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Description
Artificial Limbs Market size was valued at USD 2,328.7 million in 2021, growing at a CAGR of 6.1% from 2022 to 2028. The global market provides a detailed overview and that can be segmented by type, by technology, by material, and by end user. By type, the global artificial limbs market has been segmented into Lower Extremity, Upper Extremity, and Compression Therapy. The Lower Extremity segment is likely to be the largest and fastest-growing segment in terms of type in 2021 and is expected to maintain the growth in the upcoming years. It is attributed to the increasing number of overweight people all over the globe, high incidences of arthritis & osteoarthritis, and the rising geriatric population. Based on technology, the global artificial limbs market is segmented into Body Powered or Cable Operated, Cosmetic Prosthetics, Myoelectric or Electrically powered, and Others. Among these, the Myoelectric or Electrically powered segment is expected to have the fastest-growing market during the forecast period 2022-2028. It is due to the ease & flexibility for stress-free movements, the customizations available according to patients’ needs, and the high adoption rate. Based on material, the global artificial limbs market is segmented into Titanium, Plastics, and Others. The on-premises segment accounts for the largest share in 2021. Titanium segment is the second-largest share during the forecast period 2022-2028 according to precision business insights. Based on end user, the global artificial limbs market is segmented into Hospitals, Orthopaedic Clinics, Ambulatory Surgical Centres, Rehabilitation Centres, and Prosthetic Clinics. The Hospitals segment accounts for the largest share in 2021 and is expected to maintain the trend in the forecasted years. The growing preference of patients towards hospitals and the availability of required instruments & technology will boost the growth of this segment across the globe.
Key Development:
In Sept 2022, ISRO is developing the artificial smart limb to aid amputees.
In Oct 2022, Utah launched Bionic Leg, the most advanced AI-powered prosthetics in the world.
