Limb Prosthetics Market to Grow Gradually by Achieving a Valuation of USD 2.44 Billion with a CAGR of 5.5% during the Forecast Period

The limb prosthetics market size is projected to grow from USD 1.67 billion in 2023 to USD 2.44 billion by 2030. As per a report by Fortune Business Insights™ titled, “Limb Prosthetics Market Size, Share & COVID-19 Impact Analysis, By Type (Upper Limb Prosthetics and Lower Limb Prosthetics), By Technology (Conventional Prosthetic Devices, Electric Prosthetic Devices, and Hybrid Prosthetic Devices), By Component (Socket, Appendage, Joint, Connecting Module, and Others), By End User (Orthotists & Prosthetists (O&P) Clinics, Orthopedic Clinics, and Others), and Regional Forecast, 2023-2030”, the market stood at USD 1.59 billion in 2022. It is set to exhibit a CAGR of 5.5% during 2023-2030.

Decline in Market due to Drop in the Number of Injuries and Amputations

Due to the sudden outbreak of COVID-19 pandemic in 2020, there was a decline in the number of patient visits for prosthetic services. The substantial increase in sales due to increased patient visits also contributed to the surge in market growth.

Although with all the negative impact associated with the pandemic, institutions in this market that had adopted teleconsultations and other digital technologies were able to sustain themselves.

Growth in the Number of Amputations Restored Market Growth

Some traumatic causes, such as surgeries, accidents, and injuries, owing to multiple reasons such as blood vessel diseases, diabetes, dysfunction, cancer, infection, and pain led to amputations. Hence, the limb prosthetics market growth is anticipated to be witnessed during the forecast period. These devices are considered to be rehabilitating in terms of nature and lead to an improved quality of life for the amputee.

Unlimited Tomorrow Partnered with Singularity Group to Gain Traction in Market Growth

Unlimited Tomorrow in partnership with Singularity Group has agreed to bring functional prosthetic limbs to those in need. This organization launched a USD 1.0 million GoFundMe initiative to create and deliver functional prosthetic limbs to 100 amputee victims of the Russian invasion of Ukraine.

Competitive Landscape:

Some prominent players in the market include Ortho Europe, Blatchford Limited, Uniprox (Bauerfeind), and Steeper Inc. To back their presence and position in the market, the companies have successfully executed various strategic initiatives, including launches of novel products and collaborations.

Notable Industry Developments:

• September 2022: Siemens Caring Hands, a global charitable organization, provided USD 250,000 to Unlimited Tomorrow for Global Initiative to secure prostheses for victims in Ukraine.

List of the Companies Profiled in the Report:

• Fillauer LLC (Fillauer Companies, Inc.) (U.S.)
• Hanger, Inc. (U.S.)
• Össur (Iceland)
• Blatchford Limited (U.K.)
• Ottobock (Germany)
• WillowWood Global LLC. (U.S.)
• Steeper Inc. (U.K)
• Uniprox (Bauerfeind) (Germany)
• Ortho Europe (U.K.)

Further Report Findings:

• North America dominated the market in 2022. The region continues its dominance in the global market owing to high limb loss incidence, positive reimbursement trends, the presence and adoption of technologically advanced products, and strong healthcare expenditure.
• Europe stood second in the global market in 2022. Various positive factors, which included strong volume of amputations, favorable governmental and reimbursement policy, and adoption of novel technologies, are estimated to escalate the market share.

Table of Segmentation: