- Lower Extremity
- Upper Extremity
- Compression Therapy
Artificial Limbs Market size was valued at USD 2,328.7 million in 2021, growing at a CAGR of 6.1% from 2022 to 2028. The global market provides a detailed overview and that can be segmented by type, by technology, by material, and by end user. By type, the global artificial limbs market has been segmented into Lower Extremity, Upper Extremity, and Compression Therapy. The Lower Extremity segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the growth in the upcoming years. It is attributed to the increasing number of overweight people all over the globe, high incidences of arthritis & osteoarthritis, and the rising geriatric population. Based on technology, the global artificial limbs market is segmented into Body Powered or Cable Operated, Cosmetic Prosthetics, Myoelectric or Electrically powered, and Others. Among these, the Myoelectric or Electrically powered segment is expected to have the fastest-growing market during the forecast period 2022-2028. It is due to the ease & flexibility for stress-free movements, the customizations available according to patientsâ€™ needs, and the high adoption rate. Based on material, the global artificial limbs market is segmented into Titanium, Plastics, and Others. The on-premises segment accounts for the largest share in 2021. Titanium segment is the second-largest share during the forecast period 2022-2028 according to precision business insights. Based on end user, the global artificial limbs market is segmented into Hospitals, Orthopaedic Clinics, Ambulatory Surgical Centres, Rehabilitation Centres, and Prosthetic Clinics. The Hospitals segment accounts for the largest share in 2021 and is expected to maintain the trend in the forecasted years. The growing preference of patients towards hospitals and the availability of required instruments & technology will boost the growth of this segment across the globe. Key Development: In Sept 2022, ISRO is developing the artificial smart limb to aid amputees. In Oct 2022, Utah launched Bionic Leg, the most advanced AI-powered prosthetics in the world.
Fastest Growing Market
Rising prevalence of obesity and diabetes, poor physical activity, and growing trend of consumption of alcohol and smoking, innovations osteology field, growing incidence of accidents and injuries related to sports, are the factors, which are propelling the growth of artificial limbs market. Increasing cost burden of the surgeries, lack of skilled professionals, lack of reimbursement policies are hampering the growth of the artificial limbs market.
The fastest-growing segment of the global artificial limbs market is Titanium due to its various properties, sturdiness, etc.
New technological developments are the key market trends in the global artificial limbs market. Global players are continuously launching new innovative products in this market segment.
Governments are taking initiatives to generate awareness regarding amputation and the use of prostatic limbs. Non-government organizations are also providing guidance and aid to patients with prosthetics which will create ample opportunities in the market.
Most advanced artificial limbs with integrated AI systems are the recent technology which will drive the global market at a significant rate.