[163 Pages Report] The global carbon fibre composites for prosthetics market is projected to reach US$ 49.5 Mn by the end of 2022. Carbon fibre composites are extensively used in prosthetics to reduce the weight of the arm and leg. They also provide resistance to corrosion and are non-toxic.
| Attribute | Details |
|---|---|
| Carbon fibre composites for prosthetics Market Size Value in 2013 | US$ 36.8 million |
| Carbon fibre composites for prosthetics Market Size Value in 2022 | US$ 49.5 million |
| Carbon fibre composites for prosthetics Market Size Value in 2028 | US$ 61.9 million |
| Carbon fibre composites for prosthetics Market Historical CAGR (2013-2021) | 3.3% |
| Carbon fibre composites for prosthetics Market CAGR (2022-2028) | 3.2% |
Hence, increasing demand for leg and arm prosthetics for amputees made with carbon fibre composites will boost the market. Besides this, growing incidence of vascular diseases and peripheral arterial diseases will also increase the demand in the market.
On account of this, the global carbon fibre composites for prosthetics market will increase by 3.2% CAGR, surpassing US$ 61.9 Mn between 2022 and 2028.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 3.7% |
| H1,2022 Projected (P) | 3.9% |
| H1,2022 Outlook (O) | 4.1% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 40 ↑ |
FMI presents a half-yearly comparison analysis and key insights about the growth outlook of carbon fibre composites for prosthetics market. The market is predominantly influenced by the significant growth in the healthcare sector and increase in spending to enhance the medical infrastructure all over the globe. Recent developments taken place in the market include increase in the application of carbon fibre composites in electric operated prosthetics.
The global sales for carbon fibre composites for prosthetics was increase by about 3.7% during the first half of 2021. The growth outlook varies significantly across various countries, India and China is witnessing a significant growth in the market owing to substantial investment in the medical field, especially after the pandemic crisis emergence. All these have created an increase of 40 bps in the growth rate of the market in the first half of 2022.
Owing to quick economic recovery from the covid-19 pandemic and quick recovery of the healthcare facilities other than Covid-19 treatment, growth outlook of the market had witness an increment in 20 bps as compare to earlier estimations.
Growing demand for composites in healthcare sector for various applications, growing per capita expenditure for medical treatment, growing physical health consciousness are some of the key driving factors for the growth of the market.
As per Future Market Insights (FMI), the sales in global carbon fibre composites for prosthetics market reached a valuation of US$ 36.8 Mn by the end of 2021. Decline of 0.1% was witnessed in the sales of prosthetics made with carbon fibre composites during the FQ-20.
However, rising incidence of vascular diseases and cancer across the globe has resulted in loss of limb, which is propelling the adoption of prosthetics. As carbon fibre composites are light in weight and are non-toxic, manufacturers are increasing the adoption of these composites in the production of prosthetics.
On account of this, sales of carbon fibre are expected to increase by 1.9X, reaching a valuation of US$ 47.6 Mn by the end of 2021. Furthermore, rising cases loss of limb due to cancer, accidents, and trauma will improve the demand for carbon fibre composites for prosthetics market.
According to the Amputee Coalition, around 54% of people losses limbs due to vascular diseases and nearly 45% due to some kind of trauma or accident. Hence, on the back of increasing demand for prosthetics, the demand for prosthetics from carbon fibre composites is expected to propel.
Interest in extra-curricular activities to stay fit such as aerobics and running is mounting across the globe. This has resulted in increasing injuries requiring orthopaedic rehabilitative services and products.
Hence, the rising demand for new prosthetic devices that have improved strength, corrosion resistance, and are non-toxic is creating conducive environment for the market. Due to the properties that enable amputees to actively participate in fitness and leisure sports, prosthetics manufacturers are increasing the adoption of carbon fibre composites.
Moreover, some of the military amputees in the U.S army were able to join the army and serve actively with the help of these prosthetics. For instance, in 2007, out of the 600 service members that came back from Iraq or Afghanistan without a leg, arm, hand or foot, almost 31 resumed active duty owing to prosthetics.
Additionally, demand for these prosthetics for mine workers also have surged across the globe. According to the World Health Organization (WHO), mines are responsible for 26,000 amputations per year and have produced 300,000 amputees worldwide.
Principal Consultant
“Surging Demand for Lower Leg Amputation Prosthetics to Augment Sales in the U.S.”
According to Future Market Insights, North America is expected to be the largest market of carbon fibre composites for prosthetics. Over 39.1% of sales in this market are contributed by North America, led by the U.S.
