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Research Reports

Sales of Artificial Limbs Market to Grow 1.4X by the End of 2025

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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.

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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).

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.

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  • 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.

artificial limbs market end user

“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.

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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.

Why choose Fact.MR?

  • Digital intelligence solutions to help clients stay at the forefront.
  • Published 6, 000+ reports and recognized by 150+ countries globally.
  • A team of 300+ analysts to deliver real-time information across various industries and companies.
  • Customized business reports to overcome unique market challenges

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The post Sales of Artificial Limbs Market to Grow 1.4X by the End of 2025 appeared first on Latest Market Reports.

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication's content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

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