Research Nester published a report titled “Prosthesis Equipment Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers a detailed overview of the global prosthesis equipment market in terms of market segmentation by type, technology, attachment to the body, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The global prosthesis equipment market is estimated to garner a CAGR of ~4.5% over the forecast period, i.e., 2022–2030. The market is segmented by type into upper extremity, lower extremity, and others, out of which, the lower extremity segment is estimated to garner major revenue share in the market during the forecast period. This can be attributed to the higher cases of injuries in limbs, compared to head and other parts. Amputation of legs, especially ankle and knees, is very common, which is estimated to boost the segment growth.
The global prosthesis equipment market is estimated to grow on the back of increasing demand for prosthetics, backed by mounting cases of road accidents and sports injuries. According to the National Health Statistics Reports, average 8.6 sports-related injuries occur every year around the globe. Moreover, the increasing prevalence of diseases, such as, bone cancer and diabetes, in which, limb amputation is required, is projected to boost the market growth.
Regionally, the global prosthesis equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the increasing geriatric population and high prevalence of diabetes in countries, such as, India and China. In Asia, over 60% of the population is currently suffering from diabetes. Additionally, rising cases of road accidents is estimated to boost the growth of the regional market.
Increasing Road Accidents to boost the Market Growth
According to the report by the World Health Organization, the road traffic fatalities rate in middle-income countries is 19.2 per 100,000 individuals. This rate is approximately 8 per 100,000 people in high-income countries.
Road accidents are a major cause for severe injuries, that can lead to loss of functioning of legs and hands. Moreover, mis happenings in sports, or genetic disorders are another major cause of limb amputation. These are estimated to boost the market growth over the forecast period.
However, risks of infection in prosthetics, along with higher cost are expected to operate as key restraint to the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global prosthesis equipment market which includes company profiling of Proteor SAS, Optimus Prosthetics, Blatchford Limited, Steeper Inc., Hanger, Inc., WillowWood Global LLC, Ottobock SE & Co KGaA, Össur Group, Fillauer LLC, and Stryker Corporation.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global prosthesis equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.