Growth in the country is attributable to the rising cases of amputations and vascular diseases. Around 185,000 amputation occur in the U.S. every year, as per the Limb Loss Statistics. Besides this, growing prevalence of cancer and diabetes in the country is also resulting in limb loss.
Among this, demand for prosthetic leg that covers above knee and below knee is increasing in the U.S. Moreover, loss of limb in war zone is a possibility when serving in the U.S army, resulting in loss of lower leg and foot.
Hence, demand for lower leg amputation prosthetics, especially manufactured from carbon fibre prosthetics is increasing rapidly. On the back of this surging demand, the U.S. is expected to be the most lucrative pocket for key manufacturers operating in carbon fibre composites for prosthetics market.
“Growing Incidence of Vascular Diseases to Propel Lower Leg Amputation Prosthetics Demand”
FMI opines that sales of carbon fibre composites for prosthetics in Europe will account for over 36.2% in 2022. With rising incidence of diabetes and growing demand for amputations in the U.K., sales in the market are expected to surge between 2022 and 2028.
Besides this, increasing number of accidents in mines is resulting in limb loss, fuelling the demand for prosthetics in the U.K. There are over 2000 active mines and quarries in the U.K., as per the Minerals U.K.
Over 141,000 amputations occur in the U.K. every year for the people aged between 50-84 years, as per the U.S. National Institute of Health. These amputations occur due to the vascular diseases and mining accidents.
Among these, majority of patients underwent major lower leg amputation prosthetics as per the data recorded in Hospital Episode Statistics. Hence, demand for non-corrosive and non-toxic prosthetics for lower leg and foot is creating growth opportunities for key players in the U.K.
“Increasing Road Accidents to Improve the Adoption of Below Knee Waterproof Prosthetic Leg”
India is expected to remain an attractive market in Asia Pacific for prosthetics made from carbon fibre composites. With increasing number of road accidents, India records over 0.5 million amputees. Every year over 23,500 people are added in the list of amputees according to the World Health Organization.
With India recording the highest number of road accidents, cases of limb loss has increased as well. A significant share of this constitute above knee amputation.
On the back of this, demand for below knee waterproof prosthetic leg with carbon fibre composites is increasing rapidly. This is expected to create remunerative growth avenues for key players over the forecast period.
“Need for Lower Leg Amputation Prosthetics to Propel the Growth in the Segment”
In terms of product type, the lower extremity prosthetics segment is expected to account for the highest market share during the forecast period. Increasing road accidents across the globe and rising prevalence of vascular diseases are resulting in the loss of lower limbs.
Hence, demand for prosthetics for lower limb amputation is fuelling the growth in the lower extremity prosthetics segment. As per the World Health Organization, nearly 73% of people across the globe undergo amputation, among which majority of them need lower extremity prosthetics.
“Non-Corrosiveness and Light-Weight Features to Drive Sales of Electric Powered Lower Limb Prosthetics”
In terms of technology, electric powered prosthetics with carbon fibre composites is expected to gain traction. Demand in the segment is underpinned as electronic prostheses have several advantages over conventional devices.
As they are light weight relatively less muscle strength is necessary for the functioning of an electronic prosthesis. This equipment also is more comfortable due to their light weight and durability.
Electronic arm prostheses do not need a harness to keep them in place and unlike body-powered prostheses, electronic arm devices can also be operated with the shoulder in countless positions. They also provide assistance to the artificial hand to be used overhead or in other directions.
Hence, to provide these functions key players are using carbon fibre composites. On account of this, demand for carbon fibre composites in electric powered prosthetic devices is surging.
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Key players operating in the global carbon fibre composites for prosthetics market are focusing on collaboration with multi-speciality hospitals and other private surgical clinics to increase their revenues. They are also investing in research and development activities to expand their product portfolio.
Some of the key players are gearing for new product launches, integrating advanced technologies such as real-time analytics and artificial intelligence to expand their customer base.
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| Attribute | Details |
|---|---|
| Forecast Period | 2022-2028 |
| Historical Data Available for | 2013-2021 |
| Market Analysis | US$ Mn for Value |
| Key Regions Covered | North America, LAMEA, Europe, and Asia Pacific |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others. |
| Key Market Segments Covered | Product, Technology, and Region |
| Key Companies Profiled |
Ossur; Hanger Inc.; Otto Bock HealthCare GmbH; Blatchford Ltd.; Touch Bionics Inc.; The Ohio Willow Wood Co.; Fillauer LLC.; Alchemy Composites; Freedom Innovations LLC.; Trulife; Kinetic Research Inc.; Others |
| Pricing | Available upon Request |
By Product:
By Technology:
By Region:
The global carbon fibre composites for prosthetics market is expected to reach a valuation around US$ 49.5 Mn in 2022.
