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The global market value for prosthetics will rise slowly from just over $1 billion in 2014 to approximately $1.21 billion by 2021, with reimbursement difficulties remaining the largest obstacle to growth in this medical device segment, according to research and consulting firm GlobalData.
The company's report states that this increase, which will occur across the 10 major markets of the US, France, Germany, Italy, Spain, the UK, Japan, India, China, and Brazil, represents a tepid Compound Annual Growth Rate (CAGR) of 2.6%.
However, Ms Jennifer Ryan, GlobalData's analyst covering medical devices, says incredible emerging technological advancements in prostheses that improve user comfort and functionality, including devices wired into the user's nervous system, offer an exciting frontier for market growth during the forecast period, providing reimbursement issues can be resolved.
Ms Ryan explains: "Recent trends in prosthetics focus on socket design for improved user comfort, as well as enhanced device functionality with less user energy expenditure. Particular attention has been paid to upper extremity device improvements, due in part to the number of amputees returning from global conflicts.
The analyst adds that procedures integrating prostheses into the user's nervous system for optimal device control, including targeted muscle reinnervation and targeted sensory reinnervation, have the potential to drive growth in the prosthetics market.