April 23, 2024

The Orthopedic Prosthetic Market Is Expected To Be Flourished By Rising Geriatric Population

The orthopedic prosthetic market is comprised of prosthetic devices or artificial body parts, which are used by people who are missing a limb or other body part due to injury, illness, or absence from birth. Some key products include upper extremity prosthetics, lower extremity prosthetics, sockets, liners, modular components, and others. These products aim to restore the patient’s function and appearance through artificial replacements. The global orthopedic prosthetic market provides options for hip, knee, foot & ankle, upper and lower extremity prosthetics. These prosthetics allow amputees to resume normal daily activities and mobility. The rising geriatric population worldwide is expected to drive the demand for orthopedic prosthetics as the elderly are more prone to chronic diseases and mobility issues that may lead to amputation.

The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2725.38 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increased cases of road accidents and trauma injuries: Road accidents and trauma injuries are one of the major causes of amputation globally. As per the WHO, around 1.35 million people die each year as a result of road traffic crashes. This growing number of accidents and injuries has consequently increased the need for orthopedic prosthetics. Moreover, the rising geriatric population susceptible to falls and injuries also contributes to the market growth.
Rising prevalence of diabetes and vascular diseases: Conditions like diabetes and peripheral vascular disease can often lead to amputation of lower limbs. Diabetes remains one of the leading causes of non-traumatic lower limb amputation globally. For instance, approximately every 30 seconds a lower limb amputation occurs due to diabetes according to the American Diabetes Association. This rising prevalence of diabetes and its associated amputations are expected to propel the orthopedic prosthetic devices market.
Segment Analysis
The Orthopedic Prosthetic Market Size is dominated by upper and lower extremity prosthetics. Lower extremity prosthetics accounts for over 50% of the total market share owing to the rising number of foot and leg amputations caused by diabetes, vascular diseases, and traumatic injuries. Key reasons for the dominance of lower extremity prosthetics are high cost, sophistication, and frequent replacements required.

PEST Analysis
Political
: Regulations around insurance coverage and reimbursement policies impact market growth. For example, favorable policies in North America and Europe boost adoption.
Economic: Higher disposable incomes in developed nations enable investments in advanced and customized prosthetics. Emerging economies present lucrative opportunities.
Social: Growing acceptance and pride in prosthetics usage encourage device adoption. Rising lifestyle-related limb loss cases expand the target population.
Technological: 3D printing, myoelectric and microprocessor knee technologies are gaining popularity. Their ability to enhance comfort and function drives their demand.

Key Takeaways
The global orthopedic prosthetic market is expected to witness high growth over the forecast period of 2024 to 2031 driven by aging population growth, rising diabetic population and road accidents.

Regional analysis comprises North America accounts for the largest share of the orthopedic prosthetic market due to advanced healthcare infrastructure, high awareness, and favorable reimbursement policies. Rapid growth is anticipated in the Asia Pacific region owing to growing medical tourism industry, rising healthcare investments, and developing economies with large population bases.

Key players operating in the orthopedic prosthetic market are 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 players are focusing on mergers and acquisitions, new product launches, and geographical expansion to strengthen their market presence. For example, Össur acquired College Park industries to enhance its prosthetic portfolio.

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