Hospitals to record highest CAGR due to prosthetics market growth

The global prosthetics market is expected to increase US$2.30b by 2023.

Hospitals are expected to benefit from the growth of the global prosthetics market, which is seen to record US$2.30 billion and grow at a CAGR of 5.87% by 2023, according to ResearchandMarkets.com.

“This market growth is driven by a combination of factors, including the increasing prevalence of diabetes, a surging geriatric population, a rising incidence of road injuries, and a growing prevalence of bone cancer,” read the statement.

In addition, the adoption of innovative technologies like artificial intelligence (AI) in robotic prosthetics is expected to further improve the market expansion.

Hospitals will experience the highest CAGR driven by “rising incidences of medical conditions, such as diabetes, leading to lower limb issues, and ankle and feet disorders, which will need surgical interventions.”

Challenges to the growth of the prosthetics market include the high cost of advanced devices, which may not be affordable and accessible to patients, and new entrants to the highly specialised market may face significant barriers in terms of technology and expertise.