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2024-2033 Limb Prosthetics Market Growth Rate: What’s the Forecast?

In the past few years, the limb prosthetics market has been witnessing strong growth. Expected to surge from $1.53 billion in 2023 to $1.64 billion in 2024, it archives a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historic period is a result of heightened public awareness regarding prosthetic alternatives, better accessibility to healthcare facilities, advancement in surgical procedures and rehabilitation methods, usage of carbon fiber, and a centred emphasis on life quality.

A substantial increase is anticipated in the limb prosthetics market size in the coming years. The market is projected to escalate to $2.22 billion in 2028, with a compound annual growth rate (CAGR) of 7.8%. This surge during the predicted period is largely due to factors such as rising trauma instances, government and insurance backing, expansion in medical tourism, evolving healthcare infrastructure, and progress in the field of bionic and neural prosthetics. Some of the significant trends during this forecast period include improvement in control and functionality, advancements in materials and manufacturing processes, better affordability and accessibility, integration of regenerative medicine and biotech, and an emphasis on user-oriented design and experience.

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What Drivers Are Accelerating the Growth of the limb prosthetics Market?

The growth of limb prosthetics is projected to surge due to the escalating frequency of road accidents. Increased automobile traffic, driver inattention, high-speed driving, and unfavorable road conditions are major contributing factors to the rise in road accidents. Individuals who survive these accidents often benefit from limb prosthetics that provide functional alternatives for lost or severely damaged limbs. These prosthetics augment mobility and enrich the quality of life through innovative technology and personalization. For example, in October 2023, Brake, a UK-based road safety charity, reported that in 2022, road accidents resulted in 1,766 fatalities and 28,941 severe injuries, marking a 10% increase in deaths from the previous year. Hence, this surge in accidents is fuelling the growth of the limb prosthetics market.

What Key Segments Can Be Identified in the Limb Prosthetics Market?

1) By Type: Lower Limb Prosthetics, Upper Limb Prosthetics

2) By Component: Socket, Appendage, Joint, Connecting Module, Other Components

3) By Technology: Conventional Prosthetic Devices, Electric Prosthetic Devices, Hybrid Prosthetic Devices

4) By End-User: Orthotics And Prosthetics (O&P1) Clinics, Orthopedic Clinics, Other End-Users

What Trends Are On the Rise in the Limb Prosthetics Market?

Key players in the limb prosthetics market are concentrating on the advancement of actively powered microprocessor prosthetic knees, aiming to provide custom-made and user-friendly prosthetic solutions. These types of prosthetic knees harness sensors and microprocessors to manipulate resistance and movement dynamically, promoting better walking patterns and balance. For instance, in February 2022, Össur hf, a prominent non-invasive orthopedics manufacturer from Iceland, unveiled its innovative product, the Power Knee. Touted as the world’s inaugural actively powered microprocessor prosthetic knee, the Power Knee is designed to uplift the mobility and self-reliance of those affected by above-the-knee amputations or limb differences. Its sophisticated algorithms can discern human movement trends, and adapt to the user’s pacing in real-time, thereby providing dynamic assistance during terrain alterations, gradient changes, staircase navigation, and ramp traversal. The Power Knee fosters more uniform motion, reduces user fatigue, and enables users to perform activities that used to be arduous or implausible with traditional prosthetics.

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What Regions Are Steering Growth in the Limb Prosthetics Sector?

North America was the largest region in the limb prosthetics market in 2023. The regions covered in the limb prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Limb Prosthetics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the limb prosthetics market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Limb Prosthetics Market Include

1. Limb Prosthetics Market Executive Summary

2. Limb Prosthetics Market Segments

3. Limb Prosthetics Market Size And Template Market Growth Rate

4. Key Limb Prosthetics Market Trends

5. Major Limb Prosthetics Market Drivers

……

25. Key Mergers And Acquisitions In The Limb Prosthetics Market

26. Top Limb Prosthetics Companies

27. Limb Prosthetics Market Opportunities And Strategies

28. Limb Prosthetics Market, Conclusions And Recommendations

29. Appendix

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