ALBANY, New York, September 12, 2017
ALBANY, New York, September 12, 2017 /PRNewswire/ --
The global Artificial Limbs Market is expected to reach US$2,869.3 mn by the end of 2025, from US$1,750.0 mn in 2016. If these figures hold true, the global artificial limbs market will show a CAGR of 5.7% between 2017 and 2025. In terms of technology, the global artificial limbs market is led by the electrically powered/ myoelectric prosthetics segments, which held a share of nearly 41.7% in 2016. Regionally, North America emerged dominant on account of the rising incidence of vascular diseases witnessed in the region. Throughout the report's forecast period, the market is expected to stay the lead.
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Higher Investment toward Research and Development of Advanced Prosthetics Stokes Growth
Among the factors enabling growth in the global artificial limbs market, the rising military combats, prevalence of vascular diseases such as atherosclerosis and diabetes foot syndrome are the most crucial. Furthermore, industrial accidents may result in amputation. On account of incidents such as this, it is likely that the demand for artificial limbs may rise. Considering the rise in the demand for artificial limbs, several private and public players are impelled to invest more on research and development. As a result of the prevailing trend, remarkable advancements are noticed in the prosthetic and orthotic technology. For instance, similar efforts have led to the launch of the next generation prosthetic, which has artificial limbs with nearly or more than 25 joints. Furthermore, technological advancements have enabled amputee to control prosthetic movements by his mind like the way a human limb functions. Such advances are expected to help the market grow in the coming years.
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Also, in order to cater to the specific individual needs, manufacturers have started offering customized prosthetic devices. These devices can offer greater functionality and are made especially to fit the user's body perfectly. The demand for customized prosthetics is rising among people involved in sports or leisure activities, this in turn is giving impetus to the overall artificial limbs market. On the back of these factors, the global artificial limbs market is expected to continue exhibiting strong growth through the course of the forecast period.
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Limited Penetration across Emerging and Underdeveloped Nations a Major Cause of Concern
Despite aforementioned drivers, the market will continue reeling under the influence of a few restraints. For instance, uncertain reimbursement policies across certain developing and underdeveloped regions may limit the market's trajectory to an extent. Besides this, the high cost development and prosthetic and limited surgical expertise could hamper the market's growth. It is important to note in this regard, medical bionics is yet to become widespread across emerging markets. However, experts have suggested it is important for established players as well as new entrants to consider the GDP growth across these countries. Factors such as easy product approval, low penetration rates, and increasing procedural volumes could make emerging economies more lucrative than developed nations.
As per studies, the global artificial limbs market is oligopolistic in nature with a very few companies holding the lion's share in the market. Currently, Stryker, Zimmer, Smith & Nephew Plc, DePuy, and Biomet among others hold prominent places in the market. It is common among market players to offer services through consolidated patient care and therapeutic solutions, finds Transparency Market Research (TMR) in a new study. With recent technological advances, the market is expected to grow in the coming years and could even witness the entry of new players, thus intensifying the competition prevailing in the market at present.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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