According to Vision Research Reports, the global prosthetics market size surpassed at US$ 9 Bn in 2020 and is expected to grow at a CAGR during the forecast period 2021 to 2028.
Prosthetics refers to the science of developing prosthesis, which are artificial substitutes or replacement for a lost body part, including arm, limb, eye, facial bone and tooth. These are designed for both functional and cosmetic reasons. The global prosthetics market is driven by rise in prevalence of dental disorders, aging population, growing medical tourism for dental procedures, increase in diabetes among population leading to amputations, and surge in accident and trauma cases leading to limb loss.
The global geriatric population is expected to increase rapidly in the next few years. Decline in fertility and improved longevity are prominent factors for the aging population. Increase in the geriatric population also implies a rise in joint instability, fractures, and joint afflictions such as osteoporosis and osteoarthritis. Surge in joint afflictions is likely to propel the artificial limbs market during the forecast period.
An increasing number of baby boomers are vulnerable to a range of dental or oral diseases including periodontal disease, malocclusion, and tooth loss & decay. This is projected to drive the demand for dental biomaterials in the near future.
Europe dominated the global prosthetics market in 2020 and the trend is anticipated to continue during the forecast period. Strong growth of the market in the region can be attributed to rise in edentulous population and surge in presence of leading players focused on increasing ease of access to technologically advanced products.
Rise in Prevalence of Diabetes and Vascular Diseases Leading to Increase in Amputations
Diabetes and vascular diseases are primary causes of amputation. Increase in the number of people afflicted with these diseases drives demand for orthopedic prosthetics. The Amputee Coalition of America indicated that vascular diseases are the primary cause of lower limb amputation. According to the Centers for Diseases Control and Prevention (CDC), over 8.5 million people in the U.S. are affected by peripheral vascular disease. According to the International Diabetes Federation, around 15% of individuals suffering from diabetes develop foot ulcer during their lifetime. An estimated 2.4 million people in the U.S. are at the risk of developing foot ulcer. In diabetic patients, foot ulcer, if not properly treated, can lead to amputation. A report published by the American Orthotic & Prosthetic Association stated that 60% of non-traumatic amputations in the U.S. are performed on diabetic patients. Rise in prevalence of diabetes and vascular diseases is a major factor projected to propel the global prosthetics market during the forecast period
Surge in Medical Tourism for Dental Procedures to Drive Prosthetics Market
The number of people traveling overseas for dental procedures has increased owing to the lower cost of dental procedures and superior quality services offered to patients in various medical tourism destinations. People from various countries travel to destinations such as India, Croatia, Thailand, Poland, Turkey, Bulgaria, and Spain for a range of dental procedures. The cost of dental procedure in Croatia is considered to be 50% to 70% lower than that of a similar procedure carried out in Western Europe, making it a highly desirable destination for dental tourism. Therefore, rise in medical tourism for dental procedures is a major factor boosting the global prosthetics market.
User-friendly Prosthetics Increase Accessibility for Amputees
Companies are developing user-friendly prosthetics that are improving the quality of life of amputees. They are innovating in novel control systems for 3D-printed prosthetic hand that is capable of performing intricate and natural finger motions with greater accuracy. As such, orthopedic prosthetics product segment of the prosthetics market is estimated to generate second-highest revenue by 2027.
There is a growing demand for user-friendly prosthetics that require minimal training, especially in case of elderly patients. Advantages of user-friendly prosthetics are making them widely accessible for amputees. Companies in the prosthetics market are increasing research in unique control systems using muscle synergy theory to deploy complex movements.
Demonstration of Value Proposition Involving Prosthetics Reassures Faith of Amputees
The prosthetics market is undergoing a change with the addition of AI and machine learning to develop mind-controlled prosthetics. Companies are developing prosthetic arms and limbs that are more adaptive and mimic the near-natural function of the human body parts. However, high reimbursement costs associated with these advanced prosthetics are some of the issues that companies need to address in order to sustain in the competitive prosthetics market landscape.
The prosthetics market is highly fragmented with emerging and prominent players accounting for 80% market share. Thus, it is easier for new players to enter the market, but all companies need to tackle the common problem of high costs and lack of reimbursement policies to sustain in the market. High degree of abandonment by amputees has slowed down innovations and has created a barrier for investment by insurance companies in advanced technologies.
