Prosthetics Market worth $ 13.12 Billion, Globally, by 2028 at 4.51 % CAGR: Verified Market Research™

The increasing number of populations along with rising incidences of diabetes among children and the geriatric population are some of the growth drivers of the Global Prosthetics Market.

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Verified Market Research

May 10, 2021, 09:15 ET

JERSEY CITY, N.J., May 10, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Prosthetics Market" By Component (Upper Limb Extremity and Lower Limb Extremity), By Technology (Body Powered, Electrically Powered and Hybrid Prosthetics), By End User (Prosthetic Clinics, Hospitals and Rehabilitation Centers ), and By Geography. According to Verified Market Research, the Global Prosthetics Market was valued at USD 9.22 Billion in 2020 and is projected to reach USD 13.12 Billion by 2028, growing at a CAGR of 4.51% from 2021 to 2028.

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Browse in-depth TOC on "Prosthetics Market"

202 - Pages
126 – Tables
37 – Figures

Global Prosthetics Market Overview

A primary driver for growth of the Global Prosthetics Market is the increasing number of diabetes patients in the children and geriatric population. Prosthetics Market will grow exponentially owing to the rise of amputation surgeries worldwide along with decrease in operational cost.

According to WHO, between 20 to 50 million people worldwide suffer non-fatal road injuries, which causes a disability in their bodies. The Amputee Coalition, a U.S. nonprofit organization estimates that, as of 2017, more than 2 million Americans are living with the loss of a limb. Every year, vascular diseases (induced by diabetes or peripheral artery diseases), cancer, or traumatic injuries are the cause of approximately 185,000 amputations are performed in the United States alone. Of these, traumatic injuries is a growing concern not just because of their prevalence (45% of all amputations are due to traumatic injuries) but also because they happen without warning. The rising number of accidents are likely to give rise to a number of situations where an injury is beyond the body's ability to heal it, resulting in the body part's amputation. This leads to a further growth of the Prosthetics market.

Key Developments in Prosthetics Market

The health tech enterprise Ottobock was recently granted a patent for a simpler sensor system to control prostheses and orthoses. The patent was granted to Ottobock in the spring of 2021, exactly 30 years after the first C-Leg patent was registered and 25 years after the original C-Leg patent for prosthesis control was granted (US 5571205).
Today, Cascade Orthopedic Supply, a leading distributor of prosthetic and orthotic products, announced an investment made in the company by Ottobock North America. The investment aims to strengthen the collaboration of the two companies to further improve access to product for all orthotic and prosthetic (O&P) customers and drive efficiencies in supply chain operations that will spur growth for the industry.
In 2020, Össur had announced the establishment of Össur Japan G.K., a new entity that will be based in Tokyo and fully operational from January 1st, 2021.

The report tracks competitive developments, strategies, Key Developments in Prosthetic. The major players analysed in the report include OttoBock Healthcare GmbH, Ossur, Aesthetic prosthetics Inc., Blatchford Inc. (Endolite), Deka Research and Development Corporation, ProtUnix, RSL Steeper Holdings Ltd., Fillauer LLC, College Park Industries, exiii Inc., among others.

Verified Market Research has segmented the Global Prosthetics Market On the basis of Component, Technology type and End User and Geography.

Prosthetics Market by Component

Upper Extremity prosthetics
Lower Extremity prosthetics

Prosthetics Market by Technology

Body Powered
Electrically Powered
Hybrid Prosthetics

Prosthetics Market by End User

Prosthetic Clinics
Hospitals
Rehabilitation Centers

Prosthetics Market by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

Browse Related Reports:

Limb Prosthetics Market by Product (Upper-extremity Prostheses and Lower-extremity Prostheses), By Application (Leg Disabled People and Arm Disabled People), by Geography, Forecast, 2020-2027

Neuroprosthetics Market by Technique (Spinal Cord Stimulation, Deep Brain Stimulation, Vagus Nerve Stimulation, and Others), by Source (Output Neural Prosthetics and Input Neural Prosthetics), by Application (Motor Neuron Disorders, Physiological Disorders, and Cognitive Disorders), by Geography, Forecast, 2020-2027

Dental Implants And Prosthetics Market by Type of Facility (Hospitals and Clinics, Dental Laboratories, Other Type of Facility), by Procedure And Product (Material, Procedure, Type), by Product (Dental Bridges, Crowns, Dentures), by Geography, Forecast, 2020-2027

Artificial Limbs Market by Product (Lower Extremity, Upper Extremity, Sockets, Liners, and Others), by Technology (bifurcated into Cosmetic Prosthetics, Electrically powered/ Myoelectric, Cable Operated/ Body Powered, and Others), by End-User (Hospitals, Rehabilitation Centers, and Prosthetic Clinics), by Geography, Forecast, 2020-2027

Understanding the COVID-19 Impact on Healthcare Industry

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