Remarkable advancements in technology, which greatly enhance the capacity of the device and consequently the quality of life of the amputee, propel the prosthetics industry. Such technological growth and an increasing consumer base of amputees are bolstering the prosthetics market growth.
New analysis from Frost & Sullivan (medicaldevices.frost.com), U.S. Lower Extremity Prosthetics Market, reveals that the market earned revenues of $1.45 billion in 2006 and estimates this to reach $1.85 billion in 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants an overview of the latest analysis of the U.S. Lower Extremity Prosthetics Market, then send an e-mail to Melina Trevino - Corporate Communications at melina.trevino[.]frost.com with the following information: your full name, company name, title, telephone number, email address, city, state, and country. We will send you the information via email upon receipt of the above information.
"Every component, whether the socket, knee, or foot, involved in the prosthesis has undergone immense research and development," says Frost & Sullivan Research Analyst Archana Swathy. Furthermore, the use of novel materials has further redefined the potential of prosthetic devices."
Innovations in the field of sensor technology, artificial intelligence, and micromechatronics are stimulating advancements in the prosthetic devices industry by enhancing their performance and capabilities, translating into significant market growth.
While diseases such as diabetes and peripheral vascular disease are the leading causes of amputation, accidents and war also play a major role in driving this market. The incredible demand for restoring mobility and independence from amputees influences the market positively, urging manufacturers to address this issue.
However, the high price of prosthetics and unfavorable reimbursement issues compel consumers to opt for lower priced products that are less effective, restricting market growth. This issue is likely to be addressed once changes in federal policies come into effect.
"Moreover, the mature age of the market also offers some challenges to its growth, as the plethora of devices currently available caters to a wide range of consumer needs, suppressing further growth," notes Swathy. "Manufacturers can tone down the impact of this challenge with focused efforts to develop innovative solutions such as the bionic device platform which could widen the scope for growth in the prosthetics market."
U.S. Lower Extremity Prosthetics Market is part of the Medical Devices Growth Partnership Service, which includes research in the following markets: orthopedic braces and supports, bone growth and spinal fusion stimulators, spinal surgery, and joint replacement. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. Interviews with the press are available.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership service, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective, and combines ongoing analysis of markets, technologies, econometrics, and demographics.