Orthopedic Prosthetics Market Size to Reach USD 10.3 Billion, With a CAGR of 5.90% by 2032 – Report by Market Research Future
Research Reports
Oct 11, 2023
Orthopedic Prosthetics Market Research Report Information By Product Type (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets and Modular Components), By Technology (Conventional, Electric Powered and Hybrid Orthopedic Prosthetics), By End User (Hospitals, Prosthetic Clinics, Rehabilitation Center and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
Market Overview
Market Research Future (MRFR) report highlights The Orthopedic prosthetics market is projected to grow from USD 6.5 Billion in 2023 to USD 10.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 – 2032).
Market Synopsis
Orthopedic prosthetics give the bones artificial support, enable mobility, and alleviate any discomfort that has resulted from the broken or injured limb. It is a fact of life that people age. As people get older, their bone strength and density both decline. This makes it challenging for an individual to walk alone. Orthopedic prosthesis was created as a solution by medical science and put on the market. These devices were only utilized in Western economies for a long period, but as globalization progresses, orthopedic prosthetics are now more widely known, more easily accessible, and used in other emerging economies. More than 60% of sales are from lower extremity prostheses. Additionally, the rise in the geriatric population, new product development and creation due to worldwide technological advancements, and a boost in public-private financing for targeted studies will all generate lucrative chances for market participants throughout the forecast period.
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This could be explained by the rising prevalence of illnesses like diabetes, which causes symptoms to manifest in the lower body. Numerous foot and ankle problems also require surgical treatment. A similar upper extremity prosthesis is used, with sports-related injuries being the main reason. The rise in illnesses and accidents that lead to amputations has been a major driver of the orthopedic prosthetics industry’s explosive growth. This invention has dramatically changed the healthcare landscape for those who have lost limbs and increased demand for cutting-edge prosthesis replacements. The rising emphasis on enhancing the overall quality of medical facilities and infrastructure needed for healthcare is another important factor fueling the market’s expansion. Additionally, promising market opportunities are being created through increased private-public collaborations and collaborative efforts to finance and implement technical advancements.
Market Competitive Landscape:
- WillowWood Global LLC
- Open Bionics
- SYNERGY PROSTHETICS
- Motorica
- Fillauer LLC
- Howard Orthopaedics Inc.
- Aether Biomedical
- United Prosthetics
- Ossur
- Hanger Inc.
- Ottobock
- Blatchford Limited
- Advanced Arm Dynamic
- TASKA Prosthetics
- Steeper Inc.
- BioMetrics Prosthetic and Orthotic CT
- Trulife
Market U.S.P. Covered:
Market Drivers:
One of the major factors contributing to the rising demand for orthopedic prostheses is the prevalence of persistent illnesses like diabetes and vascular conditions. One of the key factors driving the market’s expansion is the rising rate of obesity on a global scale, which is caused by various causes, including excessive intake of fast food and other bad habits. Obesity has an immediate effect on the knees, leading to discomfort when standing, sitting, and jogging. Amputations are frequently required due to these illnesses’ effects on tissue wellness and blood flow. In low- and middle-income countries, related amputations have increased in lockstep with the prevalence of diabetes worldwide. This serious situation has propelled the orthopedic prosthetics business forward due to patients’ pressing need for outstanding prosthetic limbs that restore mobility while enhancing their overall quality of life.
The global market is expected to be driven by increased rates of osteosarcoma, sports injuries, auto accidents, diabetes-related amputations, and rising rates of the disease. Amputation is also significantly influenced by an alarming increase in the incidence of traffic accidents. The ninth biggest cause of death worldwide is road accidents. Orthotics and prosthetics technology innovation is anticipated to accelerate market growth soon. Due to their affordability and usability, Limb Forge’s 3D-printed prosthetics are anticipated to grow in popularity in underdeveloped countries. Increased incidences of trauma and accidental accidents, technological improvements, and the growing prevalence of osteosarcoma are a few reasons contributing to the market’s expansion. Product releases are important drivers of market expansion. Such fresh product introductions are greatly boosting market expansion.
Restraints
Future market expansion is anticipated to be hampered by the high price of prosthetic equipment.
Market Segmentation
Orthopedic prosthetics with conventional, electric, and hybrid technology are all available on the market. Hospitals, prosthetic clinics, and rehabilitation facilities are among the market’s ultimate users. The market offers upper extremity prostheses, liners, sockets, lower extremity prosthetics, and modular components, among other product types.
Browse In-depth Market Research Report (128 Pages) on Orthopedic Prosthetics: https://www.marketresearchfuture.com/reports/orthopedic-prosthetics-market-12152
Regional Insights
North America now has a stranglehold on the orthopedic prosthetics market due to the area’s strong healthcare infrastructure, growing overweight population, rising number of crashes, and expanding research initiatives. Asia-Pacific is anticipated to experience significant growth through the end of the decade due to a boost in health tourism, a boost in research efforts in the region, an abundance of major market players, an increase in government initiatives to raise awareness, the availability of vast unexplored markets, an extensive demographic pool, the presence of widely recognized structures the rising prevalence of type 2 diabetes, and an increasing need for high-quality healthcare in the region.
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