Prosthetics Market is estimated to be US$ 9.44 billion by 2030 with a CAGR of 4.5% during the forecast period 2030

Prosthetics Market is estimated to be US$ 9.44 billion by 2030 with a CAGR of 4.5% during the forecast period 2030

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Prosthetics Market accounted for US$ 6.1 billion in 2020 and is estimated to be US$ 9.44 billion by 2030 and is anticipated to register a CAGR of 4.5%. Prosthetics is an artificial device used to fix missing body parts. Many amputees lost their body parts due to cancer, diabetes, accidents like car crashes or any severe infection. Technical innovations have combined to make Prosthetics i.e., artificial limbs which feel more efficient, more comfortable for amputees. Prosthetics change the amputee life by allowing them to do daily activities like moving, walking, allows to run marathon and also can compete in triathlons. Prosthetics helps in improving the quality of life with right prosthetic devices, physical rehabilitation and positive mindset which can help to improve the quality of life.  The future of the Prosthetics are very bright due to advance in technologies which helps amputee to gain painless movements. The newly digital design tools, 3D printing, and many more has improved the quality of life for patients.

The report “Global Prosthetics Market, By Type (Transradial, Transtibial, Transfemoral, Transhumeral) and Others, By Application (Hospitals, Dental Clinics, Rehabilitation Centers, Prosthetic Clinics, Ambulatory Surgical Centers) and Others, and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030 “

Key Highlights:

·         In 2022, IIT Madras launches the first indigeneous Prosthetic Knee, ‘Kadam’ which provides the greater control over prosthesis while moving, walking and maximize knee flexion of 160 degrees to make easy for an individual to sit in cramped places like autos, buses.

·         In 2020, FDA approved the Osseoanchored Prostheses for Rehabilitation of Amputee  (OPRA) Implant System, marketed in U.S. having transfemoral in adults. It will help people who have lost their leg due to cancer or trauma to retain mobility and ability to perform daily activities.  

Analyst View:

Increase in disease due to unhealthy lifestyle, food and rise in accidents at construction sites, roads, and others have led to increase in implant of body parts. Prosthetics Market innovation is growing around the world, owing to technology developments in prosthetic devices, and products that are more efficient to wear and use. As a result, market competition is intensifying, and both big international corporations and start-ups are vying to establish position in the market.

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Key Market Insights from the report:

Global Prosthetics Market accounted for US$ 6.1 billion in 2020 and is estimated to be US$ 9.44 billion by 2030 and is anticipated to register a CAGR of 4.5%. The Global Prosthetics Market is segmented based on Type, Application and Region.

·         Based on Type, Global Prosthetics Market is segmented into Transradial, Transtibial, Transfemoral, Transhumeral and Others.

·         Based on Application, Global Prosthetics Market is segmented into Hospitals, Dental Clinics, Rehabilitation Centers, Prosthetic Clinics, Ambulatory Surgical Centers and Others.

·         By Region, the Global Prosthetics Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Global Prosthetics Market:

The prominent players operating in the Global Prosthetics Market includes, Smith & Nephew plc., BioHorizons Inc., Dentsply Sirona Inc., Ossur, Braun Melsungen AG, Johnson & Johnson, Willow Wood Global LLC., Fillauer LLC, Strauman AG, Ottobock SE & Co., Hanger Inc., Danaher Corporation, GaA and Blatchford Group, Zimmer Biomet Holdings Inc., Ultraflex Systems Inc.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

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