The prosthetic market is facing reimbursement difficulties, which could impede the growth of this market.
Here are five things to know:
1. The global market value for prosthetics will slowly rise from over $1 billion in 2014 to nearly $1.21 billion by 2021.
2. GlobalData reports the rise will occur across the 10 main markets of the United States, France, Germany, Italy, Spain, the United Kingdom, Japan, China and Brazil.
3. Despite the reimbursement issues, prosthetics have had numerous innovative technological advances that enhance user comfort and functionality.
4. Procedures integrating prosthesis into the user's nervous system for optimal device control have the potential to spur growth in the market.
5. Many patients only receive a simple prosthesis because reimbursement is usually capped for prosthetics, leading to limited access to the most innovative devices.
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