PMR Updates Powered Prosthetics Market Forecast and Analysis as Corona Virus Outbreak Disturbs Investment Plans
COVID-19 pandemic has turned out to be a major growth determinant in the industrial automation sector. With the integration of digital infrastructure to monitor and control public health, industrial automation has taken a new shape. This crisis has enhanced the value of IT and digital transformation across different sectors and industries.
The medical devices industry in the past decade has witnessed unprecedented growth owing to improved and innovative technologies and the development of state-of-the-art infrastructural facilities. Technologies such as 3D printing offer market players a plethora of growth opportunities in the field of personalized medicine. Faster regulatory approvals and consistent R&D activities have had a positive impact on the medical devices as well as pharmaceutical industry.
Amputation is a traumatic experience which ultimately reduces the quality of life. Prosthesis is an option that could help in maintaining the same quality of life. In general, prosthesis is an artificial device or body part which replaces the missing body part which is lost due to trauma, disease or congenital conditions. It is very important to choose the right prosthesis for communication, performing tasks and social life at home or at job. For the people who need rugged primary or secondary prosthesis for doing some extra-ordinary tasks, body powered prosthetics provide an alternative to the regular used prosthetic. Powered prosthetic provide right balance of convenience and reliability. There are many options available to the upper and lower limb prosthetic solutions.
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The body powered prosthetics use the strength of the individual’s residual limb, shoulder girdle and upper body muscle in case of the hand powered prosthetics. The powered prosthetic can help to do heavy duty labor, sports and ultimately regain the lost confidence and independence in order to perform a particular task. Different prosthetic options are available such as passive prosthesis, body-powered prosthesis, electrically powered prosthesis, hybrid prosthesis and activity specific prosthesis. The body prosthesis uses the raw materials which are very light in weight so the amputee has better convenience while using it. Over the past few years industry of prosthesis has evolved drastically use of new materials and technological advancement. Plastic materials such as polyethylene, polypropylene, acrylics and polyurethanes. Lightweight materials such as titanium, carbonfibre and aluminum. The prosthesis industry extensively uses computer aided designing (CAD) and computer aided manufacturing (CAM) for design and manufacture of prosthesis. The prescription of an ideal prosthesis should contain level of amputation, stump size and type of stump i.e. end bearing, side bearing or total contact. The fabrication of the prosthetic is necessary for easy use and comfort.
According to Association for Safe International Road Travel, 20-50 million people are injured and disabled globally. The factors driving the growth of the global powered prosthetic market are increase in number of accidents per year, growing prevalence of the diabetics ( due to peripheral artery disease in which the artery supplying blood to feet becomes narrow and reduces the blood flow to it). In 2010, Over 73,000 people with diabetes and age over 20 had amputations. The technological advancements using CAD/CAM technology is expected to improve accuracy of manufacturing and lead to increased output. In New South Wales, the prosthetics are currently funded under government’s health support service called ‘Enable NSW’. The powered prosthetics would further flourish the market growth. However, lack of reimbursement for prosthetics in majority of countries from the insurance companies keeps patients away from adoption powered prosthetics. Half of the prosthesis sale made by a company accounts for the replacement of the worn out prosthesis and the other half for the new amputees. The biggest limitation for the powered prosthetics is its cost. The people with prosthetic can also suffer from the skin irritation and may further lead to some infection which calculates to a lot of money spent over it.
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The global market for Powered Prosthetics is segmented on basis of construction material, end user and geography:
- Segmentation by Product Type Upper extremity prosthetics
Lower extremity prosthetics - Segmentation by Technology Body Powered
Electrically powered
Hybrid prosthetics - Segmentation by End User Prosthetic clinics
Hospitals
Rehabilitation Centre’s
Among all materials used for construction of powered prosthetics, titanium is expected to be the choice of material as it is light in weight and could replace the weight of steel. The people are expected to favor the body powered prosthetics as they are cheap as compared to electrically powered and hybrid prosthesis. The upper extremities powered prosthetics is anticipated to grow substantially as compared to the lower prosthesis. For the day to day activities the upper extremities play important role as compared to the lower extremities.
On the basis of geography, global powered prosthetics market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America represents the most remunerative market for powered prosthetics. There are an estimated about 1.9 million amputees in United States and 1, 85,000 amputation surgeries performed per year. Europe is expected to remain second largest market for powered prosthetics by value. Asia Pacific full dentures market is expected to witness highest growth rate owing to rapidly aging population in China, India and Japan and also growing prevalence of the accidents and diabetic related amputations.
Some of the key players identified in global Powered Prosthetics market are OttoBock Healthcare GmbH, Touch Bionics Inc., Deka Research and Development Corporation, EXIII Inc., College-Park, Fillauer LLC, RSL Steeper Holdings Ltd, ProtUnix, Aesthetic prosthetic Inc., Blatchford Inc. (Endolite) and others.
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The report covers exhaustive analysis on:
- Powered Prosthetics Market Segments
- Full Powered Prosthetics Market Dynamics
- Historical Actual Market Size, 2012 – 2016
- Full Powered Prosthetics Size & Forecast 2016 to 2024
- Full Powered Prosthetics Current Trends/Issues/Challenges
- Competition & Companies involved
- Full Powered Prosthetics Drivers and Restraints
Regional analysis includes
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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