Increasing Incidence of Sports Injuries and Road Accidents to Augment the Prosthetic Legs Market Growth

 

In medical science, a prosthetic limb is an artificially created device that substitutes a damaged body part that may be damaged through injury, disease, or simply a natural condition at birth. Prosthetic limbs are designed to fully restore the functional roles of a missing body part so as to provide full mobility and independence to the person affected. Apart from birth defects, various medical conditions such as diabetes, cancer, traumatic injuries, and circulation problems can lead to amputation of limbs.

They can be constructed from a wide variety of materials and come in a variety of styles. Most importantly, they have been approved for therapeutic use in humans under the terms of the United States Food and Drug Administration (FDA). Although most patients choose to wear prosthetic legs in their home, there are several reasons why a professional should prescribe and supply them to an amputee.

Market Dynamics:

Increasing incidence of sports injuries and road accidents worldwide, the increasing prevalence of osteosarcoma, and rising number of diabetes-related amputations are expected to propel the growth of the prosthetic legs market. For instance, according to the World Health Organization (WHO), around 1.35 million people die each year as a result of road traffic crashes. Road traffic accidents are the 9th leading cause of deaths worldwide.

Moreover, increasing prevalence of peripheral vascular disease (peripheral arterial disease and trauma is the second-leading cause of limb loss) is also expected to augment the prosthetic legs market growth. For instance, according to the Centers for Disease Control and Prevention, around 6.5 million people age 40 and older in the United States have peripheral vascular disease.

The prosthetic legs market is witnessing significant merger and acquisition (M&A) activities. For instance, in June 2020, Ossur completed acquisition of College Park Industries, a provider of lower and upper limb prostheses and supporting services. Moreover, in 2019, Ossur acquired the prosthesis technology from SpringActive to develop powered ankle prosthesis

Competitive Analysis:

Major players operating in the prosthetic legs market are The Ohio Willow Wood Co., Otto Bock HealthCare GmbH, Hanger Inc., Touch Bionics Inc., Ossur, and Blatchford Ltd.

Major players in the market are involved in different business strategies such as product launch, etc. to strengthen their product portfolio. For instance, in March 2019, NYQ announced the launch of the UNYQ Socket, a 3D printed prosthetic leg socket, providing individuals with the perfect product to complement their prosthetic cover.