ALBANY, N.Y., April 19, 2021 /PRNewswire/ -- The prosthetics market expects to gain a considerable growth-share across the assessment period of 2019-2027 on the back of the rising cases of road accidents and other health-related amputations. The growing inclination of many individuals toward sports activities is also considered as a prominent reason for propelling the growth of the prosthetics market. Sports activities lead to many injuries. These injuries sometimes lead to amputation, which eventually boosts the growth of the prosthetics market.
Prosthetics describe the making and fitting of an artificial body part to replace the one that's lost. Prosthesis is developed for cosmetic and functional reasons. The benefits attached to the usage of prosthetics bode well for growth. Furthermore, the rising investments in the prosthetics market will serve as a profitable growth factor.
The Transparency Market Research (TMR) team projects the prosthetics market to expand at a CAGR of ~6 percent during the tenure of 2019-2027. The global prosthetics market was valued at ~US$ 8.9 bn in 2018 and is prognosticated to reach a valuation of ~US$ 15 bn by the end of the forecast period, that is, 2027.
The rising number of diabetics around the globe will serve as a vital growth-contributing factor for the prosthetics market. Vascular diseases and diabetes are prominent reasons for amputation and thus, the multiplying numbers of diabetes patients are directly proportional to the growth of the prosthetics market. The increase in the prevalence of dental problems is also expected to boost the growth rate of the prosthetics market.
Expanding Cases of Osteosarcoma to Add Extra Stars of Growth
Osteosarcoma is a type of bone cancer that starts in the cells that are vital in bone formation. It can start in any bone. In rare cases, it can also occur in soft tissue outside the bone. According to Cancer.Net, nearly 1000 people of all ages will be diagnosed with osteosarcoma in the United States this year. With the help of surgery, prosthetics can be fitted in the affected areas and can serve as a benefit to the patient. Thus, all these factors bring good growth prospects for the prosthetics market.
Advancements and Innovations to Turn the Tables of Growth
The prosthetics industry has observed a plethora of advancements on the back of the ongoing research and development activities. Many players are entering the market with novel products that prove to be advantageous for individuals. For instance, Human Plant Solutions, a startup is using hemp instead of materials like fiberglass and plastic to develop prosthetics. Such advancements bode well for the growth of the prosthetics market.
Use of Prosthetics in Animals to Bring Tremendous Growth Opportunities
The number of injuries linked to animals, especially pet animals has increased substantially over the years. Thus, the multiplying usage of prosthetics in animals is helping in increasing the growth rate. Earlier, prosthetics were difficult to customize for animals but with the advent of modern technologies like 3D printing, the production and development process has become easy and assist in creating better-fitting prosthetics. Thus, all these aspects prove to be fruitful for the growth of the prosthetics market.
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