An artificial limb is a medical device, which is act as a human body part. A limb replaces a lost body part, generally because it has been surgically removed. The major reason for removing limbs is the loss of body parts accidentally, suffering from diseases with infection, blood vessel diseases, diabetes, birth defect, and injuries.
In the USA, in every 200 people, 1 person at present living with the loss of a limb, and around 500 human body parts are removed surgically, who are accidentally losing their limbs. This ratio is probably to surge due to several people will get develop diabetes, an aging population, and vascular diseases. These artificial limbs are recommended for people who are losing their limbs accidentally or are infected with diseases. These will replace that body part to perform regular activities comfortably without depending on other persons.
Artificial Limbs Market is projected to reach 3 billion by the end of 2030, with growth at a CAGR of 5% during the forecast period 2023-2030. The increasing occurrence of road accidents and injuries is majorly boosting the growth of the market. For instance, Germany had a projected around 3 lakh road accidents in 2018, which was huge over all the economies of Europe. Other than this, nearly 3 lakhs of people were handicapped or injured accidentally, which resulted losing of a leg or hand. The people who were losing their body parts are using artificial limbs to complete their regular work independently. Similarly, the growing road accident ratio is projected to boost the demand for artificial limbs and drive the global market. Furthermore, the increasing aging population suffering from diabetes is expected to enhance the growth of the market.
North America is projected to control the largest market share, globally in 2021 followed by Asia Pacific, and Europe. The rising population with infectious diseases, large acceptance of novel rehabilitation technologies, the existence of major companies and advanced healthcare infrastructure, and the obtainability of experienced professionals are the factors that accounted for the largest market share in the North American region.
Asia Pacific has the fastest-growing region in the global market. The governments in the Asia Pacific region are initiating to manufacture and produce high-quality and low-cost artificial limbs. Emerged Technologies such as electric-powered prosthesis limbs are rapidly implemented in the Asia Pacific region, this is majorly owing to increasing expenditures in healthcare and rising consciousness in the growing populace.
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Market Drivers and Restraints Analysis:
Patients who are affected with diseases such as infections, and suffering from an increased level of diabetes may result in chronic wounds which need removed body parts (like legs, and hands) with surgery to save the patient’s life. These types of patients need the help of artificial limbs to survive their life independently.
In Addition, the increasing acceptance of advanced technology in manufacturing artificial limbs is projected to boost the growth rate of the market in the global. The government bodies in has led a number of EU Plans to enhance an emerged neuron controlled artificially that looks and feels the same as the original limb. Therefore, the aim of major companies entered to advance customized prosthesis limbs according to the data given by healthcare providers has raised.
Nevertheless, the huge expenses related to enhanced artificial limbs, and the cost-effective maintenance of advanced artificial limbs are primarily hindering the growth of the global market. In addition, the lack of experienced professionals for the surgeries, lack of reimbursement plans, and scarcity of obtainability of artificial limbs of different sizes are restraining the growth of the global market.
Major Companies Covered in the Global Market:
Some of the major companies leading the market are; Hanger Inc., Steeper Inc., Liberating Technologies Inc., Fillauer LLC, Blatchford Ltd., Ottobock Inc., Willow Wood Global LLC, Bock Healthcare GmbH and Ossur and Mobius Bionics..
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Artificial Limbs Market
Artificial Limbs Market is projected to reach 3 billion by the end of 2030
According to the USD Analytics, the Global Artificial Limbs Market is expected to grow at a CAGR of 5% during the forecast 2023-2030
Some of the major companies leading the market are; Hanger Inc., Steeper Inc., Liberating Technologies Inc., Fillauer LLC, Blatchford Ltd., Ottobock Inc., Willow Wood Global LLC, Bock Healthcare GmbH and Ossur and Mobius Bionics.
An artificial limb is a medical device, which is act as a human body part. A limb replaces a lost body part, generally because it has been surgically removed