April 22, 2024
Global Orthopedic Prosthetic Market

Orthopedic Prosthetic Market Primed to Witness Rapid Growth Owing to Advancements in Biomaterials

The orthopedic prosthetics market involves manufacturing, distributing and fitting of artificial limbs that substitute lost or impaired human parts. Prosthetics include components like sockets, liners, joints and a number of other advanced features that allow amputees to lead a near normal lifestyle. Advancements in biomaterials have enabled manufacturers to develop prosthetics that closely mimic the appearance and function of natural limbs. Global demand for orthopedic prosthetics is primarily driven by the rising prevalence of diabetes, cancer and trauma/vascular diseases leading to amputations.

The Global Orthopedic Prosthetic Market is estimated to be valued at US$ 2725.38 Mn  in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2030.

Key players:

Key players operating in the orthopedic prosthetics market include Össur, Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica.

Key opportunities: Growing demand for technologically advanced microprocessor-controlled prosthetics and 3D printed implants present significant opportunities for market players. Global Orthopedic Prosthetic Market is also witnessing a shift towards myoelectric and electric prosthetics.

Technological advancements: Developments in biomaterials, energy storage solutions, sensor technology and artificial intelligence have allowed manufacturers to create prosthetics with enhanced cosmesis, sensory feedback and functionalities. Multi-articulating prosthetic hands and knees controlled by implantable chips are gaining traction.

Market drivers: The primary drivers for the orthopedic prosthetics market include the rising geriatric population, increasing incidence of amputations due to chronic diseases and injuries, growing awareness about rehabilitation therapies and prosthetic options. Strong reimbursement policies in developed countries further augment the market growth.

The key drivers fueling growth of the orthopedic prosthetic market are rising geriatric population globally which is more prone to chronic diseases and disabilities requiring prosthetic replacements. Furthermore, increasing incidence of amputations due to injuries, diabetes and vascular diseases is significantly driving the demand for orthopedic prosthetics. Strong reimbursement policies especially in developed countries make prosthetic treatment affordable and ensure wider accessibility. Growing awareness about rehabilitation therapies, prosthetic design and available options among population is another major factor propelling the orthopedic prosthetic devices market forward. Advancements in biomaterials, sensory technology and artificial intelligence have enabled manufacturing of superior prosthetics offering enhanced appearance, functionality and user experience. This has further increased patient acceptance and popularity of prosthetic therapy.
Current challenges in Orthopedic Prosthetic Market
The orthopedic prosthetic market faces several challenges owing to the complexities in developing technologically advanced and comfortable prosthetic solutions. High costs associated with prosthetic devices limit their access to patients from lower socio-economic backgrounds. Lack of adequate reimbursement policies further constrain the affordability of such devices. Ensuring prosthetic solutions that can withstand rigorous physical activities remains a major design challenge. Developing prosthetics with a longer functional lifespan without requiring frequent replacements also presents difficulties.

SWOT Analysis
Strength: Advanced material science helps develop lightweight and durable prosthetics. Growing demand for customized prosthetics according to individual requirements.
Weakness: High costs of R&D and manufacturing limits scale of operations for smaller players. Lack of standardized regulatory guidelines delays new product approvals.
Opportunity: Untapped growth potential in developing markets offers scope for expansion. Adoption of 3D printing and myoelectric technology provides opportunities for innovation.
Threats: Stringent regulations surrounding clinical trials increase compliance costs. Threat from cheaper alternatives from local manufacturers.

North America dominates the orthopedic prosthetic market, both in terms of value and volume, due to supportive reimbursement policies and advanced healthcare infrastructure in the region. Prevalence of lifestyle diseases and injuries further drive the demand for prosthetic solutions.

The Asia Pacific region demonstrates the fastest growth in the orthopedic prosthetic market owing to increasing healthcare expenditure, large patient pool, and growing medical tourism in the region. Rising incidence of amputations due to road accidents and diabetes also propels the need for prosthetic devices in Asia Pacific countries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it