The artificial
joints and limbs market is expected to observe profitable growth across
the forecast period of 2018-2026. The rapid advancements in the field of
prosthetics and the utilization of new materials for ease in adoption have
strengthened the growth of the artificial joints and limbs market and is
expected to continue the same run in future.
·
The increasing geriatric population and the expanding cases of
osteoarthritis around the world will bring immense growth opportunities during
the assessment period. Road accidents and sports injuries are on the rise. Some
of them are very serious and need replacement of the entire leg or hand. Here’s
where artificial joints and limbs come into the picture. Based on all these aspects,
the artificial joints and limbs market assures promising growth.
·
Research and development activities play a vital role in the growth of
the artificial joints and limbs market. The players are involved in these
activities for formulating and discovering new technologies. The activities
help in generating maximum revenues, eventually increasing the growth rate of
the artificial joints and limbs market.
·
Strategic collaborations are crucial for the growth of the artificial
joints and limbs market. The players are involved in mergers, acquisitions, and
partnerships. These activities help in strengthening the influence of the
players in the artificial joints and limbs market, ultimately boosting the
growth opportunities.
Global Artificial Joints and Limbs
Market: Overview
A limb or joint lost to accident, disease, or birth defect can be
replaced with an artificial limb or joint. Such a replacement is called a
prosthesis. Artificial limbs enhance the function and lifestyle of persons with
limb loss. In order to match the functional needs of an individual, the
prosthesis must be a unique combination of design, materials, alignment, and
construction. These functional needs are complex and differ for lower and upper
extremities. Lower limb prostheses can address stability in walking &
standing, energy storage & return, shock absorption, cosmetic appearance,
and other functional needs related to jumping, running, and other athletic
activities. Upper limb prostheses can address grasping & reaching, certain
occupational challenges such as painting, hammering, weightlifting, and daily
activities such as writing, eating, and dressing. Artificial joints support the
limbs of patients suffering from disease or injury through controlling,
limiting, guiding, or immobilizing a joint, limb, or body segment. These can be
used to enable movement (mechanical), restrict movement, as a rehabilitation
device after the removal of a cast, to correct the shape or function of part of
the body, to reduce weight bearing pressure, or to ease pain.
Global Artificial Joints and Limbs
Market: Key Trends
Key drivers of the global artificial joints and limbs market include
increase in geriatric population, rise in prevalence of diseases such as
vascular diseases, diabetes, and osteoarthritis; surge in adoption of braces
and supports for non-invasive treatment; rise in obesity rates and cost of
treatment; increase in incidence of road accidents & sports injuries, surge
in awareness, and availability of personalized orthopedic prosthetics. However,
unfavorable reimbursement policies, entry barriers in terms of regulatory
guidelines, and shortage of well-equipped rehabilitation centers are the
factors hampering the growth of the global artificial joints and limbs market.
Global Artificial Joints and Limbs
Market: Segmentation
The global artificial joints and limbs market can be segmented based on
product, end-user, and region. In terms of product, the market can be
bifurcated into artificial joints and artificial limbs. The artificial joints
segment can be classified into artificial knee replacement, artificial hip
replacement, artificial elbow replacement, artificial shoulder replacement, and
others. The artificial limbs segment can be categorized into lower extremity,
upper extremity, and others. Based on end-user, the global artificial joints
and limbs market can be divided into hospitals, prosthetic clinics,
rehabilitation centers, and others.
Global Artificial Joints and Limbs
Market: Regional Analysis
In terms of region, the global artificial joints and limbs market can be
segmented into North America, Europe, Asia Pacific, Latin America, and Middle
East & Africa. North America accounted for significant share of the global
market in 2017 owing to the extensive research and technological advancements
in the region. Increase in surgical procedures and improvement in reimbursement
scenario are also likely to propel the market in the region. Favorable
reimbursement policies, regulatory framework focused on patient safety, and
high treatment efficacy standards are projected to augment the market in North
America. Europe accounted for significant share of the global artificial joints
and limbs market in 2017 due to the presence of enhanced health care processes
and increase in amputation procedures in the region. Furthermore, increase in
the geriatric population is anticipated to propel the market in Europe.
Improvement in health care infrastructure and increase in patient awareness
about artificial joints and limbs treatment options are anticipated to drive
the market in Asia Pacific. Growth in medical tourism in Asia Pacific is also
projected to augment the market. Countries in Latin America such as Mexico and
Brazil offer lucrative opportunities in the market due to the developing
medical structure and high disposable income of people.
Global Artificial Joints and
Limbs Market: Competitive Landscape
Key companies operating in the global artificial joints and limbs market
are Össur Corporate, Zimmer Biomet, Blatchford Group, Fillauer LLC, Ottobock,
Exactech, Inc., Smith & Nephew plc, and Stryker Corporation, among others.
These players have adopted product development strategies such as approvals,
product launches, and clinical trials in order to increase market share.
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