[163 Pages Report] The global carbon fibre composites for prosthetics market is projected to reach USD 49.5 Million 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 | USD 36.8 million |
| Carbon fibre composites for prosthetics Market Size Value in 2022 | USD 49.5 million |
| Carbon fibre composites for prosthetics Market Size Value in 2028 | USD 61.9 million |
| Carbon fibre composites for prosthetics Market Historical CAGR (2013 to 2021) | 3.3% |
| Carbon fibre composites for prosthetics Market CAGR (2022 to 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 USD 61.9 Million 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 USD 36.8 Million 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 USD 47.6 Million 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 USA 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.
Surging Demand for Lower Leg Amputation Prosthetics to Augment Sales in the USA
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 USA.
Growth in the country is attributable to the rising cases of amputations and vascular diseases. Around 185,000 amputation occur in the USA 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 USA Moreover, loss of limb in war zone is a possibility when serving in the USA 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 USA 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 UK, 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 UK There are over 2000 active mines and quarries in the UK, as per the Minerals UK
Over 141,000 amputations occur in the UK every year for the people aged between 50 to 84 years, as per the USA 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 UK.
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.
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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.
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 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million 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 |
The global carbon fibre composites for prosthetics market is expected to reach a valuation around USD 49.5 Million 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 USA, the UK, 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.
| Estimated Market Value (2023) | USD 44,459.0 million |
|---|---|
| Projected Market Revenue (2033) | USD 1,08,392.0 million |
| Value-based CAGR (2023 to 2033) | 9.3% |
| Market Estimated Size (2023) | USD 998.19 million |
|---|---|
| Market CAGR (2023 to 2033) | 5.3% |
| Market Forecasted Size (2033) | USD 1,673.01 million |
| Market Valuation (2023) | USD 18.54 billion |
|---|---|
| Market Valuation (2033) | USD 41.53 billion |
| Market CAGR (2023 to 2033) | 8.4% |
| Market Size (2022) | USD 8,603.5 Million |
|---|---|
| Market Size (2032) | USD 27,817.3 Million |
| Value CAGR (2022 to 2032) | 13.4% |
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Carbon Fibre Composites for Prosthetics Market
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