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Prosthetics Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
Prosthetics Market Analysis
Market Size & CAGR of Prosthetics in 2021
The global prosthetics market is expected to have a growth rate of 5.2% CAGR from 2021 to 2028. As a result, the market is anticipated to grow by USD 3.5 billion by 2028.
COVID-19 Impact on the Prosthetics Market
The COVID-19 pandemic has had a significant impact on the prosthetics market. Due to lockdowns and restrictions, many prosthetic clinics were forced to close temporarily, leading to a decrease in prosthetics sales and services. However, with the gradual reopening of healthcare facilities, the market is expected to recover in the coming years.
Prosthetics Dynamics
The prosthetics market is driven by factors such as an aging population, increasing prevalence of chronic diseases, technological advancements in prosthetic devices, and growing awareness about the benefits of prosthetics. However, challenges such as high cost of prosthetic devices, lack of skilled prosthetists, and limited insurance coverage can hinder market growth.
Segments and Related Analysis
The prosthetics market can be segmented based on type, material, end-user, and region. The key segments include upper limb prosthetics, lower limb prosthetics, dental prosthetics, cosmetic prosthetics, and others. Each segment has its specific market dynamics and growth prospects.
By Region Analysis
The prosthetics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America currently leads the market due to the presence of established healthcare infrastructure and high adoption of advanced prosthetic technologies. However, the Asia Pacific region is expected to witness the fastest growth due to increasing healthcare expenditure and rising awareness about prosthetics.
Key Market Players and Competitive Landscape
Some of the key players in the prosthetics market include Össur, Zimmer Biomet, Ottobock, Fillauer LLC, and Blatchford Group. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolio.
Recent Happenings in the Prosthetics Market
In recent years, the prosthetics market has witnessed significant advancements in 3D printing technology, allowing for the customization of prosthetic devices for individual patients. Moreover, the integration of robotics and AI in prosthetic devices has improved functionality and comfort for users. These technological developments are expected to drive market growth in the coming years.
