Market Overview:
Prosthetic legs, commonly known as artificial legs, are artificial limbs used to replace missing or non-functional legs in humans. They are made using carbon fibre, titanium, silicone, plastic and other lightweight yet durable materials. Prosthetic legs provide mobility, stability and better posture to amputees. They help amputees lead an active lifestyle through activities like walking, jogging, sports etc.

The Prosthetic Legs Market is estimated to be valued at US$ 6.88 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The prosthetic legs market is expected to witness high growth owing to rising prevalence of amputation cases due to chronic diseases like diabetes. According to the CDC, amputation rates have increased in the last few decades due to increase in number of people with diabetes and peripheral arterial disease. Every year over 185,000 amputations are performed in the US alone due to diabetes and complications arising from it. Advancements in materials and technologies used in prosthetic legs are also fueling their demand. With innovations in microprocessor controlled knees, myoelectric arms and robotic legs, amputees are getting better mobility and functional abilities.

Porter's Analysis
Threat of new entrants: Low capital investment is required however well established distribution channels and customers loyalty towards existing brands create barriers for new players.
Bargaining power of buyers: Large number of buyers and prosthetic leg is necessity product, buyers can negotiate on price.
Bargaining power of suppliers: Few technology companies and raw material providers dominate the market, giving them stronger bargaining power.
Threat of new substitutes: No major threat as prosthetic legs have no close substitute.
Competitive rivalry: Intense competition exists between major players on the basis of product quality, innovation and brand name.

SWOT Analysis
Strength: Wide product portfolio, strong brand recognition and global presence of key players. Advanced technologies like microprocessor knees help improve patient mobility.
Weakness: High cost of technologically advanced prosthetics restricts its adoption. Lack of reimbursement policies in developing nations.
Opportunity: Growing geriatric population prone to limb loss drives the market. Rapidly developing healthcare infrastructure in emerging nations.
Threats: Stringent regulations for new product approval. Threat from alternative treatment methods for minor limb loss cases.

Key Takeaways
The global prosthetic legs market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing incidence of diabetes and vascular diseases leading to amputations. The market size for prosthetic legs is estimated to reach US$ 8.9 Bn by 2030 as more number of amputees opt for technologically advanced prosthetics to regain mobility.

Regional analysis the Asia Pacific prosthetic legs market is projected to grow at the fastest pace during the forecast period owing to rapidly developing healthcare infrastructure and growing medical tourism in China and India. Advance reimbursement policies and availability of low-cost prosthetics are fueling the market growth in the region.

Key players operating in the prosthetic legs market are Össur, Ottobock, Fillauer LLC, and Freedom Innovations. Össur dominates the global market share with wide geographic presence and diversified product portfolio catering to varied clinical needs. Ottobock is expanding in developing Asian markets through acquisitions and partnerships with local prosthetic clinics.