According to a research report titled ‘Global Prosthetics Market - Analysis By Technology, End-User, Application, By Region, By Country (2020 Edition): Market Insights, Covid-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global prosthetics market was valued at USD 1281.39 million in 2019 and is anticipated to grow at a CAGR of 4.7% through 2025.
 

As per report findings, increased prevalence of diabetes among the elderly population and children is one major factor determining growth of worldwide prosthetics industry. Growing acceptance and affordability of prosthetics is also boosting industry remuneration. Furthermore, improved functional designs of prosthetics leading to better patient health will stimulate market growth in the ensuing years.
 

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Based on end user spectrum, global prosthetics industry is arrayed into prosthetic clinics, and hospitals among others. Prosthetic clinics segment dominated the market share in 2019, followed by hospitals which garnered considerable industry share owing to acquisition of prosthetic clinics by companies, and pouring investments in the sector.
 

Speaking of technology type, the industry can be classified into bionic limb, and mechanical limb. As per the report, mechanical limb technology is anticipated to garner a major market share over 2020-2025, due to increasing incidence of diabetes among the geriatric population, and their unsuitability for bionic limbs. Meanwhile, bionic limb technology is lagging in terms of market share primarily due to its expensive nature.
 

Moving on to application ambit, worldwide prosthetics industry is categorized into upper limb and lower limb. While on the regional front, North America is estimated to lead the industry forecast over the analysis timeframe. Othe regional contributors include Asia pacific and Europe.
 

Key contenders in global prosthetics market sphere are PROTEOR Group, Blatchford Ltd., Fillauer Companies Inc., Ottobock, WillowWood Global LLC, Streifeneder ortho.production GmbH, DAW Industries Inc., Freedom Innovations LLC, Zimmer Biomet, and Össur hf.