Brain Based Control and Sensory Feedback to Drive Future Development of Artificial Limbs
For a long time engineers have been pouring in efforts to match or mimic nature’s offerings. In the term of health care, engineers have been pushing in this direction, to help in the development of prosthesis which can fulfil the functions of natural parts. However, substantial tech advancements have resulted in superior functionality in prosthetics to replace missing or lost limbs, with greater progress anticipated for the future.
The global artificial limbs market is projected to grow at a strong CAGR of ~ 6 per cent through the forecast period till 2025. The growth can be attributed to increase in spending for the health care industry, with higher amounts of investments being pushed towards research and development activities, which can be attributed to the recent developments in terms of bionics and artificial intelligence.
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North America Dominates Demand with Rising Lifestyle Disease
North America is expected to surpass other regions around the world in terms of revenue from the artificial limbs market. Millions of people are annually affected by peripheral vascular diseases, and the according to the Center for Disease Control almost 10 per cent of the region’s population is affected by lifestyle ailments such as diabetes.
These rising incidences of disease are playing a major role in the rising number of amputations, which has been propelling the growth of the artificial limb industry. Further, the Asia Pacific region is expected to display lucrative growth opportunities in the near future. These chances for growth are expected to rise from the large existing pool of amputees in the region, and recent changes in terms of favorable reimbursement conditions.
Manufacturers Push to Consolidate Through Acquisitions and Innovations
The market for artificial limbs is largely consolidated in nature, with only a select few of the manufacturers making any substantial developments through extensive activities of research and development along with well supported supply chains. Some of the major names in the industry include Spinal Technology Inc., Ossur, Proteor, Ottobock, and Hanger.
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The cutting edge products in the industry are mostly exorbitantly priced, which has limited the number of manufacturers, and has also intensified the competition. Major players have been pushing for strategic acquisitions, expanding networks for clinical service, and widening their product portfolios.
Clinics for Prosthetics are on the Rise
While prosthetic clinics have been lagging behind in terms of acceptance by patients, recent times have witnessed a resurgence on the basis of innovative and personalized offerings for meeting the needs of amputees. The more popular artificial limb components include inserts, braces, supports, and shoes.
These clinics are expected to grow by around 1.3 times, and is projected to be in control of around 30 per cent of the market through the end of the forecast period. The trend is further supported by a rising number of traffic accidents, trauma incidents, and industrial accidents, which are generating a substantial demand for artificial limbs, with demand particularly rising for production materials such as silicone and urethane variants.
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