The global orthopedic prosthetic device market is set to experience significant growth, with projections indicating a valuation of USD 2,348.4 million by 2024. The market is expected to continue its upward trajectory, achieving a remarkable compound annual growth rate (CAGR) of 4.8% from 2024 to 2034, ultimately soaring to USD 3,753.1 million by 2034, according to recent analysis by Future Market Insights (FMI).
The increasing demand for orthopedic prosthetic devices is primarily driven by a surge in chronic conditions among individuals, leading to greater reliance on these devices to enhance mobility and overall quality of life. Furthermore, the rising incidence of accidents and injuries resulting in limb loss has significantly bolstered market sales, as prosthetic devices provide essential support and functionality for those affected.
Get Access to Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-741
Despite these positive trends, the market faces challenges that warrant attention. Concerns regarding potential side effects associated with orthopedic procedures have dissuaded certain patients from adopting prosthetic devices, underscoring the need for ongoing research and development to mitigate risks and enhance safety. Moreover, cuts in government healthcare budgets pose a significant threat to market growth, highlighting the importance of advocacy efforts to secure adequate funding for orthopedic care.
As the orthopedic prosthetic device market continues to evolve, stakeholders are urged to collaborate on initiatives aimed at advancing innovation, ensuring patient safety, and advocating for equitable access to orthopedic care worldwide.
“As healthcare equipment are getting advanced, orthopedic prosthetic devices are also moving ahead with the help of cutting-edge technology. Bluetooth, smartphone connectivity, and IoT are being integrated into the devices, improving their functionality. Thus, technology is seen as the way forward for market players,” says an analyst at FMI.
Key Takeaways from the Orthopedic Prosthetic Device Market:
- The orthopedic prosthetic device market is expected to be USD 2,348.4 million in size in 2024.
- Electric-powered is the top type of technology in the market. Sales of electric-powered orthopedic prosthetic devices are expected to account for 47.4% of the market.
- Orthopedic prosthetic devices are most commonly used in prosthetic clinics. In 2024, the prosthetic clinic segment is expected to account for 41.4% of the market.
- India is expected to be a promising country in terms of market progress. The country is forecasted to register a CAGR of 6.5% from 2024 to 2034.
- Germany and Spain are poised to be promising countries in the market. Over the forecast period, the CAGRs for the markets in Germany and Spain are predicted to be 5.7% and 5.9%, respectively.
- The market in Canada is expected to progress at a CAGR of 5.2% through 2034.
Checkout Now to Access Market Forecasts: https://www.futuremarketinsights.com/checkout/741
Competition Analysis of the Orthopedic Prosthetic Device Market:
Market players are looking at investment avenues to increase their research and development capabilities. The market is highly competitive, with start-ups and new entrants having the opportunity to thrive. Some of the prominent companies in the market include Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., and Touch Bionics Inc.
Recent Developments in the Orthopedic Prosthetic Device Market:
- In January 2023, Embody Inc. was acquired by Zimmer Biomet.
- In September 2022, the Stryker Corporation introduced the Gamma4 Hip Fracture Nailing System.
Key Companies in the Orthopedic Prosthetic Device Market:
- Blatchford Group
- Touch Bionics Inc.
- The Ohio Willow Wood Co
- Össur hf.
- Fillauer LLC
- Advanced Arm Dynamics, Inc.
- Stryker Corporation
- Exactech, Inc.
- Globus Medical Inc.
- RTI Surgical Inc.
- Wright Medical Group N.V.
- Johnson & Johnson Services, Inc.
- Arthrex Inc.
- AlloSource
- Braun Melsungen AG
- Smith & Nephew plc
- Zimmer Biomet
- Hanger Inc.
- Otto Bock Healthcare GmBH
- Endolite Ltd.
- Howard Orthopedics Inc.
Full Report Revealed: https://www.futuremarketinsights.com/reports/orthopedic-prosthetic-devices-market
Key Market Segmentation:
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 Orthopedic Prosthetics
By End User:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
