The prosthetic liners market is expected to register a CAGE of 4.5% over the forecast period. The rising number of road accidents and government initiatives related to the product are expected to aid the market growth.
- According to the World Health Organization, in 2018, around 20 million to 50 million people who experienced road crash were reported as suffering non-fatal injuries. This may lead to permanent physical injuries/disabilities.
- Furthermore, according to the data of Amputation Coalition, in 2017, approximately 1 out of every 20,000 workers in the United States goes through workplace injury that leads to amputation. Hence, such factors are expected to increase the demand for prosthetic liners.
Key Market Trends
The Hospital Segment is Expected to Witness a Significant Market Growth
The hospital segment is expected to grow at a significant rate in the prosthetic liners market. According to the American Hospital Association, currently, there around 6,146 community hospitals present in the United States. Furthermore, the increasing number of road injuries is expected to drive the market growth. According to the report of the European Road Safety Observatory, in 2016, Germany observed an annual number of 308.15 road injuries, approximately.
Also, advancements in prosthetic liners are expected to positively influence the market growth. For instance, Quorum Prosthetics recently received a patent for its product “Quatro”. It can be used on any socket and adjusts according to the changing volume of the limb. Such factors are expected to fuel the hospital segment’s growth.
North America is Expected to Hold a Significant Share in the Market
North America is expected to be a dominant region for the prosthetic liners market, owing to the increasing number of road crashes. According to the report of the Association for Safe International Road Travel, around 4.4 million people in road crashes suffer from serious injuries that require medical attention, in the United States. Furthermore, government initiatives related to prosthetic liners are expected to positively impact the market. For instance, the US Centers for Medicare & Medicaid Services covers the prosthetic devices. It is expected to increase the adoption of prosthetic liners. Thus, the aforementioned factors are expected to propel the prosthetic liners market.
The key players that are expected to be dominant in the prosthetic liners market are Ossur, Blitchford, WillowWood Global LLC, Ottobock, Alps South, Fillauer Europe AB, Silipos, Streifeneder ortho.production GmbH, Ortho Europe, and Knite Rite Inc.
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