Rising incidences of road accidents and increasing geriatric population are amongst few factors attributing for the growth of artificial limbs and joints market. Growing obese population and increasing prevalence of osteoarthritis are expected to positively reinforce market growth over the forecast period. Furthermore, technological advancements such as the developments of digital artificial limbs with which are capable of storing critical patient data related to the movement of limbs which can be analyzed by a healthcare practitioner at a later stage. Moreover, incorporation of integrated circuits which can derive movements through electrical impulses of the body coupled and continuous R&D initiatives for the development of computerized limbs which will utilize the brain’s neuronal impulses assisting direct movements are expected to be critical success factors for the growth of artificial limbs and joints market over the period of next six years.
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Artificial hip, artificial knee, artificial shoulder, artificial elbow, artificial leg and artificial arm are the key products included in the scope of study. Key replacement is expected to be one of the most revenue generating product segment. Key factors for its large share includes growing prevalence of arthritis and osteoarthritis coupled with large geriatric and obese population base which is prone to aforementioned medical conditions. Digital and manual are amongst two key technologies included in the scope of study.
North America, Europe, Asia Pacific, MEA, and Latin America are key geographies included in the scope of study. North America on account of developed healthcare infrastructure and high healthcare expenditure levels emerged as the largest region in artificial limbs and joints market. However, Asia Pacific is expected to grow at a lucrative CAGR over the estimated period of six years. Key factors for the region’s growth include rapidly developing healthcare infrastructure coupled with the presence of available market opportunities. Key players analyzed in the scope of study include DePuy, Zimmer, Smith & Nephew, Stryker and Biomet.
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