Global Orthopedic Prosthetics Market Segmentation, By Product Type (Upper Extremity, Prosthetics, Lower Extremity Prosthetics, Liners, Sockets and Modular Components), Technology Type (Conventional, Electric Powered and Hybrid Prosthetics), End User Type (Hospitals, Prosthetic Clinics, Rehabilitation Centers, and Others) – Industry Trends and Forecast to 2031.
Orthopedic Prosthetics Market Analysis
Aging is a natural phenomenon of life. With the increasing age, the bone density decreases along with the bone strength. This makes walking independently for an individual difficult. Medical science came up with an answer to this and introduced orthopedic prosthetics in the market. For a long time, these products were only used to the western economies, but with the rising globalization there is an increased awareness, availability and use of orthopedic prosthetics in other developing economies.
Orthopedic Prosthetics Market Size
Global orthopedic prosthetics market size was valued at USD 2.21 billion in 2023 and is projected to reach USD 4.0 billion by 2031, with a CAGR of 7.70% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Orthopedic Prosthetics Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Key Market Players
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Blatchford Group (UK), Touch Bionics Inc. (UK), The Ohio Willow Wood Co. (US), Össur (Iceland), Fillauer LLC. (US), Advanced Arm Dynamics, Inc. (US), Stryker(US), Exactech, Inc (US), Globus Medical Inc (US), RTI Surgical Inc. (US), Wright Medical Group N.V. (US), Johnson & Johnson Services, Inc. (US), Arthrex Inc. (US), AlloSource (US), Braun Melsungen AG (Germany), Smith & Nephew plc (Germany), Zimmer Biomet (US) , Hanger Inc, (US) and Otto Bock Healthcare GmBH (Germany)
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Market Opportunities
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Orthopedic Prosthetics Market Definition
From the name itself, it is clear that orthopedic prosthetics are the custom made artificial limbs that are designed and produced to replace the broken or damaged limb. Orthopaedic prosthetics provide artificial support to the bones, allow the mobility and relieve the individual of any pain that had risen out of the broken or damaged limb.
Orthopedic Prosthetics Market Dynamics
Drivers
- Rising overweight population base
Growing rate of obesity all around the globe owing to various factors such as huge consumption of junk food, unhealthy lifestyle and so on, is one of the major factors fostering the growth of the market. Obesity has a direct impact on the knees and this results in developing difficulty in walking, sitting and running.
- Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted in the material sciences field is also bolstering the market growth rate.
- Growing investment for healthcare facilities
Surging focus towards improving the condition of healthcare facilities and improving the overall healthcare infrastructure another important factor fostering the growth of the market. Rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology is further creating lucrative market opportunities.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities, rising developments in the field of CAD/CAM technology and material science, rising geriatric population base and rising product innovations and development owing to technological advancements all around the world will extend profitable opportunities for the market players in the forecast period of 2024 to 2031. Additionally, surging number of road accidents, rising internet penetration rate, growing promotion of internet of things in the development of prosthetics, extensive accessibility of technically innovative orthopedic prosthetics, rising need for custom-made orthopedic prosthetics and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges
On the other hand, high cost associated with the research and development proficiencies, limited infrastructural facilities and dearth of awareness in the backward economies are expected to obstruct market growth. Also, lack of favorable reimbursement scenario and technology penetration in the developing economies, high costs associated with prosthetics, and lack of suitable infrastructure in low- and middle-income countries are projected to challenge the market in the forecast period of 2024-2031.
This orthopedic prosthetics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the orthopedic prosthetics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Orthopedic Prosthetics Market
COVID-19 gave a setback to the market owing to the fall in the consumption of prosthetics. Delay in the number of orthopaedic surgeries led to the fall in revenue for the market. As per the report by British Journal of Surgery, in May 2020, about 6.3 million orthopedic surgeries were postponed or canceled worldwide due to COVID-19. The pandemic led to the fall in demand for electric prostheses. Majority of the healthcare resources were directed towards meeting the demand arising out of COVID-19 pandemic. However, as the economies are rising out of this pandemic, the future of the market seems to be on a brighter side.
Orthopedic Prosthetics Market Scope
The orthopedic prosthetics market is segmented on the basis of product type, technology type and end user type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Upper Extremity
- Prosthetics
- Lower Extremity Prosthetics
- Liners
- Sockets
- Modular Components
Technology Type
- Conventional
- Electric Powered
- Hybrid Prosthetics
End User Type
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
Orthopedic Prosthetics Market Regional Analysis
The orthopedic prosthetics market is analysed and market size insights and trends are provided by country, product type, technology type and end user type as referenced above.
The countries covered in the orthopedic prosthetics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the orthopedic prosthetics market because of the strong base of healthcare facilities, growing overweight population base, rising number of road accidents and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2024 to 2031 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, availability of massive untapped markets, large population pool, availability of the well-established infrastructure, presence of key market players, increasing prevalence of diabetes and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Orthopedic Prosthetics Market Share
The orthopedic prosthetics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to orthopedic prosthetics market.
Orthopedic Prosthetics Market Leaders Operating in the Market Are:
- Blatchford Group (UK)
- Touch Bionics Inc (UK)
- The Ohio Willow Wood Co (US)
- Össur (Iceland)
- Fillauer LLC (US)
- Advanced Arm Dynamics, Inc (US)
- Stryker (US)
- Exactech, Inc (US)
- Globus Medical Inc (US)
- RTI Surgical Inc (US)
- Wright Medical Group N.V. (US)
- Johnson & Johnson Services, Inc (US)
- Arthrex Inc (US)
- AlloSource (US)
- Braun Melsungen AG (Germany)
- Smith & Nephew plc (Germany)
- Zimmer Biomet (US)
- Hanger Inc, (US)
- Otto Bock Healthcare GmBH (Germany)
Latest Developments in Orthopedic Prosthetics Market
- In Febraury 2022, Össur launched its new Power Knee microprocessor prosthetic knee system. The motor-powered “smart” prosthesis with advanced algorithms for detecting human movement patterns, learning, and adjusting to the wearer’s speed and cadence in real-time.
- In December 2021, WillowWood Global LLC entered a strategic partnership with Blue Sea Capital LLC, a growth-oriented private equity firm. This partnership will increase funding for the company and will help the company to create more innovative products.
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