The Global Prosthetics Market size was estimated at USD 5.99 billion in 2020 and is expected to reach USD 8.16 billion in 2027. The global Prosthetics Market is expected to grow at a compound annual growth rate of 4.3% from 2021 to 2027.
Major Players in the market includes Essentium, Inc., Zimmer Biomet Holdings, Blatchford Ltd., Fillauer LLC, Globus Medical Inc., Johnson & Johnson, Ossur hf., Ottobock SE & Co. KGaA, Smith & Nephew Plc., Stryker Corp., WillowWood Global LLC. and Zimmer Biomet Holdings Inc.,
Market has increased due to growing demand to restore the mobility of amputees, the rising awareness among the people, and technological advancements will fuel the adoption of lower extremity prosthetics in the market. Also, the high prevalence of diabetes, the increasing number of trauma cases, and the rapid advancement in lower extremity prosthetics will further drive the growth prospects of the lower extremity orthopedic prosthetics segment. Market growth in the lower extremity prosthetics segment will be significant during the forecast period.
Jun2020-Zimmer Biomet Holdings, Inc. announced new features of mymobility with Apple Watch, creating a first-of-its-kind remote care management system. These new features expand upon the existing work between Apple and Zimmer Biomet to transform the pre- and post-operative joint replacement experience. With the addition of new mobility metrics to measure gait quality, mymobility will provide healthcare professionals with even more virtual touchpoints and real-time patient information to enhance their decision-making process, while patients will continue to receive a connected and customizable experience throughout their episode of care.
In Jun 2020, REJOINT announced introduction of therapy personalization and mass customization by combining artificial intelligence with additive manufacturing technology through application of Electron Beam Melting (EBM) technology from GE Additive Arcam and post-operative and intraoperative data collection’s computerized analysis.
Jan 2020, Essentium, Inc. and Vorum inked an agreement to come up with a 3D Printing solution (Essentium + Vorum solution) combining the former’s HSE (High-Speed Extrusion) 3D printing and the latter’s SurePath methodology and CAD/CAM solutions to provide customized prosthetic devices at scale and speed.
Jun 2020-Fillauer, Joined with Nashville’s FabCo Prosthetic Designs to create FabCo powered by Fillauer an affiliate of Fillauer Companies, Inc., Fillauer is moving its upper and lower prosthetic central fabrication to the Nashville Location.
Based on Type, the market is segmented into Orthotics and Prosthetics. By Category it includes Upper limb, Lower limb and Spinal. By region it includes North America, Europe, Asia-pacific and Row. North America orthopedic prosthetics market is the largest, followed by Europe orthopedic prosthetics market. This could be attributed to these regions being inclined towards advanced healthcare settings and increase in healthcare expenditure on the count of Affordable care act. The orthopedic prosthetics market in North America is expected to cross $1.2 Bn by 2026. Moreover Asia Pacific is expected to witness the highest growth rate due to increase in the number of amputations related to diabetes and government initiatives.