Artificial Limb Market Set for Explosive Growth
According to HTF Market Intelligence, the Global Artificial Limb market to witness a CAGR of 5.4% during forecast period of 2023-2028. The market is segmented by Global Artificial Limb Market Breakdown by Type (Upper Artificial Limbs, Lower Artificial Limbs) by Technology (Cosmetic Prosthetics, Cable Operated/ Body Powered, Electrically powered/ myoelectric, Others) by End User (Hospitals, Prosthetic Clinics, Rehabilitation Centers) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Artificial Limb market size is estimated to increase by USD 0.72 Billion at a CAGR of 5.4% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 1.61 Billion.
The artificial limb market refers to the industry that designs, manufactures, and sells prosthetic limbs to individuals who have lost or were born without a limb. Artificial limbs are also known as prosthetic limbs, which are designed to replace the functionality of a missing limb, allowing an individual to perform daily activities and improve their quality of life. The market for artificial limbs includes a wide range of products, from basic prosthetics to advanced bionic limbs that use sophisticated technology to mimic the movements of a natural limb. The market also includes various types of artificial limbs for different parts of the body, including arms, hands, legs, and feet. The artificial limb market is constantly evolving, with advancements in materials, technology, and manufacturing processes leading to more innovative and functional products.
Artificial Limb market – Competition Analysis
The global Artificial Limb market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Hanger, Inc. (United States), Ossur (Iceland), Freedom Innovations (United States), Fillauer Companies, Inc. (United States), Blatchford Group (United States), Otto Bock (Germany), Steeper Group (United Kingdom), Roadrunnerfoot Engineering Srl (Italy), Trulife (Ireland), Orthotic & Prosthetic Centers (United States).
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