Companies in prosthetics market are increasing R&Ds to develop products with an ability to advance the quality of life of amputees
Wilmington, Delaware, United States, July 05, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc.: The global prosthetics market is estimated to register growth at a CAGR of 6% during the forecast period, from 2019 to 2027, notes a report by Transparency Market Research (TMR).
The TMR study offers in-depth insights on the prosthetics market. Hence, readers gain access to thorough study of the growth drivers, restraints, challenges, and opportunities in the market. This aside, the report sheds light on the prosthetics market statistics.
Players are using different strategies such as R&D and collaborations in order to sustain in the high competition levels of the global prosthetics market. Moreover, growing focus of companies on the new product launches is expected to help them in maintaining their leading positions in the global market. Hence, the market share for prosthetics market is estimated to reach a value of US$ 15 Bn by 2027.
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Prosthetics Market: Key Findings
- Electrically powered/myoelectric technology is expected to be increasingly adopted in the forthcoming years. As a result, players operating in the global prosthetics market are increasing focus on R&D projects in order to develop electrically powered technology and fulfill specific needs of patients, according to analysts of a study by TMR.
- Generally, powered prosthetic devices utilize plenty of electricity in order to work efficiently. Hence, researchers are concentrated on the development of advanced skin with an ability to store electricity. For instance, scientists from the University of Glasgow have created a combination of electronic skin that can help in storage and generation of electricity intended for prosthetic devices. Furthermore, companies are collaborating with scientists in order to achieve proficiency in electrically powered prosthetics, notes a global market study on prosthetics.
- Scientists are focusing on the use of next-gen materials including graphite-polyurethane composite enclosed with graphene, which are electric supercapacitors with an ability to store energy and fulfill major energy conservation requirements of end-users. This aside, the graphene component are gaining traction owing to their ability to work as a solar panel that can transform sunlight into electricity and charge the supercapacitor. The adoption of such innovative technologies by players in the prosthetics market is helping them to create eco-friendly products, state TMR report analysts.
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Prosthetics Market: Growth Boosters
- Increase in focus of players to develop user-friendly products that can improve the quality of life of amputees is driving the sales of prosthetics market
- Rise in the older population in many developed and developing nations is leading to revenue-generation opportunities in the market for prosthetics
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Prosthetics Market: Regional Analysis
- The prosthetics market in Europe is estimated to maintain its leading position during the forecast period owing to several factors including rise in the demand for cosmetic dentistry in the U.K.
- The Asia Pacific prosthetics market is prognosticated to attract profitable prospects in the forthcoming years owing to rising production of prosthetics in some regional nations including South Korea and India. Moreover, the Asia Pacific market is being driven by factors such as increase in the older population in China and increase in focus of regional players on the development of cost-effective solutions.
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Prosthetics Market: Key Players
Some of the key players profiled in the report are:
- Danaher Corporation (Nobel Biocare Services AG)
- Straumann AG
- Dentsply Sirona, Inc.
- Zimmer Biomet Holdings, Inc.
- Hanger, Inc.
- BioHorizons, Inc.
- Ohio Willow Wood Company
- GaA, and Blatchford Group (Chas. A. Blatchford & Sons Ltd.)
- Ottobock SE & Co.
Prosthetics Market Segmentation
- Orthopedic Prosthetics
- Upper Extremity
- Shoulder Disarticulation
- Elbow Disarticulation
- Wrist Disarticulation & partial hand
- Lower Extremity
- Foot Amputation
- Knee Disarticulation
- Hip Disarticulation
- Upper Extremity
- Dental Prosthetics
- Inlays & Onlays
- Specialty Clinics
- Dental Clinics
- Cosmetic Prosthetics
- Cable Operated/Body Powered
- Electrically Powered/Myoelectric
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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