The global industry that deals with the production and marketing of Orthopedic prosthetic devices and artificial limbs used to support or replace missing or damaged body parts is referred to as the “Orthopedic Prosthetic Devices Market.” These tools are made to help people with Orthopedic disability or limb loss regain mobility and function while also improving their quality of life.
Orthopedic prostheses are external mechanical devices that can replace a lost skeletal system body part. Injuries to the skeletal system, as well as abnormalities in the muscles, joints, and ligaments that are associated to it, are prevented from occurring or treated using it. An Orthopedic prosthesis is a medical device that uses artificial body parts to support damaged bones or to replace missing joints or bones.
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Over the estimated period, demand for the orthopedic prosthetic devices market is poised to attain a CAGR of 4.7% from 2022 to 2032. Typically, Orthopedic prosthetic devices are used to speed up a patient’s recovery from a serious accident, a congenital ailment, or a crippling sickness. A person who has lost an upper extremity or limb is lacking not only that body part but also a sophisticated instrument for daily living.
More than 10 million individuals live with amputees in their homes. Approximately one person out of every 1000 suffers from amputation. Every year, over 185,000 amputations are performed in the United States.
Orthopedic Prosthetic Devices Market: Drivers and Restraints:
The global market for Orthopedic 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 Orthopedic prosthetic devices is being pushed by an increased emphasis on enhancing quality of life, rapid developments in production and modelling technologies, growing awareness of Orthopedic 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.
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.
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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.,
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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