Market Overview:
Prosthetic legs are artificial replacement for the natural leg which allows amputees to walk, run and move around normally. They provide high comfort level, lifelike movements and reduce chances of further injuries. The advancement of microprocessor technology has led to development of robotic prosthetic legs which mimic human anatomical structure and gait for improved mobility.
The global Prosthetic Legs Market is estimated to be valued at US$ 6.88 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the prosthetic legs market is the growing adoption of myoelectric technology. Myoelectric technology uses signals from muscles near the stump to power an artificial leg. Sensors are placed on the skin to detect muscle contractions and signals are sent to a microprocessor in the prosthetic which activates the leg movement accordingly. This allows more natural and intuitive control compared to traditional mechanics. The adoption of myoelectric technology is expected to continue growing during the forecast period as it provides better functionality and user experience.
SWOT Analysis
Strength: Prosthetic leg manufactures have advanced technologies to develop high-quality and long-lasting prosthetics that closely resemble natural walking ability. Some prosthetics even have microprocessors that allows for adaptable movement.
Weakness: High costs associated with prosthetic legs make accessibility difficult for some. Developing countries lack adequate prosthetic infrastructure and support systems.
Opportunity: Growing geriatric population prone to age-related mobility issues and amputees from disease or injury present a steady demand stream. Developing lower-cost alternatives can expand market reach.
Threats: Stringent regulatory norms and lengthy approval processes delay product launches. Dependency on limited raw material supplies can impact production.
Key Takeaways
The global prosthetic legs market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing incidence of limb loss due to road accidents, diabetes, and vascular diseases. Advancements in prosthetic design, such as use of lightweight materials and electronics for actuation are further propelling the market growth.
Regional analysis: North America dominated the prosthetic legs market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to presence of major manufacturers, advanced healthcare facilities, and high adoption of innovative prosthetics. Asia Pacific exhibits the fastest growth rate owing to large patient population, increasing healthcare spending, and growing medical tourism.
Key players operating in the prosthetic legs market are Össur, Ottobock, Fillauer LLC, and Freedom Innovations. Major players are investing in R&D to develop technologically advanced prosthetics with neural controls and biomimetic designs. Partnerships with hospitals are helping expand geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it