic prosthetics, cable-operated/body-powered prosthetics, electrically-powered/myoelectric prosthetics, others), end user (hospitals, prosthetic clinics, rehabilitation centres), across five major regions.
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North America Artificial Limbs Market Surging Ahead, Asia Pacific to Emerge as Lucrative Pocket
In terms of revenue, North America will outpace other regions, accounting for 34% of the market share by 2025. According to the Centre for Disease Control (CDC), as of 2016, over 8.5 Mn people in the U.S. were afflicted by peripheral vascular diseases, while 9.4% of the country’s population suffered from diabetes.
This rise in disease prevalence is inadvertently leading to a large number of amputation cases, in turn, fueling market growth.
Asia Pacific is also projected to benefit from the changing reimbursement scenario and a large pool of amputees, and would reach US$ 630 Mn by the end of 2025.
Since MEA and Latin America are smaller markets, their growth will remain stable in the medium and long term.
Key Questions Answered in Fact.MR Artificial Limbs Market Report
- Which regions will continue to remain the most profitable regional markets for Artificial Limbs market players?
- Which factors will induce a change in the demand for pleural catheter manufacturers during the assessment period?
- How will changing trends impact the Artificial Limbs market?
- How can market players capture the low-hanging opportunities in the Artificial Limbs market in developed regions?
- Which companies are leading the Artificial Limbs market?
- What are the winning strategies of stakeholders in the Artificial Limbs market to upscale their position in this landscape?
Important Insights Enclosed in the Report:
- Technological developments within the Artificial Limbs market sphere
- Growth prospects for new market players across different regions
- Company profiles of leading players in the Artificial Limbs market
- Up-to-date insights related to the key success factors impacting the growth of the Artificial Limbs market
- Recent mergers, acquisitions, partnerships, and strategic alliances
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Competitive Landscape
The market for Artificial Limbs is a fragmented market with some key players across the globe including Össur, Hanger, Inc., Ohio Willow Wood Company, Ottobock, RSL Steeper Group Ltd., PROTEOR and others.
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