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.
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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.
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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.