North America Prosthetics Market

North America Prosthetics Market Size (2022 to 2027)

The North American market for prosthetics is estimated to be growing at a CAGR of 6.04% from 2022 to 2027 and value USD 4.95 billion by 2027 from USD 3.69 billion in 2022.

Diabetes is the leading cause of lower-limb amputation. The growing number of diabetic patients increases the number of amputation surgeries performed in the region, resulting in a higher demand for prosthetics. This surge in demand is propelling the North America Prosthetic Market forward. The market is expected to be driven by an increase in sports injuries and road accidents, a rise in diabetes-related amputations, and the prevalence of osteosarcoma in the region. The growing prevalence of osteosarcoma in young adults and children further propels the market. Patients recovering from this surgery often require orthopedic devices and prostheses as part of their post-operative care, which is expected to drive the North American prosthetic market in the coming years.

People over 60 are more prone to conditions like osteoporosis and osteopenia, which increases the demand for orthopedic solutions. Additive manufacturing/3D printing for prostheses has been gaining traction in the market, particularly among amputees who cannot afford the high cost of traditional limb prosthetics. Prosthetics for the upper limb have become increasingly common in hospitals, with adoption rates gradually increasing. Increasing per capita healthcare spending, a surge in corporate and public R&D investments, and an influx of activities, including the relocation of manufacturing bases to expanding regional pockets, have contributed to an optimistic growth forecast for the prosthetics market in these areas.

The high cost of the upper-limb prosthesis and the current regulatory environment may limit the expansion of the prosthetics market in North America.

This report on the North American prosthetics market has been segmented and sub-segmented into the following categories.

By Product Type:

• Upper Extremity Prosthetics
  • Hand Prosthetics
  • Elbow Prosthetics
  • Shoulder Prosthetics
• Lower Extremity Prosthetics
  • Foot & Ankle Prosthetics
  • Knee Prosthetics
  • Hip Prosthetics
• Liners
• Sockets

By Technology:

• Body Powered
• Electrically Powered
• Hybrid Prosthetics

By End-User:

• Prosthetic Clinics
• Hospitals
• Rehabilitation Centres

By Country:

• The United States
• Canada
• Rest of North America

Geographically, the North American region accounted for the largest share of the global market in 2021. Because of rising government and private investments in healthcare infrastructure and an increase in medical tourism, North America dominates the prosthetics market. The US healthcare system's emphasis on quality of care and value-based services has generated a favorable market environment for prosthetics and orthotics. The direct presence of important regional players, a strong distribution network, and well-established products are among the key drivers accelerating the expansion of the prosthetics market in North America. The use of new polymer materials and the creation of prosthetic devices tailored to the functional needs of patients are two recent trends in the North American prosthetics market. To meet the needs of consumers, manufacturers are working on designing lightweight yet long-lasting orthopedic prosthetics.

Several significant competitors in the competitive prosthetics market are prioritizing new product introductions to capitalize on opportunities in lower price ranges. While this strategy is expected to help companies expand into this country, others will focus on creating valuable accessories to let people use upper limb prostheses more efficiently, such as hand gloves. But with new product developments, the prosthetics market is increasingly "digital." Because the market players have taken great care to ensure the comfort and convenience of patients, these digitally revolutionary products are projected to drive revenue generation.

KEY MARKET PLAYERS:

CBPE Capital LLP (Blatchford Limited), Coapt LLC., Colfax Corporation (DJO, LLC), Ossur (college park industries), Mobius Bionics LLC., Motorica LLC., Naked Prosthetics, Ottobock SE & Co. KGaA, Protunix, and Steeper Group are some of the noteworthy companies operating in the North American prosthetics market profiled in this report.