Orthopedic prosthetics are artificial body parts or devices used as replacements or substitutions for missing or defective parts of the human skeletal system for patients suffering from musculoskeletal conditions such as arthritis, injury, or bone cancer, among others. With advancements in material science and 3D printing technologies, orthopedic prosthetic devices have become highly customized to patient anatomy and movements improving quality of life.
The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidence of musculoskeletal disorders and bone fractures worldwide due to rising rates of obesity, physical inactivity, and aging populations is a key driver for market growth. According to the Arthritis Foundation, by 2040, 78 million US adults are projected to have doctor-diagnosed arthritis. Rising prevalence of diabetes is another factor contributing to the increasing rates of lower-limb amputations and demand for prosthetic devices. Technology advancements in materials and 3D printing methods for personalized prosthetic socket fabrication and overall devices are also fueling market expansion. Newer materials such as carbon fiber are making prosthetics lighter and cosmetically appealing to users.
Segment Analysis
The global orthopedic prosthetic market is segmented by product type, end user, and region. By product type, lower extremity prosthetics dominate the market owing to the high prevalence of amputations due to diabetes, vascular diseases and injuries. Lower extremity prosthetics aim to restore the defective limbs of patients and enable mobility.
Key Takeaways
The Global Orthopedic Prosthetic Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
North America currently dominates the market due to supportive reimbursement policies and advanced healthcare infrastructure in the region. However, Asia Pacific is expected to grow at the fastest pace due to increasing healthcare expenditure and rising medical tourism in countries such as India, China and Singapore.
Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. Ward Chemical is a leading player with a diverse product portfolio and strong global presence across major markets.
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Expanding instances of sports wounds and street mishaps, the rising number of diabetes-related removals, and the developing commonness of osteosarcoma throughout the planet are ready to drive the worldwide market.
For instance, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) composed an open letter to all state lead representatives dated March 19, 2020, looking for continuation of Prosthetic and Orthotic Care administrations as a component of fundamental medical advantages that patients should approach during the pandemic.
According to the American Physical Therapy Association (APTA), the yearly games injury rate in the U.S. was around 8.7 million out of 2018.
This factor is expected to drive the interest, helping market development over the gauge time frame.
A disturbing ascent in the recurrence of street mishaps is one of the main sources of expanded instances of removal.
As indicated by the Association for Safe International Road Travel (ASIRT), around 20-50 million individuals across the globe were harmed or debilitated inferable from street mishaps in 2018.
