by The Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthopedic prosthetics are artificial devices that are used as a replacement for missing body parts such as arms, hands, legs, feet, hips, knees, shoulders and other body parts. They are prescribed for patients with congenital defects, deformities, amputations or injuries. Common applications include artificial arms, legs, hands, hips, knees, shoulders and other joints. Technological advancements have led to design and material innovations that offer enhanced comfort, aesthetic appeal and functionality over traditional devices. Bionic limbs powered by advanced microprocessors and sensors are increasingly being used.
Market Dynamics:
Growing incidence of trauma injuries and accidents is a major driver of market growth. Globally, road accidents account for over 1.3 million deaths annually according to WHO estimates. Rising prevalence of osteoporosis and arthritis is also fueling the demand for joint replacement prosthetics. Moreover, growing geriatric population that is prone to mobility issues, combined with increasing acceptance of aesthetically advanced devices is boosting market expansion. However, high costs associated with technologically advanced bionic prosthetics are a major restraint.
Segment Analysis
The orthopedic prosthetic market can be segmented into upper extremity prosthetics and lower extremity prosthetics. Lower extremity prosthetics dominate the market as they account for over 60% revenue share due to the higher prevalence of leg amputations compared to arm amputations. Within lower extremity prosthetics, prosthetic feet/ankles represent the largest segment as they are a necessary component of lower limb prosthetics.
PEST Analysis
Political: Governments globally are introducing more favorable reimbursement policies to increase the affordability of prosthetics and support amputees. Economic: The rising healthcare spending and growing income levels are driving higher demand for advanced prosthetics devices across major economies. Social: Growing social acceptance and support for people with disabilities is encouraging amputees to opt for better prosthetics for improved mobility and lifestyle. Technological: Continuous R&D is leading to innovative prosthetics with better functionality, comfort, and compatibility through use of lightweight metals, electronics and suspension systems.
Key Takeaways
The global Orthopedic Prosthetics Market Share is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing incidence of amputations owing to diabetes, vascular disease, trauma injuries and sports injuries.
The North American region dominates the market with over 40% share owing to presence of leading manufacturers, higher healthcare spending and reimbursement coverage for prosthetics compared to other regions.
Key players operating in the orthopedic prosthetic market are 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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