Global Prosthetics
Market: Introduction
According to the report, the
global prosthetics market was valued at ~US$ 8.9 Bn
in 2018 and is projected to expand at a high CAGR during the
forecast period. Prosthetics refers to the science of developing prosthesis,
which are artificial substitutes or replacement for a lost body part, including
arm, limb, eye, facial bone and tooth. These are designed for both functional
and cosmetic reasons. The global prosthetics market is driven by rise in
prevalence of dental disorders, aging population, growing medical tourism for
dental procedures, increase in diabetes among population leading to
amputations, and surge in accident and trauma cases leading to limb loss.
Europe dominated the global prosthetics market in 2018 and
the trend is anticipated to continue during the forecast period. Strong growth
of the market in the region can be attributed to rise in edentulous population
and surge in presence of leading players focused on increasing ease of access
to technologically advanced products.
Rise in Prevalence
of Diabetes and Vascular Diseases Leading to Increase in Amputations
Diabetes and vascular diseases are
primary causes of amputation. Increase in the number of people afflicted with
these diseases drives demand for orthopedic prosthetics. The Amputee Coalition
of America indicated that vascular diseases are the primary cause of lower limb
amputation. According to the Centers for Diseases Control and Prevention (CDC),
over 8.5 million people in the U.S. are affected by peripheral
vascular disease. According to the International Diabetes Federation,
around 15% of individuals suffering from diabetes develop foot
ulcer during their lifetime. An estimated 2.4 million people
in the U.S. are at the risk of developing foot ulcer. In diabetic patients,
foot ulcer, if not properly treated, can lead to amputation. A report published
by the American Orthotic & Prosthetic Association stated that 60% of
non-traumatic amputations in the U.S. are performed on diabetic patients. Rise
in prevalence of diabetes and vascular diseases is a major factor projected to
propel the global prosthetics market during the forecast period
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Surge in Medical
Tourism for Dental Procedures to Drive Prosthetics Market
The number of people traveling
overseas for dental procedures has increased owing to the lower cost of dental
procedures and superior quality services offered to patients in various medical
tourism destinations. People from various countries travel to destinations such
as India, Croatia, Thailand, Poland, Turkey, Bulgaria, and Spain for a range of
dental procedures. The cost of dental procedure in Croatia is considered to
be 50% to 70% lower than that of a similar
procedure carried out in Western Europe, making it a highly desirable
destination for dental tourism. Therefore, rise in medical tourism for dental
procedures is a major factor boosting the global prosthetics market.
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High Demand for
Dental Prosthetics
In terms of product, the dental
prosthetics segment is likely to account for major share of the global
prosthetics market. The dental prosthetics segment is projected to expand at a
rapid pace due to increase in the geriatric population, advancement in dental
prosthetics, and surge in incidence of dental caries and other periodontal
conditions. The crowns sub-segment dominated the dental prosthetics segment
in 2018. However, the dentures sub-segment is likely to expand at a
high CAGR during the forecast period. Growth of the sub-segment can be
attributed to rise in prevalence of teeth loss and increase in edentulous
population. According to the American College of Prosthodontists, over 36
million people in the U.S. do not have teeth and over 120
million people in the country live with at least one missing tooth.
Dental Clinics to
Offer Lucrative Opportunities
In terms of end user, the global
prosthetics market has been divided into hospitals, specialty clinics, dental
clinics, and others. The dental clinics segment held the largest market share
in 2018 and the trend is anticipated to continue during the forecast period.
Growth of the segment can be attributed to increase in the geriatric patient
pool and rise in demand for dentures. Dental clinics are preferred by patients
for the treatment of various minor tooth illnesses. An increase in the number
of dental clinics globally and ease of availability of specialist dentists in
clinics boost the growth of the segment.
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Asia Pacific
Prosthetics Market to Expand at High Rate
The global prosthetics market has
been segmented into five major regions: North America, Europe, Asia Pacific,
Latin America, and Middle East & Africa. Europe dominated the global
prosthetics market in 2018. Growth of the market in the region can be
attributed to increase in demand for dental prosthetics. Additionally, rise in
awareness about aesthetics among the people and increase in the edentulous
population fuels the growth of the prosthetics market in the region.
The prosthetics market in Asia
Pacific is likely to expand at a higher CAGR from 2019 to 2027.
Increase in the geriatric population, rise in prevalence of diabetes &
vascular diseases leading to amputation contribute to the rise in demand for
orthopedic prosthetics among the population. Additionally, increase in
government focus on offering technologically advanced products and rise in
medical tourism for dental procedures boost the growth of the prosthetics
market in Asia Pacific.
Launch of
Innovative Products by Key Players to Propel Global Market
The global prosthetics market is
consolidated in terms of number of players. Key players operating in the global
prosthetics market include Institut Straumann AG, Danaher Corporation
(Nobel Biocare Services AG), Zimmer Biomet Holdings, Inc., Dentsply Sirona, Inc.,
BioHorizons, Inc., Hanger, Inc., Össur, Ohio Willow Wood Company, Ottobock SE
& Co. KGaA, and Blatchford Group (Chas. A. Blatchford & Sons Ltd.).
These players have adopted various
strategies such as product portfolio expansion, investment in research &
development, collaborations, and product launches to establish a strong
geographic presence. For instance, in March 2017, Ottobock acquired
BionX Medical Technologies, Inc., engaged in offering active prosthetic foot
and ankle solutions. This acquisition aligns with the company’s previous
acquisition of BeBionic hand. These acquisitions strengthened the company’s
position in the global orthopedic prosthetics market.
Global Prosthetics
Market: Segmentation
·
Prosthetics Market, by Product
o Orthopedic Prosthetics
§ Upper Extremity
§ Shoulder
Disarticulation
§ Transhumeral
§ Elbow
Disarticulation
§ Transradial
§ Wrist
Disarticulation & Partial Hand
§ Lower Extremity
§ Foot Amputation
§ Transtibial
§ Knee
Disarticulation
§ Transfemoral
§ Hip Disarticulation
§ Sockets
§ Liners
§ Others
o Dental Prosthetics
§ Crowns
§ Bridges
§ Veneers
§ Inlays & Onlays
§ Dentures
§ Partial
§ Complete
§ Others
·
Prosthetics Market, by End User
o Hospitals
o Specialty Clinics
o Dental Clinics
o Others
·
Prosthetics Market, by Technology
o Cosmetic
Prosthetics
o Cable Operated/
Body Powered
o Electrically
Powered/ Myoelectric
o Others
·
Prosthetics Market, by Region
o North America
§ U.S.
§ Canada
o Europe
§ U.K.
§ Germany
§ France
§ Italy
§ Spain
§ Rest of Europe
o Asia Pacific
§ China
§ India
§ Japan
§ Australia
§ Rest of Asia
Pacific
o Latin America
§ Brazil
§ Mexico
§ Rest of Latin America
o Middle East &
Africa
§ GCC Countries
§ South Africa
§ Rest of Middle East
& Africa
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