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.
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).
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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.
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“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.
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.
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- 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.
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