The prosthesis market size growth over 2024-2032 can be credited to the emergence of cutting-edge technologies, including AI and 3D printing in the healthcare sector.

Prosthesis Market Size

Prosthesis Market size is projected to expand at a notable progression rate during 2024-2032 attributed to the emergence of cutting-edge technologies, including AI and 3D printing in the healthcare sector. With the ongoing inclination towards technological evolution, 3D printing is increasingly leveraged to limit traditional manufacturing constraints and create complex designs while minimizing wastage and turnaround time. These advancements are contributing to the development of robotic prosthetic arms and hands to cater to the growing amputee population worldwide.
 

The Amputee Coalition, in the U.S., nearly 185,000 amputations occur each year, and a staggering 3.6 million people will be living with limb loss by 2050. This rise in amputation rates will escalate the demand for robotic prosthesis control systems to help regain motor capabilities and restore sensory feedback. Rising innovations in materials, such as lightweight and durable composites coupled with the influx of sophisticated manufacturing techniques are leading to improved prosthetic functionality and comfort.
 

Additionally, R&D investments are driving the development of advanced prosthetic limbs, bionic technologies, and sensory feedback systems for meeting the evolving needs of amputees and enhancing their quality of life. For instance, in May 2023, an inventive prosthetic hand created by researchers at the Institute for Integrative and Innovative Research (I³R) was recently provided to the first Arkansan and only the second person worldwide, restoring a meaningful sense of touch and grip force after surgery at the University of Arkansas for Medical Sciences. However, the industry may face restraints due to the high costs of advanced prosthetic devices, limited insurance coverage, and affordability issues for patients. Regulatory hurdles in device approvals and reimbursement challenges may also hinder the industry expansion.
 

Prosthesis Market Trends

Rapid technological innovations and the high prevalence of chronic conditions, including diabetes are driving the demand for prostheses. In June 2023, the Lancet published that more than half a billion people worldwide suffer from diabetes, which affects men, women, and children of all ages in every nation. This figure will nearly double to 1.3 billion people in the next 30 years, with every country witnessing an increase. Such factors will also boost the need for robotic leg prostheses for diabetic patients requiring amputations due to foot ulcers. Moreover, the increased incidence of rheumatoid arthritis is projected to strengthen the industry outlook through 2032.
 

Prosthesis Market Analysis

The lower body product segment is anticipated to witness high demand from 2024-2032, on account of the rising number of geriatric and disabled people. Based on the WHO’s report, in 2022, around 1.3 billion people experience a disability globally. Furthermore, the growing rate of lower limb amputations among patients with peripheral vascular diseases and diabetes will drive the demand for prosthesis, especially in the U.S.
 

The microprocessor-controlled prosthetics (MPC) segment will record substantial development during 2024-2032. Compared to conventional prostheses and joints, MPC alternatives ensure effective stabilization and reduce the chances of falls and acute injuries. MPC also provides more stability for amputees on different steps, slopes, and terrains. Programming advancements and the introduction of well-established technologies are also slated to promote the usage of MPC prostheses.
 

The Asia Pacific prosthesis market will garner considerable profits between 2024 and 2032 due to the growing burden of diabetes. As per the WHO, the Southeast Asian region is likely to witness a 68% increase in diabetes prevalence by 2045, further bolstering the requirement for prostheses for patients with foot ulcers. In addition, the high emphasis on automation platforms and government initiatives to implement robotic process automation solutions will create robust demand for prosthetics in the region.
 

Prosthesis Market Share

Some of the major prosthesis industry players are:

• Össur hf.
• Open Bionics
• Endolite
• HDT Global
• Touch Bionics (Össur)
• SynTouch
• Ottobock
• Shadow Robot
   

Ongoing efforts by key prosthetic industry players on developing cutting-edge prosthetic technologies have spurred their attention on innovation, collaboration with healthcare professionals, and customization of prosthetic solutions to cater to diverse patient needs.
 

Prosthesis Industry News

• In July 2023, Eplus3D, a metal 3D printer maker, collaborated with Tecmahe, an industrial solution provider in Argentina as well as Bioprotece and Fit3D, an implanted prosthesis manufacturer. The agreement will see Bioprotece and Fit3D acquire an EP-M260 metallic 3D printer from Eplus3D for use in creating customized prostheses with sophisticated structures.
   
• In June 2023, Rigicon collaborated with global physician partners to launch the HL-LEVINE Combo Prosthesis Tool, a hybrid of an HL dilator tool and a traditional Furlow instrument to perform penile implant surgery to improve patient outcomes.

What Information does this report contain?