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| Global Orthopedic Prosthetic Market |
The orthopedic prosthetic market involves
manufacturing and sales of different orthopedic prosthetic devices including
upper limb prosthetics and lower limb prosthetics. Orthopedic prosthetics are
artificial medical devices used as a replacement for missing bones or joints
due to various reasons such as congenital disorders, trauma, accidents or
diseases.
The global orthopedic prosthetic market size was
valued at US$ 2725.38 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period
of 2024 to 2030.
Orthopedic prosthetics replace missing joint or limb with artificial
substitutes. They help improve mobility and restore normal function by
compensating for loss of ability to move the extremity. Rising prevalence of
orthopedic diseases and trauma/accidental injuries has increased the demand for
orthopedic prosthetics. Additionally, technological advancements in designing
and development of 3D printed prosthetics as well as myoelectric and
microprocessor-controlled prosthetics are helping improve comfort,
functionality and performance.
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
of 2024 to 2030.
Key players:
Key players operating in the Global
Orthopedic Prosthetic 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: Technological advancements in fields of robotics, bionics,
3D printing and prosthetic control are expected to create growth opportunities.
Increasing demand for myoelectric and microprocessor controlled prosthetics
also presents market expansion opportunities.
Global expansion: Key players are expanding globally through strategic
partnerships and acquisitions to strengthen foothold across countries. Regional
players are also gaining traction through customized product offerings catered
to local needs and regulations.
Market Drivers and Restraints
Market Drivers:
Growing geriatric population susceptible to orthopedic diseases and injuries is
a key growth driver. Age related degenerative joint diseases like
osteoarthritis have increased demand.
Technological advancements improving functionality, performance and aesthetics
of prosthetics is escalating their adoption. Developments in fields of 3D
printing, myoelectrics, microprocessors and biomedical materials are
revolutionizing prosthetic design.
Market Restraints:
High cost of advanced prosthetics remains a major challenge limiting widespread
adoption. Myoelectric and microprocessor controlled prosthetics having
functionality on par with biomechanics come at significantly high cost breaking
budgets of many.
Lack of awareness in developing nations regarding available prosthetic options
and support also hinders market growth. Limited availability of qualified
prosthetists further impacts smooth adoption.
Segment Analysis
The orthopedic prosthetic market is dominated by the lower extremity
prosthetics sub segment. This is due to a higher prevalence of lower limb loss
and disorders such as dysvascular disease and diabetes that often lead to
amputations. Lower extremity prosthetics held over 65% share of the global
orthopedic prosthetic market in 2024. Dynamic prostheses and myoelectric
prostheses are witnessing increased demand owing to their functional advantages
over conventional mechanical prostheses.
Regional Analysis
North America dominated the orthopedic prosthetic market in 2024 and is
expected to maintain its lead through 2030. High patient awareness, strong
reimbursement structure, and presence of advanced healthcare facilities are
some factors driving the North American market. Europe held the second largest
share due to a large geriatric population suffering from limb loss and
disorders. Asia Pacific is anticipated to witness the fastest growth during the
forecast period owing to increasing healthcare expenditure, rising incidence of
diabetes androad accidents leading to amputations. Growing medical tourism
Industry in countries like India and China is also favoring the regional
market.
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