The Orthopaedic Prosthetics Market is anticipated to reach a value of about US$2.33 billion in 2022. The orthopaedic prosthetics market is projected to reach US$3.62 billion by 2032. The market for orthopaedic prosthetics is predicted to grow at a CAGR of 4.5% from 2018 to 2032. The global market for orthopaedic prosthetics will reach US$3.22 billion in value by 2030 and expand at a CAGR of more than 4.5%. Orthopaedic prosthesis have undergone individualised breakthrough advances since a few years ago. Today’s market has customised prosthetics that can be adjusted based on the functionality and anatomy of the relevant patient.
According to FMI, customised orthopaedic prosthetics are made using 3D imaging software and come in a variety of lengths and sizes. This innovation is anticipated to drive the orthopaedic prosthetics market for the foreseeable period of time. Both medical personnel and patients may find lower limb reconstruction or amputation challenging because so much depends on the viability and characteristics of the injured limb.
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When choosing between limb amputation and reconstruction, a wide range of options are now available thanks to advancements in orthopaedic prosthesis. Well-fitting prostheses reduce the tension on skin by dispersing compressive force during weight bearing and preventing the rest of the soft tissue from degenerating. The orthopaedic lower extremity prosthesis will need to meet higher standards as a result of this convenience.
At least in terms of technology, digitally enabled devices are the future of the orthopaedic prosthetics sector. These devices enable remote monitoring in addition to anticipating patient behaviour (using AI). Digitally powered orthopaedic prosthetics are predicted to alter the market both now and in the future.
As was already mentioned, digitization also makes it simpler to trace things, which makes the process of customising them easier. Furthermore, because 3D imaging makes it possible for patients to visualise the placement of their new limbs beforehand, they are better equipped to select the implant alternatives they like. Although North America and Europe still account for the majority of revenues, opportunities in Asia Pacific are growing. In countries like India, China, Thailand, and Saudi Arabia, the GDP contributions to healthcare are about to increase.
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The orthopaedic prosthetics industry is expected to catch up in this area since the bulk of diabetic patients reside in Asia Pacific. On the other side, the consistency seen in North America and Europe may be explained by the rise in limb-related peripheral vascular disorders and sports-related injuries.
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In its most recent report, “Orthopaedic Prosthetics Market,” Future Market Insights offers opinions on the market’s development from 2014 to 2018 and offers demand projections for the period from 2020 to 2030 based on the following criteria: product (upper extremity prosthetics, lower extremity prosthetics, sockets, liners, and modular components), technology (conventional, hybrid orthopaedic prosthetics, and electric powered orthopaedic prosthetics), and end user.
Key Players in Orthopaedic Prosthetics Market
- The global orthopaedic prosthetics market is pretty competitive. The four players contributing to more than 50% of market share include Ossur, Johnson & Johnson, B. Braun Melsungen AG, Smith & Nephew plc. As such, they are termed as “Tier I” players.
The global orthopaedic prosthetics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
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Product
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Sockets
- Modular Components
Technology
- Conventional
- Electric Powered
- Hybrid Orthopaedic Prosthetics
End User
- Hospitals
- Prosthetic Clinics
- Rehabilitation Center
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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