Prosthetics Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Prosthetics Market," The prosthetics market was valued at $1.6 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

A prosthesis substitutes for a part of the body that may have been missing at birth, or that is lost in an accident or through amputation. Many amputees have lost a limb as a part of treatment for cancer, diabetes or severe infection. Technological developments are also improving the function of limb prostheses. Some modern prosthetic limbs have battery-powered motors that help improve the prostheses’ function. The range of prostheses includes surgically implanted artificial body parts, such as bones or joints, and cochlear implants. If the patient has one of these, the medical team advises to maintain the health and lifestyle following surgery.  

The growth of the global prosthetics market is expected to be driven primarily by Prosthetics Market Trends such as rise in prevalence of bone conditions such as osteosarcoma, osteoporosis & osteopenia. Increase in number of populations approaching advanced age, rise in diabetes incidences among children and increase in the geriatric population. Diabetes causes a decrease in blood flow to the peripheries like feet and hands that results in reduced sensation and poor healing. Therefore, diabetic patients are prone to ulcers on their feet and lower limbs, and this is the main cause of amputations. If a limb requires amputation, there is then far greater risk for the unaffected limb that remains. If the need for amputation is due to poor vascularity, the risk is mainly due to poor circulation and increased load or pressure on the limbs. Moreover, increase in awareness of prosthetics among the population, increase in the adoption of advanced throughput technologies and growth in the expenditure from these authorities boost research activities which can help in the increased use of prosthetics thereby driving the growth of the Prosthetics Industry.  Moreover, various strategies such as products launch, product approval, partnership, agreement and collaboration adopted by the market players can also help to boost the growth of the market in the coming years. For instance, in April 2022, IIT Madras researchers of India launched the country’s first Made-in-India polycentric prosthetic knee. Called ‘Kadam’, the affordable prosthetic knee can transform the lives of thousands of above-knee amputees through not just mobility with ease, but also increased community participation, access to education, livelihood opportunities and overall well-being. However, the high cost and greater maintenance associated with these devices and lack of reimbursement policies is expected to hinder the growth of the market. Conversely, an increase in R&D investments by medical devices companies is expected to create lucrative opportunities for the market.  

The prosthetics market is segmented on the basis of product, design, end user, and region. On the basis of product, the market is classified into upper extremity prosthetics, lower extremity prosthetics and others. On the basis of design, the market is bifurcated into exoskeletal design and endoskeletal design. On the basis of end user, the market is categorized into prosthetics clinics, hospitals, and others. Region wise, the market is studied across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).  

On the basis of product, the market is classified into upper extremity prosthetics, lower extremity prosthetics and others. The upper extremity prosthetics segment is projected to exhibit the fastest market Prosthetics Market Share growth during the forecast period, owing to an increase in the adoption of upper extremity prosthetics and a rise in the number of surgeries performed for amputation. For instance, according to the Amputee Coalition, approximately 185,000 amputations occur in the U.S. each year and a staggering 3.6 million people are expected to be living with limb loss by 2050. Hence, this increase in the number of amputation procedures can help in the adoption of prosthetics thereby increasing the Prosthetics Market Growth.  

On the basis of design, the market is classified into exoskeletal design and endoskeletal design. The exoskeletal design segment is anticipated to grow at the highest rate, owing to an upsurge in demand for prosthetics with the endoskeletal design. The demand for prosthetics with the endoskeletal design may be seen to be increased due to the benefits offered by the endoskeletal design. Moreover, rise in the awareness regarding the use of prosthetics among the target population also contribute toward the growth of the Prosthetics Market Size.   

On the basis of end user, the market is classified into prosthetics clinics, hospitals, others. The hospitals segment is anticipated to grow at the highest rate, owing to an upsurge in demand for prosthetics among the prosthetics clinics. Moreover, the increase in the number of prosthetic clinics, increase in cases of trauma and advancements in prosthetics also contribute toward the growth of the market.    

On the basis of region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA). In 2021, North America was the dominant region and is expected to remain dominant throughout the forecast period, owing to high expenditure in the research and development activities by the market players, increase in the number market players present in the region and surge in the product launches in the region. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, owing to increase in the number of patients of bone diseases which helps accelerate the demand for prosthetics and increase number of strategies and trends like product launch and acquisition adopted by the market players. 

Key Findings Of Study 

• By product, the lower extremity prosthetics segment accounted for major share of the prosthetics market in 2021.  

• By design, the endoskeletal design segment accounted for major share of the prosthetics market in 2021. 

• By end user, the hospitals segment is anticipated to grow with the highest CAGR throughout the forecast period. 

• By region, North America occupied major share of the prosthetics market in 2021.