Orthopedic prosthetic refer to artificial devices that are used as a replacement for missing limb parts such as leg, arm, hands etc. These prosthetics provide mobility, functionality and improve the quality of life for amputees. Advancements in material science have enabled development of lightweight, durable and cosmetically appealing prosthetics. Carbon fiber and other high strength composite materials are being increasingly used for manufacturing prosthetic limbs.
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 key trends:
Development of 3D printed prosthetics is a key trend in the orthopedic prosthetic market. 3D printing allows for design of customized prosthetics specific to individual patient's anatomy which was not possible before. 3D printed prosthetics provide better fit, comfort and functionality. Leading players are actively focusing on developing 3D printed prosthetics made from durable materials like titanium and carbon fiber. For example, Össur launched PRO-FXTM Genium X3 which is a microprocessor knee featuring 3D printed titanium and stiff, lightweight polymers. Such developments are expected to revolutionize prosthetics manufacturing and drive market growth over the forecast period.
Segment Analysis
The Global Orthopedic Prosthetic Market Analysis is dominated by prosthetics for lower extremities such as legs and feet. This segment accounts for over 50% share of the overall market, driven by high incidence of amputations caused by diabetes, accidents and injuries. As people are living longer lives, cases of age-related limb loss are increasing, further propelling demand in this segment.
Key Takeaways
The global Orthopedic Prosthetic market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: North America is currently the largest as well as the fastest growing regional market for Orthopedic Prosthetics. High awareness levels about treatment options and reimbursement policies are driving the market in the region. The Asia Pacific market is expected to grow at the fastest pace during the forecast period due to rising geriatric population, increase in lifestyle diseases as well as improving healthcare infrastructure and facilities in emerging countries of the region.
Key players related content: Key players operating in the 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. These players are focusing on new product launches and expansion in emerging markets to consolidate their market position.
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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.
