February 25, 2024

Prosthetic Legs Market is Expected to be Flourished by Rising Healthcare Expenditure

The global Prosthetic Legs Market is a multibillion-dollar industry providing advanced prosthetics devices to patients with lower extremity amputations. Prosthetic legs range from simple limbs that provide basic mobility to high-tech bionic legs having microprocessors, sensors, and sophisticated control systems. Based on the type of technology used, prosthetic legs are broadly categorized into mechanical legs and microprocessor controlled legs. Mechanical legs provide stability but limited mobility whereas bionic legs offer greater mobility by mimicking natural movement. Technological advancements and innovative designs are expanding functionality of prosthetics. For instance, bionic legs can adjust to different terrains and walk speeds.

The global Prosthetic Legs Market is estimated to be valued at US$ 6.88 Bn in 2024 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 Dynamics:
Rising healthcare expenditure and growing geriatric population are the primary factors fueling demand for prosthetic legs globally. According to data from the World Health Organization (WHO), global healthcare spending is projected to reach US$ 10 trillion by 2022. Additionally, falling interest rates are encouraging consumers to take loans for expensive bionic prosthetics treatments. Furthermore, technological advancements in material engineering, motion control systems, and battery technology are facilitating the development of innovative prosthetics such as microprocessor knees and smart prosthetic legs. For instance, the Power Knee by Össur uses sensors and microprocessors to detect the user’s activities and instantly adapts to different walking conditions. Major players are focusing on providing customized solutions tailored to the lifestyle needs of patients. This is expected to significantly contribute to growth of the prosthetic legs market.

Segment Analysis
The prosthetic legs market is dominated by the active segment, which accounts for over 40% share. This is due to rapid expansion of geriatric population globally coupled with rising cases of diabetes. Elderly people with mobility impairment predominantly use active prosthetic legs for improved functionality and movement. The cosmetic or artificial legs segment holds around 30% share and is growing swiftly on the back of increasing number of congenital disorders and accidents worldwide. Cosmetic prosthetics offer close resemblance to natural appearance and help bolster self-confidence.

PEST Analysis
Political: Governments across countries are formulating favorable regulations to increase insurance coverage and funding for prosthetic devices. This is positively impacting market growth.
Economic: Rising per capita disposable incomes in emerging nations have enhanced patient affordability for technologically advanced prosthetics. The strong economy is also encouraging investment in R&D by key companies.
Social: Growing social acceptance of people with disabilities has boosted their morale and lowered psychological barriers to seek medical devices. Also, increased life expectancy is widening the consumer base.
Technological: 3D printing, electronics integration, new biomaterials and sensor technology are bringing about product innovations. This is improving functionality for better mobility and comfort.

Key Takeaways
The global prosthetic legs market is expected to witness high growth. The global Prosthetic Legs Market is estimated to be valued at US$ 6.88 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.

North America accounts for the largest market share of over 30% owing to rising obesity and associated limb loss coupled with favorable reimbursement scenario.

Key players related content comprises Key players related content Össur, Ottobock, Fillauer LLC, and Freedom Innovations are some of the major players operating in the prosthetic legs market. Key players operating in the prosthetic legs market are Össur, Ottobock, Fillauer LLC, and Freedom Innovations. These companies are focusing on new product launches and acquiring smaller players to enhance their geographical presence and strengthen product portfolio.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it