Wilmington, Delaware, United States, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global prosthetics industry stood at ~US$ 8.9 Bn in 2018 and is estimated to expand at a CAGR of 6.0% from 2019 to 2027. The market research estimates value of the industry to touch US$ 15.0 Bn by 2027. Growth in aging population, rise in demand for dental treatment among medical tourists, and increase in incidence of diabetes are expected to drive the demand for prosthetics. Additionally, rise in cases of accidents and trauma is anticipated to propel the global market growth.
Adoption of myoelectric technology is estimated to rise in the near future. In order to satisfy customers' particular needs, businesses are carrying out R&D activities in electrically powered technologies. Manufacture of maxillofacial prosthetics, surgical implant guides, and other dental-related products are attractive offerings by rapid prototyping (RP). Manufacturers are increasing their RP research activities in order to digitize dental treatment.
Researchers are creating unique skin that retains electricity, as powered prosthetic devices need high amount of electricity to operate effectively. For instance, researchers from the University of Glasgow have created a hybrid electronic skin that can produce and store power for prosthetic devices. Thus, firms in the prosthetics market are expected to work with researchers in order to develop skills and competencies in electrically driven prostheses.
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Key Findings of Market Report
- The dental prosthesis industry is becoming increasingly reliant on the computer-aided design/computer-aided manufacturing (CAD/CAM) technology. In contrast to traditional restoration approaches, RP, which was made possible by the CAD/CAM technology, has increased the precision of prosthetic restorations. The prosthetics industry is experiencing significant transformation, led by the ongoing advancements in digital technology.
- Based on product type, the dental prosthetics segment is expected to record exponential growth during the forecast period. The dental clinics end user segment led the market in 2018. The market research predicts the trend to continue throughout the forecast timeline.
- The segment growth is driven by rising dental issues and growing preference for prosthetic operations conducted in dental clinics. Dental clinics are one of the key end users for the prosthetics market.
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Global Prosthetics Market: Growth Drivers
- The prosthetics industry has been transforming owing to the integration of machine learning and AI to create mind-controlled prostheses. Firms are creating prosthetic limbs and arms that are more adaptive and closely mimic the functions of actual body parts. These advancements are likely to drive industry growth in the near future.
- Firms are creating user-friendly prostheses to raise the standard of living for amputees. They are developing unique control methods for 3D-printed prosthetic hands that can more precisely and realistically execute complex finger motions. Thus, the orthopedic prosthetics product segment is anticipated to record the second-highest revenue by 2027.
- The elderly population in the world is expected to rise at a rapid pace in the next few years. Increasing health awareness and improved lifespan has resulted in the rise of aging populace across the globe. Increase in the elderly population suggests rise in fractures, joint instability, as well as joint diseases including osteoarthritis and osteoporosis, to strengthen prosthetics market value.
Global Prosthetics Market: Regional Landscape
- Europe led the global prosthetics industry in 2018. This trend is expected to continue during the forecast period. Rise in demand for cosmetic dentistry is fueling market expansion in the U.K.
- The prosthetics market in Asia Pacific is projected to grow at a high CAGR during the forecast period. Increase in production of prosthetics in South Korea and India is likely to augment the market in the region in the near future.
Global Prosthetics Market: Key Competitors
- Ohio Willow Wood Company
- Zimmer Biomet Holdings, Inc.
- Straumann AG
- Blatchford Group
- Dentsply Sirona, Inc.
- Ottobock SE & Co.
Global Prosthetics Market: Segmentation
Product
- Orthopaedic Prosthetics
- Dental Prosthetics
- Others
End User
- Hospitals
- Specialty Clinics
- Dental Clinics
- Others
Technology
- Cosmetic Prosthetics
- Cable Operated/Body Powered
- Electrically Powered/Myoelectric
- Others
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