Sales of overall carbon fibre composites for prosthetics grew at over 3.3% CAGR between 2013 and 2021, finds Future Market Insights.
As per Future Market Insights, the U.S., the U.K., India, Germany, and China are the top countries driving the sales of carbon fibre composites for prosthetics.
Sales of carbon fibre composites for prosthetics in Asia Pacific are expected to account for over 20.7% of sales in 2022.
As per FMI, the sales of carbon fibre composites for prosthetics in LAMEA are expected to account for over 3.9% in 2022.
1. Executive Summary 1.1. Market Overview 1.2. Market Analysis 1.3. FMI Analysis and Recommendations 1.4. Wheel of Fortune 2. Market Introduction 2.1. Market Taxonomy 2.2. Market Definition 3. Market Viewpoint 3.1. Macro-Economic Factors 3.2. Opportunity Analysis 3.3. Carbon Fibre Composites Market Overview 4. Forecast Factors – Relevance and Impact 5. The Global Carbon Fibre Composites for Prosthetics Market Analysis Scenario 2013 - 2021 and Forecast 2022–2028 5.1. Market Dynamics 5.1.1. Drivers 5.1.2. Restraint 5.1.3. Trends 5.2. Market Volume Analysis 5.3. Pricing Analysis 5.4. Market Value Analysis 5.5. Product Selection Criteria 5.6. Product Selection Criterion 5.7. Supply Chain 5.7.1. List of Carbon Fibre Composites Products Manufacturers 5.7.2. List of Raw Material Suppliers 6. Carbon Fibre Market Overview 6.1. Carbon Fibre Manufacturing Process 6.2. Carbon Fibre Consumption by Application 6.3. Key Trends/ Development in Carbon Fibre/ Carbon Fibre Composite Industry 7. Global Carbon Fibre Composites for Prosthetics Market Analysis 2013 - 2021 and Forecast 2022–2028, By Product Type 7.1. Introduction 7.2. Historical Market Size (US$ Mn) and Volume by Product Type, 2013 - 2021 7.3. Current Market Size (US$ Mn) and Volume Forecast By Product Type, 2022 - 2028 7.3.1. Upper Extremity Prosthetics 7.3.2. Lower Extremity Prosthetics 7.3.3. Socket 7.3.4. Modular Components 7.4. Absolute $ Opportunity Analysis by Product Type 7.5. Key Takeaways 7.6. Market Attractiveness Analysis, By Product Type 8. Global Carbon Fibre Composites for Prosthetics Market Analysis 2013 - 2021 and Forecast 2022–2028, By Technology 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Mn) and Volume Analysis by Technology, 2013 - 2021 8.3. Current Market Size (US$ Mn) and Volume Forecast By Technology, 2021 - 2027 8.3.1. Conventional 8.3.2. Electric Powered 8.3.3. Hybrid Orthopedic Prosthetics 8.4. Absolute $ Opportunity Analysis by Technology 8.5. Key Trends / Developments 8.6. Market Attractiveness Analysis, By Technology 9. Global Carbon Fibre Composites for Prosthetics Market Analysis 2013 - 2021 and Forecast 2022–2028, By Region 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Mn) and Volume Analysis by Region, 2013 - 2021 8.3. Current Market Size (US$ Mn) and Volume Forecast By Region, 2021 - 2027 8.3.1. North America 8.3.2. Europe 8.3.3. Asia Pacific 8.4. Absolute $ Opportunity Analysis by Technology 8.5. Key Trends / Developments 8.6. Market Attractiveness Analysis, By Technology 9. Competition Landscape 9.1. Market Structure 9.2. Competition Dashboard 9.3. Company Profiles (Details – Overview, Financials, Recent Developments, Strategy) 9.3.1. Össur 9.3.2. Hanger Inc. 9.3.3. Otto Bock HealthCare GmbH 9.3.4. Blatchford Ltd. 9.3.5. Touch Bionics Inc. 9.3.6. The Ohio Willow Wood Co. 9.3.7. Fillauer LLC. 9.3.8. Alchemy Composites 9.3.9. Freedom Innovations, LLC 9.3.10. Trulife 9.3.11. Kinetic Research, Inc. 10. Assumptions and Acronyms Used 11. Research Methodology
Chemicals & Materials
February 2023
REP-GB-167
325 pages
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Carbon Fibre Composites for Prosthetics Market
