Prosthetics Market to reach USD 2.5 Bn by 2029, emerging at a CAGR of 4.5% percent and forecast 2023-2029
Prosthetics are medical devices that are used to replace a missing body part or to improve the function of a body part. Prosthetics are most typically used to replace missing limbs and joints. Individuals who have lost limbs or have congenital limb differences from birth wear prosthetic devices. There are several types of prosthetic equipment available to help patients regain movement. The prosthetics that are currently available improve the quality of life of patients by facilitating the movement required to manage daily activities. Lower extremity prosthetic devices enable people to run, walk, and participate in sports. The increased activity gives folks more independence and confidence.
Prosthetics Market Overview:
The Prosthetics Market Research Report has conducted a thorough assessment of the present state, which includes definitions, classifications, applications, and the intricate structure of the industrial chain within the targeted sector. This study gives insights into the current market state, historical market performance, production and consumption rates, demand-supply dynamics, and revenue estimates for the projected term, all with unbiased and expert analysis. Notably, the report includes strategic aims and growth methods used by prominent players in this area. Mergers and acquisitions, business transactions, partnerships, collaborations, joint ventures, brand marketing, and product introductions are all part of this study. In conclusion, this study provides a thorough view of the sector's national and regional landscape.
Key Insights:
Prosthetics Market size was valued at USD 1.6 Bn in 2022 and the total Prosthetics revenue is expected to grow at a CAGR of 4.5% from 2023 to 2029, reaching nearly USD 2.5 Bn
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COVID-19 Impact on Prosthetics Market:
The Prosthetics industry has bore the brunt of the COVID-19 pandemic, with far-reaching consequences. Production facilities were halted due to disruptions and manpower shortages. This issue resulted in a severe and protracted decrease in production utilisation, which was exacerbated by travel restrictions and facility closures that kept employees away from their workplaces, slowing the Prosthetics market in 2020. The negative impacts of COVID-19 on this market, however, are predicted to be ephemeral, with a rapid comeback forecast by early 2021, driven by increased demand for Prosthetics
Prosthetics Market Drivers:
Amputations occur for a variety of reasons, including unintentional injuries, diabetes, cancer, blood vessel problems, infection, and so on. As a result, the need for prosthetic devices to improve patient lifestyles has skyrocketed. According to the Freedom Prosthetics Report 2020, more than 1.0 million limb amputations are performed globally each year. Furthermore, one amputation is performed every 30 seconds on a global scale. These previously mentioned variables are significant drivers of the global market.
Prosthetics Market Segmentation:
by Product
1. Upper Extremity Prosthetics
2. Lower Extremity Prosthetics
3. Sockets
4. Other Products
by Technology
1. Conventional
2. Electric Powered
3. Hybrid Orthopedic Prosthetics
by End User
1. Hospitals
2. Prosthetic Centers
3. Other End Users
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Key Players:
This research report provides in-depth quantitative insights on market potential across numerous categories, as well as country-specific assessments for each covered area. The report examines the key market factors and is supplemented by detailed profiles of...
1. Aesthetic Prosthetics Inc.,
2. Össur, Blatchford Limited,
3. Integra Life Sciences Holdings,
4. Steeper Group, Ottobock SE & Co.
5. KGaA (suit X), Stryker Corporation,
6. B. Braun Melsungen AG
7. Aether Biomedical
8. Mobius Bionics LLC
9. WillowWood Global LLC.
10. Uniprox (Bauerfeind)
11. Ortho Europe
12. Fillauer LLC (Fillauer Companies, Inc.)
13. Hanger, Inc. (U.S.)
14. Ultra flex Systems Inc.
15. Healthcare GmbH
16. College Park Industries
17. exiii Inc.
18. OttoBock Healthcare GmbH,
19. Deka Research and Development Corporation
20. ProtUnix,
21. Johnson & Johnson Services, Inc.,
22. Smith & Nephew
23. Stryker Corporation, Zimmer Biomet
Regional Analysis:
The region section of the research also includes important market influencing factors and changes in market regulation that impact the market's current and future trends. Some of the primary variables utilised to assess the market scenario for various locales are new sales, replacement sales, national demographics, regulatory acts, and import-export tariffs. Furthermore, when offering forecast analysis of national data, the existence and availability of brands, as well as the challenges they face as a result of strong or weak competition from local and domestic brands, as well as the influence of sales channels, are considered.
Table Of Content:
1. Global Prosthetics Market: Research Methodology
2. Global Prosthetics Market: Executive Summary
3. Global Prosthetics Market: Competitive Landscape
3.1. MMR Competition Matrix
3.2. Competitive Landscape
3.3. Key Players Benchmarking
3.4. Global Market Key Player Ranking Analysis
3.5. Market Structure
3.5.1. Market Leaders
3.5.2. Market Followers
3.5.3. Emerging Players
3.6. Consolidation of the Market
4. Global Prosthetics Market: Dynamics
4.1. Market Trends by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
4.2. Market Drivers by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Challenges
4.6. PORTER’s Five Forces Analysis
4.7. PESTLE Analysis
4.8. Regulatory Landscape by Region
• North America
• Europe
• Asia Pacific
• The Middle East and Africa
• South America
Key Questions Answered in the Prosthetics Market Report are:
- Which segment emerged as the leading segment in the Prosthetics Market?
- Which are the key players in the Prosthetics market?
- What trends are likely to emerge in the Prosthetics Market in the coming years?
- What will be the Prosthetics market size by 2027?
- Which company held the largest share in the Prosthetics Market in 2020?
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