Orthopedic prosthetics are artificial body parts or devices used to replace missing body parts due to trauma, disease, or a condition from birth. It includes products such as limbs, joints, implants used in replacement surgeries. They aim to restore form and function of missing anatomical structures. The rising incidence of osteoporosis, musculoskeletal disorders and trauma injuries have boosted demand for orthopedic prosthetics.

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 Dynamics:
Rising geriatric population is one of the major drivers propelling growth of the global orthopedic prosthetic market. According to the United Nations’ Department of Economic and Social Affairs, population aged 60 years or over is projected to reach almost 2.1 billion in 2050, double of what it was in 2017. With age, chances of bone and joint disorders increase which demand products like knee and hip implants, prosthetic limbs etc. Moreover, increased awareness regarding treatment of physical disabilities among people is also promoting market growth. However, high cost of devices as compared to conventional treatment and lack of skilled professionals hinder the market growth. Advanced research and development programs to develop bionic and robotics based prosthetics and implants will create lucrative opportunities over the forecast period.

SWOT Analysis

Strength: Orthopedic prosthetics are designed to closely replicate the function of natural human limbs, allowing patients to regain mobility. Engineers are developing increasingly sophisticated prosthetics made from lightweight materials like carbon fiber that improve durability and comfort. Some prosthetics can now interface directly with nerves and muscles via embedded sensors, restoring finer motor control.

Weakness: The initial cost of prosthetics, especially the most advanced models, is very high and not all patients can afford the device without insurance. Some residual pain or discomfort may persist following prosthetic attachment due to issues adjusting to the artificial limb.

Opportunity: As the population ages in many countries, the prevalence of age-related conditions causing limb loss like diabetes and vascular disease is rising, expanding the potential market for orthopedic prosthetics. Advancements in areas like neuroscience, materials science and 3D printing open up possibilities for even more human-like and customizable prosthetic designs.

Threats: Strong competition exists from low-cost prosthetic manufacturers, especially in developing countries. Stricter regulations on new materials and technologies used in prosthetics may increase compliance costs. Developing effective cybersecurity measures is also important as prosthetics integrate more sophisticated electronics and sensors.


Key Takeaways

The Global Orthopedic Prosthetic Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by factors such as the rising geriatric population, increasing incidence of trauma and accident cases, and technological advancements. 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.

The North American region currently dominates the market due to presence of major players, higher healthcare spending, and supportive reimbursement policies for prosthetic devices in countries such as the US and Canada. However, Asia Pacific is projected to experience the fastest CAGR over the coming years. This can be attributed to growing medical tourism, rapid economic development and increasing focus of international players on expanding into emerging Asia Pacific markets.

Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. These companies have strong focus on new product launches and strategic collaborations to enhance their market share. For instance, in 2022 Ward Chemical partnered with a leading prosthetic design company to launch a new 3D printed below knee prosthetic for amputees.

For more insights, Read- https://www.ukwebwire.com/orthopedic-prosthetic-market-growth-demand-and-overview/

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