Global Above Knee Prosthetics Market, By Product Type (Knee, Leg, Foot, and Others), By Patient Type (Adult and Pediatric), By End-users (Hospitals, Ambulatory Surgical Centers, Orthopedic Clinics, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global above knee prosthetics market in 2020 is estimated for more than US$ 537.3 Mn and expected to reach a value of US$ 848.3 Mn by 2028 with a significant CAGR of 5.9%.
As per the report,the rapid advancements in the healthcare industry in the past few decades have resulted in revolutionized medical equipment and advanced devices which carry the potential to provide effective treatment to patients across the world. Likewise, the medical technology of prostheses has also done a great service by means of replacing artificial limbs with the injured or impaired limbs such as arms or legs.
More specifically, the transfemoral prosthesis, also known as the above-knee prosthetics, can be perceived as an artificial limb that takes the place of the amputated leg above the knee. The above-knee prosthesis or transfemoral prosthesis consists of a socket that can be affixed with the residual limb, shank, prosthetic knee, and foot-ankle aggregation. The numerous technological advancements and innovations in the medical sector have provided patients across the world with superior quality artificial limbs manufactured with the usage of lighter and excellent materials such as carbon fiber, silicon or PVC, which majorly accelerates the demand of above knee prostheses in the healthcare industry. Attributing to which, the global above knee prosthetics market is projected to elevate rapidly in the forthcoming future.
In addition to that, the growing prevalence of chronic ailments among the masses such as diabetes and vascular diseases is further giving rise to amputations of limbs globally, therefore positively fueling the growth of the global above knee prosthetics market in the given timeframe.
On the other note, the replacement of impaired limbs with the artificial limb can be money-exhaustive as well as low disposable income, in few developing regions, may restrict the demand of above knee prosthetics.
Furthermore, the dynamic reimbursements scenario leading to reimbursements cut-offs regarding prostheses is likely to be a restraining factor, which is also estimated to hinder the growth of the global above knee prosthetics market over the forecast period.
Nevertheless, the constant research and development activities, further innovating the artificial limbs and the whole prostheses technology is projected to positively boost the growth of the global above knee prosthetic market in the coming years.
MMC Study identifies some of the key participating players in the above knee prosthetic market globally are Össur hf, Ottobock SE & Co. KGaA, Dycor Technologies, Inc., PROTEOR Group, Blatchford Group, Fillauer LLC, Trulife, WillowWood Global LLC, Streifeneder ortho.production GmbH, Roadrunnerfoot Engineering SRL, Steeper, Inc., among others.
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