Report Overview

According to the deep-dive market assessment study conducted by Growthplus Reports, the Global Artificial Limbs Market was pegged at US$ 6.48 billion in 2021. The market is expected to register a revenue CAGR of 4.1% from 2022 to 2030.

Market Fundamentals

Artificial limbs, also called prosthetics, work as a replacement for missing or amputated limbs due to accidents, injuries, chronic vascular diseases, and congenital disabilities. Artificial limbs are light in weight, high in strength, and customized according to the patient. The materials used for artificial limb consists of PVC, a range of silicone, willow wood, different metal alloys, carbon fiber, and Kevlar. 

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Market Dynamics

The rise in road accidents, infections, vascular diseases, and severe injuries are the major factors in which amputations are performed. The increasing prevalence of cancerous tumors in the muscles and the bones, rise in obesity and unhealthy lifestyles, especially in youth, and resultant prevalence of peripheral vascular diseases, neuropathy, and diabetes are leading to more cases of amputations lately. In addition, significant research and development efforts are being conducted to raise the caliber of prosthetic limbs. This has enabled better outcomes for the patients and thus it drives the revenue growth of the global artificial limbs market. However, the expense of artificial limbs, unfavorable regulations related to the approval of new devices, and lack of rehabilitation support during pre-amputation and post-amputation are some of the major factors expected to restrain the market revenue growth to some extent.

Market Ecosystem

The global artificial limbs market has been analyzed from four perspectives: product, technology, end-user, and region. 

Artificial Limbs Market by Product

Based on product, the global artificial limbs market is segmented into lower extremity, upper extremity, and accessories (liners, sockets, etc.). 

The lower extremity segment is further classified into transfemoral (above-knee amputation), transtibial (below-knee amputations), trans-pelvic, and partial foot amputation. 

The upper extremity segment is categorized into trans-radial (below the elbow amputations), trans-humeral (above the elbow amputation), and forequarter (interscapulothoracic). 

The lower extremity segment accounts for the largest revenue share in the artificial limbs market. The dominance of this segment can be attributed to several factors, such as the high prevalence of chronic diseases associated with lifestyle choices, the rise in vascular disorders like peripheral arterial disease (PAD), non-healing foot ulcers, and diabetes. Increasing numbers of trauma cases like road accidents, workplace accidents, falls, and the huge rise in the obese population are also the key driver of revenue growth. According to the Amputee Coalition of America in the U.S., below-the-knee amputations are the most common, around 71% of all amputations. There has been a rise of 47% in cases of lower extremity amputations in the last 20 years, and about 1,50,000 patients undergo surgery for lower extremity amputation in the U.S. 

Artificial Limbs Market by Technology

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Based on technology, the global artificial limbs market is segmented into electrically powered/myoelectric, cosmetic, and cable-operated prosthetics. 

Among these segments, the electrically powered/myoelectric artificial limbs segment dominates the market with the largest revenue share. The leading position of the electrically powered/myoelectric artificial limbs segment is attributed to the popularity and acceptance of myoelectric artificial limbs, the availability of customization choices, and the increasing integration of AI and neuromuscular signal technology in these devices. 

Artificial Limbs Market by End-user

Based on the end-users, the global artificial limbs market is segmented into hospitals, rehabilitation centers, and prosthetic clinics. 

Hospitals currently account for the largest revenue share in the global artificial limbs market. The large revenue share of the hospital segment is attributed to the high patient preference for hospitals, resulting in increased patient footfall. Hospitals house much larger experienced workforces and have advanced technologies and provide better insurance processing.

Artificial Limbs Market by Region

Based on region, the global artificial limbs market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

Among all these regions, North America dominates the global artificial limbs market in terms of revenue share, followed by Europe. The Asia Pacific is the fastest-growing market in terms of revenue. 

The large revenue share of North America is attributed to the well-developed healthcare infrastructure, the rise in traumatic accidents or injuries during adventurous sports, workplace as well as road accidents, and sports injuries. There are 2.1 million people in the U.S. with amputations which are expected to double by 2050. Around 1,558 military personnel have lost limbs in wars. The medical device industry is well-established in this region. Moreover, technological advancement in prosthetics contributes to North America's dominance. 

Competitive Landscape

The key players operating in the global artificial limbs market are:

• Blatchford Ltd.
• Fillauer LLC 
• Ottobock Inc.  
• Willow Wood Global LLC
• Bock Healthcare GmbH
• Ossur
• Mobius Bionics
• Hanger Inc. 
• Steeper Inc.
• Liberating Technologies Inc.

Strategic Developments

• In July 2022, Ottobock and the University of Twente (Netherlands) demonstrated a new prosthetics technology at the international congress Rehab week. This innovative technology will help patients with leg amputation to control robotic prostatic as a natural extension of their own body. 
• In April 2022, Blackrock Neurotech, a brain-computer interface (BCI) technology company, and Phantom Neuro launched a system for lifelike control of robotic technology.
• In February 2022, Ossur introduced the next-gen power knee. It is a microprocessor prosthetic knee system, a motor-powered intelligent prosthesis with an algorithm for detecting human movement patterns and adjusting to patients walking at a speed in real-time. 

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