FREMONT, California, Oct. 10, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Advanced Prosthetics and Exoskeleton Market – Analysis and Forecast, 2019-2024", the global advanced prosthetic and exoskeleton market was valued to be $2.11 billion in 2018 and is projected to reach a market value of $3.82 billion by 2024. The market is expected to grow at a CAGR of 10.42% during the forecast period from 2019 to 2024. The future growth of the advanced prosthetic and exoskeleton market is expected to be driven by factors such as growing aging population and rising incidences of road accidents. However, the rising demand by the governments to reduce spending on healthcare is expected to restrain the growth of the market.
Advanced prosthetics and exoskeleton products are aimed at efficiently assisting the under-functional body parts, especially limbs, of a patient. The products are also used to serve as a mode of rehabilitation by improving mobility and hence making daily activities feasible for such patients. The market has been transforming steadily on the back of technological innovations, which act as a base for the development and launch of new products in the market.
According to Satish Tiwari, Lead Analyst at BIS Research,"The Europe region held 43.12% share of the market with a value of $0.91 billion in 2018. The highest growth rate of 10.83% during the forecast period, 2019-2024, is expected to be witnessed by North America, due to the increasing adoption of advanced technologies and a greater number of companies offering products for the prosthetics and exoskeleton segment."
Advanced prosthetics and exoskeletons market was dominated by prosthetics application in 2018 and is expected to grow at a rate of 10.31% during the forecast period 2019-2024.
Ottobock SE & Co. KGaA is currently dominating the market by holding 28.23% share of the combined advanced prosthetics and exoskeletons market. It is followed by Ossur, DJO Global, Blatchford Group and WillowWood
Several emerging technologies such as mind controlled bionic prosthetics, hybrid assistive limbs, gait rehabilitation technologies are expected to transform the advanced prosthetics market
The market witnessed total 17 product launches, three product approvals, and one major product development in past four years (January 2016 to August 2019)
North America is expected to be the growth driver for the overall market and is expected to grow at 10.83% CAGR during 2019-2024
National Spinal Cord Injury Statistical Center (NSCISC), the government-funded database of the U.S., estimates that more than 275,000 Americans acquire spinal cord dysfunctionalities every year, and around 52% develop paraplegia.
The Medicare, Medicaid, and the U.S. Department of Veterans Affairs are accounted to provide 40-50% as reimbursements for limb prosthetics services and devices in the U.S. in 2018
The purpose of this study is to gain a holistic view of the advanced prosthetics and exoskeleton market in terms of various influencing factors, such as regional adoption trends and key developments. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
The report on the advanced prosthetics and exoskeleton market tracks trends and industry participants as well as quantifies technologies that facilitate advanced product development. These products are classified under prosthetics and orthotic exoskeleton. The report also discusses in detail the targeted limbs for both prosthetics and exoskeletons.
The analysis has been conducted at regional and country levels, and markets have been assessed and forecasted by considering the impacts of various underlying trends. Major industry participants and their products have been thoroughly analyzed, and forecasts of their performance, market share, and growth rates have been provided.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to be acquainted with the recent market activities such as product launches, partnerships, collaborations, business expansions, as well as mergers and acquisitions, among others. It is a detailed research on more than 20 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than five leading companies, market participants, and vendors. The report also profiles leading players such as, Ossur hf, Ottobock SE & Co. KGaA, DJO Global Inc, and Blatchford Group.
Key Questions Answered in the Report:
How much revenue was generated by the global advanced prosthetics and exoskeletons market in 2018, and how much is it expected to grow by 2024?
What are the major market drivers, challenges, and opportunities in the global prosthetics and exoskeletons market?
Which emerging technologies are present in the advanced prosthetics and exoskeletons market?
How much revenue is expected to be generated by different segments of the advanced prosthetics and exoskeletons market during the forecast period from 2019 to 2024:
Prosthetics and orthotic exoskeleton, on the basis of application
Lower limb segment, upper limb segment, and full body segment, on the basis of limb type segment
Orthotic and prosthetic clinic segment and hospital segment, on the basis of end user
North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW), on the basis of region
Which factors are expected to affect the market share of the key players?
What are the key developmental strategies implemented by the key players to sustain in the competitive market?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends, which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.