The European artificial limbs market is estimated to be worth USD 2.72 billion by 2027 from USD 2.27 billion in 2022, growing at a CAGR of 3.69% from 2022 to 2027.
The growing incidence of road accidents and sports injuries is primarily propelling the European artificial limbs market growth. For instance, Germany had an estimated 310,000 road accidents in 2018, which was the highest across all the countries of the European region. Out of which, around 0.3 million people were injured or handicapped, resulting in the loss of a hand or a leg. As a result, these patients are using prosthetic limbs to regain their capacity in daily life. Likewise, the increasing number of road accidents is expected to fuel the need for artificial limbs and boost regional market growth. In addition, the growing European population suffering from diabetes is anticipated to promote the growth rate of the European artificial limbs market. The increasing level of glucose in diabetic patients may result in chronic wounds which require amputation of legs to save a life. Therefore, to live comfortably, these people use artificial legs.
Furthermore, the rising adoption of technological advancements in manufacturing artificial limbs is estimated to fuel the market’s growth rate in Europe. The governments of European countries have conducted several EU projects to develop an advanced neuron-controlled prosthesis that feels the same as a natural limb. As a result, manufacturers have started integrating neuro-controlled limbs with the help of artificial sensors and electrons based on an advanced neural interface. Therefore, the focus of the key market participants to develop personalized artificial limbs as per the information provided by the healthcare provider has increased in recent years. In addition, there is increased focus on the materials used to develop artificial limbs. As a result, several clinical research centers have started to develop artificial limbs locally for affordable prices and good quality. Additionally, innovation in artificial limbs has increased the positiveness of the para–Olympic Games and is expected to fuel the market’s growth rate in Europe.
However, the high costs associated with advanced artificial limbs are majorly hampering the European market's growth. In addition, the high maintenance costs of advanced prosthetic limbs hinder the growth of the European market. Furthermore, the scarcity of skilled professionals for the surgeries, lack of reimbursement policies, and lack of availability of artificial limbs of various sizes are limiting the growth rate of the European artificial limbs market.
This research report on the European artificial limbs market has been segmented and sub-segmented into the following categories.
By Product Type:
Geographically, the European region had the second-largest global market share in 2021. During the forecast period, the European region is anticipated to hold a substantial share of the global market owing to growing awareness regarding artificial limbs among many disabled people and increasing product approvals. Healthcare organizations and manufacturing companies have been conducting several awareness programs to promote the usage of artificial limbs for disabled or amputated people to become self-sufficient and not need continuous help or monitoring. In addition, there has been an increase in advertisements on TV and social media to spread awareness about the availability of artificial limbs for every age group to provide a quality life for people suffering from amputation.
The German artificial limbs market is expected to account for a significant share of the European market during the forecast period owing to the increasing number of prosthetic implant hospitals in Germany. Therefore, the demand for artificial limbs in Germany has been prevalent for a long time. In addition, the technical integration of artificial intelligence and machine learning in the prosthetic sector boosts the German artificial limb market growth. Furthermore, the growing investments from the German government and other healthcare organizations are propelling regional market growth.
The UK is anticipated to showcase a promising CAGR in the European market during the forecast period. In the UK, the increasing number of service centers for artificial limb implantation is the primary factor for the market's growth. Recently, Open Bionics launched a clinic for 3D-printed bionic arms for amputees supporting the UK market growth.
KEY MARKET PLAYERS:
Companies playing a notable role in the European artificial limb market are Hanger Inc., Steeper Inc., Liberating Technologies Inc., Fillauer LLC, Blatchford Ltd., Ottobock Inc., Willow Wood Global LLC, Bock Healthcare GmbH and Ossur and Mobius Bionics.
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