The Orthopedic Prosthetic Market Is Estimated To Witness High Growth Owing To Technological Advancements
The orthopedic prosthetic market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
An orthopedic prosthetic is an artificial device used to replace or augment missing or impaired body parts, such as arms, legs, hips, knees, shoulders, etc. They are specially designed and fabricated to restore mobility and functionality for individuals suffering from defects, trauma, or diseases, thereby improving their quality of life. Common orthopedic prosthetics include lower-extremity prosthetics, upper-extremity prosthetics, sockets & accessories, and liners.
Market Dynamics:
Technological advancements in prosthetics are driving the market growth. Key players are focusing on developing innovative 3D-printed prosthetics, lightweight prosthetics using advanced materials like carbon fiber, battery-powered/myoelectric prosthetics, and prosthetics with better functionality. In addition, growing number of road accidents, injuries, and congenital deformities leading to amputation is increasing the demand for prosthetics. Furthermore, rising geriatric population who are prone to orthopedic diseases and injuries propelling joint replacement surgeries is also contributing to the market expansion. However, high cost of technologically advanced prosthetics is a major factor restricting broader adoption.
SWOT Analysis
Strength: Orthopedic Prosthetic Market has advanced technology providing better treatment solutions. There is growing preference for customized prosthetics. Increase in number of orthopedic clinics and hospitals propelling the demand.
Weakness: High cost associated with orthopedic prosthetics restricts mass adoption. Lack of awareness in underdeveloped regions.
Opportunity: Rising geriatric population prone to orthopedic disorders represents significant opportunity. Developing economies show promising growth owing to increasing healthcare expenditures.
Threats: Stringent regulations for new product approvals. Presence of local manufacturers providing low cost alternatives.
Key Takeaways
The global Orthopedic Prosthetics Market Share is expected to witness high growth, exhibiting 5.3% CAGR over the forecast period, due to increasing incidence of road accidents and trauma injuries.
Regional analysis:
North America dominated the market accounting for over 35% share in 2023 owing to rising prevalence of osteoporosis and favorable reimbursement policies. Asia Pacific exhibits fastest growth at 6.2% CAGR driven by growing healthcare infrastructure and disposable income in countries like India and China.
Key players:
Key players operating in the Orthopedic Prosthetic Market are 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. They are focusing on new product launches and partnerships for business expansion.
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