In order to overcome barriers of high costs and inefficient reimbursement policies, companies are increasing awareness and demonstrating the value proposition of prosthetics. This is being achieved by increasing research to develop cutting-edge prosthetics.
Rapid Prototyping Opens up New Income Avenues involving Prosthodontics
The computer-aided design/computer-aided manufacturing (CAD/CAM) technology is growing popular in the dental prosthetics segment. The CAD/CAM technology has given rise to rapid prototyping (RP), which has resulted in accuracy of prosthetic restorations, as compared to conventional restoration techniques.
Ongoing innovations in digital technology are revolutionizing the prosthetics market. As such, the dental prosthetics product segment of the prosthetics market is projected for exponential growth during the forecast period. Hence, manufacturers are increasing research in RP to digitize dental treatment.
RP offers promising opportunities in dental fields such as fabrication of surgical implant guides, maxillofacial prosthesis, and the likes. The CAD/CAM technology is being used by companies in the prosthetics market to reduce reliance on human variables and overcome limitations of conventional methods. In order to broaden their scope in incremental opportunities, companies are achieving fabrication of high-precision metal parts using selective laser melting technology.
High Demand for Dental Prosthetics
In terms of product, the dental prosthetics segment is likely to account for major share of the global prosthetics market. The dental prosthetics segment is projected to expand at a rapid pace due to increase in the geriatric population, advancement in dental prosthetics, and surge in incidence of dental caries and other periodontal conditions. The crowns sub-segment dominated the dental prosthetics segment in 2020. However, the dentures sub-segment is likely to expand at a high CAGR during the forecast period. Growth of the sub-segment can be attributed to rise in prevalence of teeth loss and increase in edentulous population. According to the American College of Prosthodontists, over 36 million people in the U.S. do not have teeth and over 120 million people in the country live with at least one missing tooth.
Dental Clinics to Offer Lucrative Opportunities
In terms of end user, the global prosthetics market has been divided into hospitals, specialty clinics, dental clinics, and others. The dental clinics segment held the largest market share in 2020 and the trend is anticipated to continue during the forecast period. Growth of the segment can be attributed to increase in the geriatric patient pool and rise in demand for dentures. Dental clinics are preferred by patients for the treatment of various minor tooth illnesses. An increase in the number of dental clinics globally and ease of availability of specialist dentists in clinics boost the growth of the segment.
Asia Pacific Prosthetics Market to Expand at High Rate
The global prosthetics market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global prosthetics market in 2020. Growth of the market in the region can be attributed to increase in demand for dental prosthetics. Additionally, rise in awareness about aesthetics among the people and increase in the edentulous population fuels the growth of the prosthetics market in the region.
The prosthetics market in Asia Pacific is likely to expand at a higher CAGR from 2019 to 2027. Increase in the geriatric population, rise in prevalence of diabetes & vascular diseases leading to amputation contribute to the rise in demand for orthopedic prosthetics among the population. Additionally, increase in government focus on offering technologically advanced products and rise in medical tourism for dental procedures boost the growth of the prosthetics market in Asia Pacific.
The global prosthetics market is consolidated in terms of number of players. Key players operating in the global prosthetics market include Institut Straumann AG, Danaher Corporation (Nobel Biocare Services AG), Zimmer Biomet Holdings, Inc., Dentsply Sirona, Inc., BioHorizons, Inc., Hanger, Inc., Össur, Ohio Willow Wood Company, Ottobock SE & Co. KGaA, and Blatchford Group (Chas. A. Blatchford & Sons Ltd.).
These players have adopted various strategies such as product portfolio expansion, investment in research & development, collaborations, and product launches to establish a strong geographic presence. For instance, in March 2017, Ottobock acquired BionX Medical Technologies, Inc., engaged in offering active prosthetic foot and ankle solutions. This acquisition aligns with the company’s previous acquisition of BeBionic hand. These acquisitions strengthened the company’s position in the global orthopedic prosthetics market.
Prosthetics Market, by Product
Prosthetics Market, by End User
Prosthetics Market, by Technology
Prosthetics Market, by Region
The Prosthetics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Prosthetics market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Prosthetics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Prosthetics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Prosthetics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Prosthetics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Prosthetics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Prosthetics market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Prosthetics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Prosthetics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Prosthetics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Prosthetics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Prosthetics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Prosthetics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Prosthetics market. These factors have benefited the growth of the global market for Prosthetics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Prosthetics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Prosthetics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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