February 24, 2024
Orthopedic Prosthetic Market

Orthopedic Prosthetic Market Is Expected To Be Flourished By Advancements In Prosthetic Technologies

Orthopedic prosthetics refers to artificial body parts that replace a missing joint or bone. Prosthetics allow amputees and people born with limb deficiencies to regain mobility and independence. Some common orthopedic prosthetics include leg prostheses, arm prostheses, sockets, liners, feet, and external power. Advancements in prosthetic design and materials have enabled more comfortable and life-like artificial limbs. Carbon fiber and other lightweight materials are replacing traditional metals to reduce the overall weight and increase durability. Myoelectric arms that can be controlled by electrical signals from muscles and thoughts are enhancing functionality. 3D printing technologies are enabling customized prosthetics to be designed and manufactured based on an individual’s unique anatomy.

The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2024 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:

Advancements in prosthetic technologies is one of the key drivers propelling market growth. Developments such as modular prosthetic limbs, bionic legs, and thought-controlled prosthetic hands are improving mobility and quality of life for amputees. The introduction of lightweight materials, compliant joints, sensory feedback, and powered ankle-foot systems in prosthetics is fueling their adoption. Furthermore, the growing geriatric population is increasing the risk of orthopedic diseases and injuries, thereby driving demand for prosthetic treatments. According to the United Nations, the population aged 60 years and above is expected to reach 2.1 billion by 2050 from 1 billion in 2019. The elderly are more susceptible to osteoarthritis, fractures, and other musculoskeletal conditions requiring prosthetic joints or devices.

Segment Analysis

The orthopedic prosthetic market can be segmented based on product type and end user. Based on product type, the market is dominated by upper extremity prosthetics sub segment. Upper extremity prosthetics account for over 40% of the total market share owing to rising incidence of trauma cases and accidents leading to amputation of upper limbs. Within upper extremity prosthetics, myoelectric prosthetics are witnessing highest growth rate due to technological advancements for precise control and movement.

PEST Analysis

Political: Governments across the globe are focusing on increasing scope of healthcare coverage for amputees through national healthcare programs and insurance policies which is positively impacting the market growth.

Economic: Rising disposable incomes have increased patient affordability for advanced orthopedic prosthetics. Developed countries like US and UK with higher spending on healthcare conduct majority of clinical trials thereby accelerating innovations in this field.
Social: Growing social acceptance of prosthetics has encouraged more amputees to adopt prosthetic solutions. This is being further supported by increasing number of rehabilitation programs and prosthetic fitment camps organized by NGOs and prosthetic manufacturers.
Technological: 3D printing, robotics and development of biomimetic prosthetics with sensors enabling precise control, motion and function are key technological advancements in this market.

Key Takeaways

The global Orthopedic Prosthetic Market Share is expected to witness high growth.

Regional analysis:

North America dominates the orthopedic prosthetic market currently due to presence of major players in countries like US and Canada and higher adoption rates backed by favorable reimbursement policies. Asia Pacific is expected to exhibit fastest growth owing to large patient population, rising healthcare spending of countries like India and China and increasing focus of western players to tap into Asian markets.

Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. Key players analysis: Ward Chemical, Inc is one of the leading players in upper extremity prosthetics manufacturing. The company offers myoelectric elbows, hands, wrists and accessories using patented EMX Plus control system.

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