- Growing adoption of technology such as myoelectric or AI in the global prosthetics market has led to its massive transformation
- This increasing adoption of new-age technology coupled with growing R&D activities in to cater to specific requirements of individuals is paving way for future growth of the prosthetics market
ALBANY, New York, Feb. 10, 2020 /PRNewswire/ -- According to the research report published by Transparency Market Research, the global Prosthetics Market was initially valued at US$8.9 bn back in the year 2018. The growth of the market is fuelled by a high rate of growth. The research report predicts the market will exhibit a promising CAGR of 6% in the coming years of the forecast period. This growth rate will help the market to reach a new valuation worth US$15 bn by 2027-end.
Researchers are now launching new virtual reality programs to aid functioning of prosthetic limbs and make them more connected and in-sync with overall body performance. Moreover, increasing adoption of adaptable 3D printed prosthetics is also expected to become a popular trend in the global market, observes TMR analyst who worked on the research report.
Key Findings in the Research Report:
- The global prosthetics market can be segmented in terms of technology, end-user, product, and region. Based on technology, the market can be further segmented into electrically powered or myoelectric, body powered or cable operated, and cosmetic prosthetics.
- Based on end user, the global market can be further segmented into dental clinics, specialty clinics, and hospitals among others. In 2018, the segment of dental clinic dominated the global prosthetic market and this trend is expected to continue over the course of the given projection period. Growing prevalence of dental problems among masses and higher preference to these dental clinics for prosthetic procedures are some of the key reasons behind its burgeoning growth.
- In terms of segmentation by product, the prosthetics market is then further categorized into dental prosthetics, orthopedic prosthetics, and others.
Explore a 255 pages report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Prosthetics Market by Product: Orthopedic Prosthetics, Dental Prosthetics, and Others; End User: Hospitals, Specialty Clinics, Dental Clinics, and Others; and Technology: Cosmetic Prosthetics, Cable Operated/Body Powered, Electrically Powered/Myoelectric, and Others https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=75633
Global Prosthetics Market – Key Driving Factors
- One of the biggest driving factor for the development of the global market has been increasing incidences of amputations because of diabetes. In recent years, there has been a considerable prevalence of diabetes and vascular disorders across the globe.
- As per the findings of The Amputee Coalition of America, vascular disorders are the chief cause of lower limb amputation cases in the US. A CDC report states that more than 8.5 million people in the US are affected by peripheral vascular disorder. Another report published by America Orthopedic & Prosthetic Association state that nearly 60% of non-traumatic amputation surgeries performed in the US are on diabetic and vascular condition patients. Thus, such high levels of patient pool is helping to drive the growth of the global prosthetics market.
- In recent years, there has been a considerable growth of medical tourism across the globe. Several people are travelling around the world to undergo cosmetic or functional surgeries. Thus, this too has helped in the overall development of the global prosthetics market.
- This trend of medical tourism, particularly, dental tourism is substantially high in countries such as Spain, Bulgaria, Turkey, Poland, India, and Croatia. The cost of dental procedures in these nations is nearly 50% to 70% lower than that charged in the US or Western European countries.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/75633
Global Prosthetics Market – Key Restraining Factors
- One of the biggest restraining factor for the market growth is the huge cost associated with these new-age prosthetics. Companies in the global market are bringing in newer products that are technologically sound and highly advanced. However, they are yet to find a firm answer on making these products affordable and readily available for masses.
- Another important restraining factor for the market has been the requirement to undergo lot of training to use these new-age prosthetics. This currently is a mild restraint which is expected to be resolved as technological advancements make these prosthetics more connected and functional as per the requirements of the users.
Global Prosthetics Market – Regional Segmentation
- Asia Pacific to present highly lucrative growth opportunities for the development of the global prosthetics market in the near future. The growing number of patient pool, developing medical infrastructure in highly populated countries such as China and India, and affordable production costs in the region are some of the key growth factors of Asia Pacific market.
- Traditionally, Europe has been the dominant regional segment of the global market and is expected to remain so in the near future. North America is also expected to show an encouraging growth in coming years of the forecast period.
Analyze Prosthetics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Prosthetics Market – Competitive Landscape
There is a huge fragmentation of the vendor landscape of the prosthetics market due to recent entry of several players. The fragmentation of the market will continue over the forecast period. Some of the key players in the global prosthetics market are Hanger Inc., Ossur, Ohio Willow Wood Company, Zimmer Biomet Holdings Inc., and Straumann AG among others.
Global Prosthetics Market: Segmentation
- Prosthetics Market, by Product
- Orthopedic Prosthetics
- Upper Extremity
- Shoulder Disarticulation
- Elbow Disarticulation
- Wrist Disarticulation & Partial Hand
- Lower Extremity
- Foot Amputation
- Knee Disarticulation
- Hip Disarticulation
- Dental Prosthetics
- Inlays & Onlays
- Prosthetics Market, by End User
- Specialty Clinics
- Dental Clinics
- Prosthetics Market, by Technology
- Cosmetic Prosthetics
- Cable Operated/ Body Powered
- Electrically Powered/ Myoelectric
- Prosthetics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Dental Prosthetics Market - The global dental prosthetics market, which stood at US$3.5 bn in 2016 is expected to reach US$5.88 bn by the end of 2023, exhibiting a CAGR of 7.6% during the time.
Artificial Limbs Market - The artificial limbs market will expand at a CAGR of 5.7% over the forecast period between 2017 and 2025. Escalating at this pace, the market, which had a valuation of US$ 1,750.0 Mn in 2016 in terms of revenue, is projected to rise to US$ 2,869.3 Mn by 2025.
Orthopedic Biomaterials Market - Some of the leading factors that are expected to steer the global orthopedic biomaterials market past US$ 21.3 Bn mark include exponential rise in aging population, shift toward nanophase materials from conventional materials, and growing adoption of 3D printed orthopedic implants.
Surgical Robots Market - According to the report, the global surgical robots market was valued at ~US$ 4.2 Bn in 2018 and is projected to expand at a CAGR of ~13% from 2019 to 2027. Research & development in the technology, design, efficiency, and safety of spine surgical robots is anticipated to present significant opportunities in the segment in the near future.
Medical Tourism Market - A result of major advancements in the medical field, growth in medical tourism is set to create new avenues of growth for the market players. And, a number of fields in the domain will be open for tourists. Some of the major medical branches that will be available to such patients would be neurology, cardiology, dentistry, oncology, cosmology, and orthopedic surgery.
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