Artificial Limbs Market size is done based on a triangulation methodology that is primarily based on experimental modelling approaches such as patient-level data or disease epidemiology for any key indications , number of procedures and install base analysis for any equipment to obtain precise market estimations for the base year as well as in historic data analysis. Bottom-up approach is always used to obtain Artificial Limbs insightful data for the specific country/regions. The country specific data is again analyzed to derive data at a global level. Specific factors/parameters are considered related to the individual Artificial Limbs market and quantified with insightful rationale.
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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 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.
Artificial Limbs Market – Assessment of Key Segments
With an aim to offer granular level insights on the artificial limbs market, authors of the report have segmented the landscape on the basis of product, technology, end user, and region. This global research report also analysis the incremental opportunity available in the artificial limbs market during the forecast period. Key segments of the artificial limbs market include:
|Product||Upper ExtremityLower ExtremitySocketsLinersOthers|
|Technology||Cosmetic ProstheticsCable-operated/Battery-powered ProstheticsElectrically-powered/Myoelectric Prosthetics|
|End User||HospitalsProsthetic ClinicsRehabilitation Centres|
|Region||North AmericaEuropeAsia PacificLatin AmericaMiddle East and Africa|
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.