During the projected period, the orthopedic prosthetic devices market demand is expected to develop at a 4.7% CAGR, rising from US$ 1.9 billion in 2019 to US$ 2.8 billion by 2027.
Orthopaedic prosthetics are external mechanical devices that replace a lost skeletal system body part. It is used to prevent or treat injuries or abnormalities of the skeletal system and its associated muscles, joints, and ligaments. An orthopaedic prosthetic device is a medical device that uses artificial body parts to replace a missing joint or bone or to support a damaged bone.
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Orthopaedic prosthetic devices are mostly used to help people recover from a catastrophic injury, a congenital ailment, or a disabling sickness. Individuals who have had an upper limb/extremity amputation are missing not only a limb, but also a sophisticated instrument for daily functioning.
Over ten million individuals live with amputees. Amputation occurs about once in every 1000 people. Each year, around 185,000 amputations are performed in the United States.
Orthopedic Prosthetic Devices Market: Drivers and Restraints:
The global market for orthopaedic prosthetic devices is now being pushed by technical innovation, an increase in the number of disabilities, and an increase in the rate of chronic and lifestyle disease.
The global market for orthopaedic prosthetic devices is being pushed by an increased emphasis on enhancing quality of life, rapid developments in production and modelling technologies, growing awareness of orthopaedic illnesses, and an increase in sports injuries. However, the expanding healthcare budget, inefficient healthcare reimbursement and payment structures, and market leader consolidation all function as important impediments to the market’s expansion.
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Orthopedic Prosthetic Devices Market:
Overview:
With rapid innovations in production and modeling technologies and growing awareness towards orthopedic ailments and rise in sports injuries. The orthopedic prosthetic devices global market is expected to have a healthy growth rate in the forecast period.
Orthopedic Prosthetic Devices Market: Region-wise Outlook:
Depending on geographic region, global orthopedic prosthetic devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
North America held largest share in the global orthopedic prosthetic devices market followed by Europe and Asia Pacific. The developing nations in Asia pacific, Middle East and Africa hold huge potential for growth in the global orthopedic prosthetic devices market, owing to developing economies and technological advances.
Orthopedic Prosthetic Devices Market: Key Players
Some of the key participating major global players in this market are Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., Touch Bionics Inc., Ossur hf., The Ohio Willow Wood Co., Fillauer LLC., Howard Orthopedics Inc., and others.
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Key Segments
By Product:
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Sockets
- Other Products
By Technology:
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
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