The orthopedic prosthetic device market is slated to reach a valuation of US$ 2,348.4 million in 2024. The market is anticipated to progress at a CAGR of 4.8% from 2024 to 2034. The valuation of the market is forecasted to be US$ 3,753.1 million by 2034.
As the number of people suffering from chronic conditions is multiplying, orthopedic prosthetic devices are being called upon in an increasing manner. Similarly, the number of people being afflicted with missing arms, legs, and the like due to accidents and injuries is climbing, which is boosting market sales. However, the market’s prospects are not all positive. The risk of side effects due to orthopedic procedures is keeping certain patients away from the devices. Cuts in government healthcare budgets are also negatively impacting the market.
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New Advancements Drive Growth in Orthopedic Prosthetic Device Market, Despite Challenges:
The market for orthopedic prosthetic devices is experiencing significant growth, fueled by advancements in technology and rising demand.
This highlights key trends shaping the industry:
- Smarter Prosthetics: The Internet of Things (IoT) is revolutionizing prosthetics, with features like Bluetooth and smartphone connectivity enabling real-time health monitoring and data collection for improved patient care.
- Improved Functionality: Advanced prosthetics offer greater functionality for individuals with chronic illnesses or disabilities, empowering them to live fuller lives without limitations.
- Lifestyle Enhancement: Economic well-being is leading to a growing desire for advanced prosthetics. Patients are increasingly seeking the improved technology and functionality these devices offer.
- Sports Injuries on the Rise: The popularity of fitness and sports activities is unfortunately accompanied by an increase in severe injuries. This results in a higher demand for prosthetics to replace missing limbs.
Challenges and Considerations:
- Healthcare Budget Constraints: Reduced healthcare budgets are limiting access to vital medical equipment and qualified professionals for prosthetic procedures, hindering market expansion.
- Surgical Risks: The inherent risks associated with orthopedic surgeries, such as infections and blood clots, can deter some individuals from considering prosthetics.
The orthopedic prosthetic device market presents a promising landscape for technological innovation and improved patient outcomes. Addressing healthcare budget limitations and mitigating surgical risks will be crucial for sustained market growth.
“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 US$ 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.
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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.
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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.
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