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Market Overview:
Prosthetic legs, also known as artificial legs, are artificial replacements of lower leg limbs for amputees. They are designed to provide mobility, comfort and a natural gait to amputees so that they can effectively perform daily activities like walking, running and exercising. Advancements in prosthetics materials and technologies have enabled production of bionic prosthetic legs that closely resemble natural limbs. Lightweight carbon fiber and durable thermoplastics are commonly used to construct prosthetic legs along with hydraulic joints and microprocessor controlled knees for smooth motion. This has significantly improved quality of life for amputees and boosted consumer acceptance of prosthetics.
The global 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 key trends:
One of the key trends influencing growth of the prosthetic legs market is the rising incidence of diabetes-related lower limb amputations globally. Diabetes is a leading cause for leg amputations across the world. Prolonged effects of diabetes can damage nerves and reduce blood circulation in legs potentially leading to infection, ulcers and eventual amputation if left untreated. Increasing diabetes prevalence driven by urbanization and changing lifestyle is expected to fuel demand for prosthetic legs during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the high upfront capital needed to establish manufacturing facilities and the existing intellectual property owned by major players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market has several major players and is in need of customized solutions. Buyers can negotiate on pricing and demand high-quality services.
Bargaining power of suppliers: The bargaining power of suppliers is low as the raw materials used in prosthetic legs such as carbon fiber, titanium, and polymers are widely available.
Threat of new substitutes: The threat of new substitutes is low as no close substitutes are available for prosthetic legs which help amputees walk.
Competitive rivalry: Intense as major players compete on technological innovation and customized solutions.
Key Takeaways
The global Prosthetic Legs Market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing cases of diabetes and road accidents leading to amputations.
The North American region dominates the prosthetic legs market with the highest market share due to advanced technological advancements and presence of major players in the region. The Asia Pacific region is expected to grow at the fastest rate owing to rising healthcare expenditure, growing disability population, and increasing disposable incomes.
Key players operating in the prosthetic legs market are Össur, Ottobock, Fillauer LLC, and Freedom Innovations. Össur is a leading player focused on innovation and customized prosthetic solutions. Ottobock designs advanced microprocessor knee technology. Fillauer LLC provides a wide range of cost-effective prosthetic products. Freedom Innovations launched the first fully embedded knee for above-the-knee amputees.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
