Global Prosthesis Equipment Market Highlights over 2022-2030
The global prosthesis equipment market is estimated to garner a significant revenue by growing at a CAGR of ~4.5% over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing incidences of severe limb injury that may require amputation. Such injuries are very common in road accidents, sports mis happenings, and due to diseases, such as, diabetes. Moreover, various kind of cancers, such as, osteosarcoma, may require limb amputation. This is estimated to boost the market growth. As per the National Health Statistics Reports, every year, on an average, 8.6 sports-related injuries occur, out of which 64.9% injuries occur among individuals aged 5-24 years of age. Furthermore, the increasing research and development, along with increasing investment in prosthetics is estimated to boost the market growth. In fact, occupation in orthotists and prosthetists is growing massively. According to the Bureau of Labor Statistics, employment of orthotists and prosthetists will grow 17% from 2019 to 2029, which is expected to positively impact the market growth.
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The global prosthesis equipment market is segmented by type into upper extremity, lower extremity, and others, out of which, the lower extremity segment is anticipated to hold the largest revenue share in the market during the forecast period on account of higher cases of injuries in limbs, as compared to head and other parts. Moreover, limb amputation is common among geriatric patients of diabetes. Rising cases of diabetes is also expected to boost the growth of the segment.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Prosthesis Equipment Market Regional Synopsis
Regionally, the global prosthesis equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of advancement in medical technology, and higher success rate of prosthetic surgeries. Moreover, increasing cases of cancer, diabetes and other diseases is estimated to boost the market growth.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the increasing geriatric population, suffering from diabetes in the region. In Asia, over 60% of the population is currently suffering from diabetes. Moreover, rising cases of road accidents, that can lead to disability, is estimated to boost the market growth in the region. According to the report by the WHO, middle-income countries have 19.2 road traffic fatalities per 100, 000 population, which is higher than high-income countries.
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The global prosthesis equipment market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global prosthesis equipment market includes the following segments:
By Type
- Upper Extremity
- Lower Extremity
- Others
By Technology
- Body-Controlled
- Myoelectric
- Robotic
- Others
By Attachment to Body
- Permanent
- Non-Permanent
Growth Drivers
- Growing Demand for Prosthetics
- Increasing Prevalence of Limb Injuries
Challenges
- Prosthesis Infections
- High Cost and Sensitive Nature of Prosthetics
Top Featured Companies Dominating the Market
- Proteor SAS.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Optimus Prosthetics
- Blatchford Limited
- Steeper Inc.
- Hanger, Inc.
- WillowWood Global LLC
- Ottobock SE & Co KGaA
- Össur Group
- Fillauer LLC
- Stryker Corporation
