Market Overview:
Prosthetic legs provide mobility to amputees by replacing the missing limb. They come in a variety of designs and allow patients to walk and move normally. Advancements in materials and designs have made prosthetics lightweight, cosmetically appealing and durable.
The global Prosthetic Legs Market is estimated to be valued at US$ 6.88 Billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing popularity of e-sports is driving the demand for technologically advanced prosthetics in the prosthetic legs market. Many amputee players are participating in e-sports tournaments with customized prosthetics developed using 3D printing and myoelectric systems controlled by muscle signals. This is enabling them to play video games with precision and compete at par with able-bodied players. Development of responsive feedback systems in prosthetics through integration of sensors is another trend gaining traction in the market.
Segment Analysis
The global prosthetic legs market is dominated by the transtibial prosthetic leg sub-segment, which is expected to hold around 60% of the market share during the forecast period. Transtibial prosthetics are preferred over other segments as they are easier to use and cost-effective. These prosthetics are widely adopted for partial leg amputations at the tibia.
Key Takeaways
The global prosthetic legs market size is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period, due to increasing incidence of limb amputation globally.
Regional analysis
North America dominates the global prosthetic legs market with a share of over 35%, followed by Europe. This is primarily due to the rising geriatric population and the presence of advanced healthcare infrastructure and availability of reimbursement policies in the regions. Asia Pacific is expected to witness the fastest growth owing to the large patient population and increasing healthcare spending in emerging countries like China and India.
Key players
Key players operating in the prosthetic legs market are Össur, Ottobock, Fillauer LLC, and Freedom Innovations. Össur and Ottobock together hold over 50% share of the global prosthetic legs market. Their leadership is attributed to strong brand recognition and wide distribution network globally.
No comments:
Post a Comment