Orthopedic prosthetics market is estimated to account for US$ 2,872.2 Mn in terms of value by the end of 2027.

"Orthopedic Prosthetic Market, Drug Price, Sales and Clinical Trials Insight 2028" Report Highlights:

Number Of Pages In This Research Report: 155 Pages
Orthopedic Prosthetic Market Opportunity: US$ 2872.2 Million by 2028
Orthopedic Prosthetic Market Growth: 100% Absolute Growth Till 2028
Orthopedic Prosthetic Market Size Opportunity by Therapeutic Class
Insight On Clinical Trials by Company, Indication, Patient Segment and Phase
Insight on FDA Approved in the Market
Price, Dosage, Patent and Sales Insight on Orthopedic Prosthetic Market

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Orthopedic prosthetics are classified into two types: upper extremity prosthetics such as hand prosthetics, elbow prosthetics, and shoulder prosthetics, and lower extremity prosthetics such as foot and ankle prosthetics, knee prosthetics, and hip prosthetics. Liners, sockets, and modular components are some of the other orthopedic prosthetic products.

The global orthopedic prosthetics market is expected to be worth US$ 1,940.3 million by the end of 2019.

Drivers

New product releases is expected to boost the global orthopedic prosthetics market during the forecast period. For instance, Ossur released Balance Foor Torsion and Balanced Foot S, