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Market Overview:
Prosthetic legs, also known as prosthetic limb, are artificial replacements designed to resemble a natural human leg as closely as possible. It is designed for patients who have lost a part or whole leg due to various causes such as trauma, cancer, or other medical conditions. Advanced prosthetic legs are made from lightweight, durable materials and utilize latest technologies to provide better comfort, mobility and gait to the patients.
The 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 Dynamics:
The prosthetic legs market is primarily driven by growing incidence of leg amputations due to rise in accidents and orthopedic diseases. According to World Health Organization (WHO), there are around 1.6 million non-fatal road traffic injuries requiring hospitalization annually. Of these almost 10-30% results in amputation of leg. Furthermore, growing geriatric population also contributes to market growth as aged people are more prone to orthopedic conditions like arthritis leading to leg amputation. Another driver is increased adoption of 3D printing technology in manufacturing customized prosthetic legs. 3D printing helps to create prosthetics with intricate designs and shapes suitable for each user. It also reduces production time and costs compared to traditional methods.
Segment Analysis
The prosthetic legs market can be segmented based on type into knee, ankle and foot. Among these, the knee segment dominates the market and accounts for over 40% share owing to the high prevalence of knee injuries and amputations. Due to advancement in knee joint replacement technology and availability of microprocessor knee joints with better mobility functionality, the knee segment continues to be the fastest growing segment.
PEST Analysis
Political: Government regulations and reimbursement policies help support the development and adoption of prosthetic legs. Favorable regulatory approvals accelerate market growth.
Economic: Rising healthcare expenditure, growing per capita income and increasing cases of amputations boost market expansion. However, high treatment costs remain a restraint.
Social: Increasing accidents, sports and military injuries raise demand for prosthetics. With improved aesthetic appeal and functionality, social acceptance of prosthetics grows.
Technological: Continuous R&D leads to innovative prosthetic designs, smart materials and component miniaturization for better comfort, mobility and durability. 3D printing and new knee joints aid market progress.
Key Takeaways
The prosthetic legs market is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period of 2023 to 2030, due to increasing incidence of accidents, diabetes, and lower limb loss worldwide.
North America dominates the regional segment due to rising diabetic foot ulcer cases, rapid technology adoption and strong reimbursement policies.
Key players operating in the prosthetic legs market are Össur, Ottobock, Fillauer LLC, and Freedom Innovations. Össur is a leader in microprocessor knees and has a wide portfolio of carbon fiber and endolite products. Ottobock pioneered C-Leg technology and also offers knee, ankle and foot prosthetics. Fillauer LLC focuses on high performance sporting prosthetics. Freedom Innovations’ microprocessor knee Rheo Knee XC is FDA approved.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
