Orthopedic Prosthetic Market IS Estimated TO Witness High Growth Owing TO Rising Number OF Amputations
Orthopedic prosthetics are artificial devices that replace missing or non-functioning body parts such as legs, arms, feet, hands, or other digit replacements. They are commonly used to restore mobility and function of amputees. Various types of prosthetics include transradial prosthesis, transhumeral prosthesis, trans femoral prosthesis, knee disarticulation prosthesis, hip disarticulation prosthesis, etc. Recent advancements in technology and materials have improved functionality and comfort for prosthetic users. Carbon fiber and other lightweight materials are increasingly used for superior strength and durability. Myoelectric and electronic components allow for more natural movement resemblance. 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:
One of the key drivers boosting growth of the Orthopedic Prosthetic Market is rising number of amputations. According to a study published in 2017 in the Prosthetics and Orthotics International journal, it was estimated that there were 1.6 million people living with major limb loss in the United States. The study also estimated that 185,000 amputations are performed annually in the US. Diabetes is a leading cause of non-traumatic amputations worldwide with more than 73,000 diabetes-related amputations performed annually in the US alone. Increase in prevalence of diabetes and related limb amputation surgeries are expected to significantly drive the demand for prosthetics over the forecast period.
In addition, recent advancements in medical technologies have improved lifespan of amputees, thus raising the demand for advanced prosthetics that can provide improved mobility and quality of life over longer lifespan. Development of novel materials, 3D printing, myoelectric sensors, and powered prosthetics with computerized movement are some key technological advancements projected to fuel the orthopedic prosthetics market growth.
SWOT Analysis
Strength: The global orthopedic prosthetic market has strength in terms of advanced technologies being used in the prosthetic design and development. Materials like carbon fiber and 3D printing allow for light weight and highly durable prosthetics. Customization options also allow prosthetics to be tailored to individual needs.
Weakness: However, high costs associated with advanced prosthetics remain a major weakness. Many patients cannot afford the most modern prosthetics. Lack of awareness in some regions also limits the market reach.
Opportunity: Growing geriatric population suffering from mobility issues creates opportunities. Developing regions with large patient pools but limited access represent an untapped market. Product innovations catering to specific disabilities will expand the customer segment.
Threats: Stringent regulations prolong market approval times for new products. Reimbursement policies also impact the affordability of devices. Emerging low-cost alternatives from other regions pose pricing pressure.
Key Takeaways
The global Orthopedic Prosthetic Market Share is expected to witness high growth. Advancements in materials and fabrication technologies allow for lighter, durable and customized prosthetics.
Regional analysis: North America will continue to hold major market share through 2030 driven by availability of reimbursements and supportive regulatory environment encouraging technological innovations. However, Asia Pacific excluding Japan is projected to see fastest gains at 4.5% CAGR during 2023-2030. This can be attributed to rising medical tourism, greater healthcare access and expanding middle class population seeking quality care in nations like India, China and South Korea.
Key players operating in the orthopedic prosthetic market include Ward Chemical, Inc. Leading manufacturers are focused on developing modular, lightweight and customizable prosthetic solutions through R&D and partnerships. Strategic acquisitions aid geographic expansion into emerging markets with high growth opportunities.
For more insights, read- https://www.pressreleasebulletin.com/orthopedic-prosthetic-market-trends-size-and-share-analysis-2/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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