The orthopedic prosthetics market plays a vital role in disaster relief and humanitarian aid efforts. During such crises, there is an increased demand for prosthetic limbs to help restore mobility and independence for individuals affected by limb loss. This drives the market's growth as organizations and governments invest in advanced prosthetic technologies to meet the rising needs. Additionally, advancements in material science and manufacturing techniques are improving the functionality and comfort of orthopedic prosthetics, further propelling market expansion.
According to Data Bridge Market Research, the Global Orthopedic Prosthetics Market is expected to undergo a CAGR of 7.70% during the forecast period of 2022-2029. This indicates that the market value, which was USD 0.78 billion in 2021, would rocket up to USD 3.23 billion by 2029.
“The growing rate of obesity worldwide drives the market”
The growing rate of obesity worldwide is a significant factor driving the growth of the orthopedic prosthetics market. Obesity, caused by factors like excessive consumption of junk food and an unhealthy lifestyle, directly impacts the knees, leading to difficulties in walking, sitting, and running. As obesity rates increase, the demand for orthopedic prosthetics, particularly knee prosthetics, rises. These prosthetics help restore mobility and improve the quality of life for individuals with obesity-related knee issues. The increasing prevalence of obesity underscores the importance of orthopedic prosthetics in addressing mobility challenges and driving the market's growth.
What restraints the growth of the global orthopedic prosthetics market?
“High cost associated with research and development”
Significant restraint of the orthopedic prosthetics market is the high cost associated with research and development (R&D) efforts. Developing and advancing orthopedic prosthetics require substantial investments in R&D, including designing, testing, and obtaining regulatory approvals. The costs involved in conducting clinical trials, acquiring specialized equipment, and hiring skilled professionals add to the overall expenses. These high R&D costs can deter smaller companies or organizations with limited financial resources from entering the market, limiting competition and potentially hindering the pace of innovation and affordability of orthopedic prosthetics for end-users.
Segmentation: Global Orthopedic Prosthetics Market
The orthopedic prosthetics market is segmented on the basis of product type, technology type, and end user type.
- On the basis of product type, the orthopedic prosthetics market is segmented into upper extremity, prosthetics, lower extremity prosthetics, liners, sockets, modular components.
- On the basis of technology type, the orthopedic prosthetics market is segmented into conventional, electric powered and hybrid prosthetics.
- On the basis of end user type, the orthopedic prosthetics market is segmented into hospitals, prosthetic clinics, rehabilitation centers, and others.
Regional Insights: North America is expected to dominate the global orthopedic prosthetics market
North America dominates the orthopedic prosthetics market due to its strong base of healthcare facilities, a growing overweight population, increasing road accidents, and a rising number of research activities. These factors contribute to a higher demand for orthopedic prosthetics in the region.
Asia-Pacific is expected to experience significant growth in the forecast period due to government initiatives promoting awareness, the rise of medical tourism, increasing research activities, untapped markets, a large population pool, well-established infrastructure, presence of key market players, rising prevalence of diabetes, and growing demand for quality healthcare in the region. These factors drive the adoption of orthopedic prosthetics in Asia-Pacific.
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Recent Developments in Global Orthopedic Prosthetics Market
- In February 2022, Össur introduced the Power Knee microprocessor prosthetic knee system. This advanced prosthetic utilizes motor-powered technology and sophisticated algorithms to detect and adapt to the wearer's movement patterns, speed, and cadence in real-time, enhancing functionality and mobility.
- In December 2021, WillowWood Global LLC formed a strategic partnership with Blue Sea Capital LLC, a private equity firm focused on growth. This collaboration provides increased financial support to WillowWood, enabling the company to drive innovation and develop new and groundbreaking products in the field of prosthetics.
The Prominent Key Players Operating in the Global Orthopedic Prosthetics Market Include:
- Blatchford Group (U.K.)
- Touch Bionics Inc (U.K.)
- The Ohio Willow Wood Co (U.S.)
- Össur (Iceland)
- Fillauer LLC (U.S.)
- Advanced Arm Dynamics, Inc (U.S.)
- Stryker (U.S.)
- Exactech, Inc (U.S.)
- Globus Medical Inc (U.S.)
- RTI Surgical Inc (U.S.)
- Wright Medical Group N.V. (U.S.)
- Johnson & Johnson Services, Inc (U.S.)
- Arthrex Inc (U.S.)
- AlloSource (U.S.)
- Braun Melsungen AG (Germany)
- Smith & Nephew plc (Germany)
- Zimmer Biomet (U.S.)
- Hanger Inc, (U.S.)
- Otto Bock Healthcare GmBH (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of global orthopedic prosthetics market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Orthopedic Prosthetics Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
