Facial Prosthetics Market Projected to Reach US$ 1.9 Bn by 2023 with Remarkable 6.8% CAGR: TMR Study
Boost in demand for technology-driven solutions, economic growth, and surge in disposable income are driving the global facial prosthetics market.
Wilmington, Delaware, United States, July 06, 2023 (GLOBE NEWSWIRE) — The global facial prosthetics market stood at US$ 1.0 billion in 2022 and the global facial prosthetics market is projected to reach US$ 1.9 billion in 2031. Global facial prosthetics industry is anticipated to expand at a CAGR of 6.8% between 2023 and 2031.
Upgradations in artificial intelligence (AI) have opened new doors in the field of prostheses, enabling more precise, efficient, and personalized care for individuals with facial prosthetics. Rise in awareness about facial prosthetics among consumers is anticipated to propel the global facial prosthetics market size during the forecast period.
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Boost in insurance coverage, improvement in healthcare infrastructure, surge in adoption of facial prosthetics by regional hospitals, and increase in patients in emerging economies, such as China, India, and Brazil, offers lucrative opportunities to market players. Companies are increasingly turning to research & development to integrate artificial intelligence (AI) in facial prosthetics process.
Auricular prosthetics are considered optimal option in terms of success rate than a surgery. Additionally, cleaning and maintenance of auricular (ear) prosthetic products, such as glue or magnetic ear, are easy and require minimal supervision by a professional.
Key Takeaways of Market Report
- Global facial prosthetics market to generate absolute dollar opportunity worth US$ 1.9 billion until 2031.
- Global facial prosthetics market from 2023 to 2031 is 6.8%
- Global facial prosthetics market is currently valued at US$ 1.0 billion in 2022.
- Global facial prosthetics market is anticipated to stand at US$ 1.13 billion in 2023.
- Market value of the global facial prosthetics market management from 2018 to 2022 is 6.1%
- North America is said to have a market share of 38.2%
- Asia Pacific market region is estimated to have a market share of 21.6%
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Facial Prosthetics Market: Growth Drivers
- Advancement in technology in facial prosthetics is likely to encourage individuals to opt for the process. High-tech devices are likely to have a small number of incisions, minimum invasiveness, low blood loss, and a lower probability of human errors.
Technological advancements also enable cancer survivors to receive cost-effective facial prostheses where for example, in January 2020, a Brazilian cancer survivor received a facial prosthesis through a 3D-printed prototype
- Researchers from Paulista University, Brazil, executed a clinical research-based method of facial prosthesis. Method used a smartphone for patients’ digital facial impressions with maxillofacial defects. Data was employed to develop cost-effective manufactured facial prostheses.
- Plastic segment is projected to account for the leading share of the global facial prosthetics industry from 2023 to 2031, as it is the most commonly used material. Most recent materials for neck and head prostheses are polyurethane, methacrylate, and silicone where such materials can esthetically and functionally mimic natural tissues as these can easily match the texture and color of the surrounding structures and are considered safe.
Facial Prosthetics Market: Regional Landscape
- North America accounted for the largest share of the global facial prosthetics market demand with a market share of 38.2%. Market in this region is driven by the presence of key players and a highly structured healthcare industry.
As per facial prosthetics market trends, the U.S. is likely to dominate the industry in North America during the forecast period. This is ascribed to an increase in the adoption of 3D-based technologies by hospitals, technological advancements, a rise in research and development of facial prosthetics for new approaches, and a surge in demand for rapid and safe minimally invasive surgical procedures.
- Market in Asia Pacific is anticipated to grow at a rapid pace owing to increase in investment by key players and a rise in facial prosthetics procedures with a market share of 21.6%. Emerging economies, government funding for research, improving health care infrastructure, and rise in presence of major global players in countries, such as China and India, are anticipated to augment the facial prosthetics market growth in the region during the forecast period.
Facial Prosthetics Market: Key Players
- Poole Hospital in the U.K. developed the most realistic prosthetics for patients who suffered from a disease or trauma. The prosthetics is the combination of technology, art, and medical science. The new body pieces are manufactured from synthetic material. As of February 2023, the hospital has assisted over 40 patients with the prosthetics.
- biomedical researcher received US$ 1.5 Mn under the NIH Director’s New Innovator Award for smart bionic eye. The innovation is considered a combination of prosthesis and AI technology. It also overcomes the challenges of developing visual prosthesis such as fundamentally different visual is generated from the natural vision. The researcher believes that the market could witness increasing cost-effective options in simulated prosthetic vision in near future.
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Facial Prosthetics Market: Segmentation
- Auricular (Ear) Prosthetics
- Nasal (Nose) Prosthetics
- Ocular-orbital (Eyes) Prosthetics
- Maxillary & Midface Prosthetics
- Bone-integrated implants
- Cosmetic Clinics / Specialty Centers
- Ambulatory Surgical Centers
- Regions Covered
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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