The global artificial limbs and joints market is expected to witness growth over the forecast period, driven by key factors including increasing geriatric population and ascending number of obese individuals. Osteoarthritis is one of the most prevalent musculoskeletal diseases affecting the elderly population causing a rise in demand for joint replacement surgeries. Technological advancements such as the development of novel limbs with digital and robotic capabilities which can store critical data pertaining to the movement of limb which can be analyzed by the physician at a later stage. Furthermore, development of limbs with integrated circuits that can access and derive movements from the electrical impulses in the body coupled with R&D initiatives pertaining to computerized limb accessing the brain’s neuronal impulses resulting in direct movements is expected to positively reinforce market growth over the forecast period of six years. High prices associated with these devices are expected to impede market growth.
Key products analyzed in the study include artificial knee, artificial hip, artificial elbow, artificial shoulder, artificial arm, and artificial leg. Knee replacement emerged as one of the most revenue generating product segment and is expected to continue its market dominance over the forecast period. Key factors attributing to its large share include unhealthy eating habits which in turn result in obesity and growing global geriatric population base expected to increase the incidence rates of ailments such as osteoarthritis and arthritis. On the basis of technology, artificial limbs and joints market is segmented into digital and manual limbs. Digital limbs are expected to grow at a lucrative rate over the forecast period owing to advantages associated with it.
North America emerged as one of the largest revenue generating region of the market in 2013. Presence of developed healthcare infrastructure, high healthcare expenditure, and continuous R&D activities pertaining to the development of novel digital and computerized limbs are key factors attributing to its large share. Asia Pacific is expected to exhibit promising growth over the forecast period owing to the presence of untapped market opportunities coupled with continuously developing healthcare infrastructure. The artificial limb and joints market is oligopolistic in nature with approximately five companies occupying nearly 90% of the revenue. Key players operating in the global artificial limb and joints market include Zimmer, DePuy, Stryker, Smith & Nephew, and Biomet.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.