The global orthopedic prosthetics market is poised for substantial growth, with an anticipated valuation of US$ 3,721.6 million in 2024, according to recent market analysis. Projections suggest that by 2034, the industry will soar to a remarkable US$ 3,909.9 million, reflecting a robust Compound Annual Growth Rate (CAGR) of 5% between 2024 and 2034.
A key driver behind this unprecedented expansion is the escalating global prevalence of obesity. Factors such as excessive consumption of junk food and sedentary lifestyles have contributed to this alarming trend. Consequently, individuals grappling with obesity often face challenges related to mobility, particularly in joints such as the knees. This has led to a surge in demand for orthopedic prosthetics to alleviate difficulties in walking, sitting, and running.
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Moreover, the market is witnessing significant growth due to a concerted effort to enhance healthcare facilities and infrastructure worldwide. Collaborations between public and private entities are on the rise, resulting in increased funding and the application of advanced technology. These collaborations have not only bolstered the quality of orthopedic prosthetics but have also created lucrative opportunities within the market.
“We are at the forefront of a transformative period in the orthopedic prosthetics market,” remarked Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.). “As the global prevalence of obesity continues to rise, the demand for innovative orthopedic solutions is unprecedented. Our commitment to advancing technology and collaborating with key stakeholders positions us to meet these evolving needs and drive positive outcomes for patients worldwide.”
With advancements in technology and strategic collaborations driving innovation, the future of the orthopedic prosthetics market looks exceptionally promising. As stakeholders continue to prioritize research and development initiatives, the industry is poised to revolutionize patient care and improve quality of life for millions around the globe.
Key Takeaways from the Market Study:
- Based on technology, the electric powered segment is expected to hold a market share of 48.1% in 2024.
- China is estimated to register at a CAGR of 7.7% by 2034.
- The United Kingdom experiences significant growth, projected at a CAGR of 5.4% by 2034.
- Based on product, lower extremity prosthetics is anticipated to hold a market share of 63.6% in 2024.
Competitive Landscape:
The competitive landscape of the orthopedic prosthetics market is marked by intense innovation and strategic collaborations among key players. Companies strive to enhance prosthetics designs, ensuring superior comfort and mobility for users.
Technological advancements, personalized solutions, and a global market presence characterize the competitive dynamics as industry leaders vie for market share by addressing the evolving needs of a diverse patient population.
Some of the recent developments are:
- In January 2020, Essentium, Inc. and Vorum entered a collaborative venture, merging Essentium’s High-Speed Extrusion (HSE) 3D printing technology with Vorum’s SurePath methodology and CAD/CAM solutions.
- In June 2020, REJOINT introduced a groundbreaking approach, integrating artificial intelligence with GE Additive Arcam’s Electron Beam Melting (EBM) technology.
Key Companies Profiled:
- Exatech Inc.
- Howard Orthopaedics Inc.
- Hanger Inc.
- Wishbone Medical
- Pega Medical
- OrthoPediatrics
- Arthrex
- Touch Bionics Inc.
- Advanced Arm Dynamics
- Medtronic Spinal
- Integra Lifesciences
Key Segments of Orthopedic Prosthetics Industry Survey:
By Product:
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Sockets
- Modular Components
By Technology:
- Conventional
- Electric Powered
- Hybrid Orthopaedic Prosthetics
By End-user:
- Hospitals
- Prosthetics Clinics
- Rehabilitation Center
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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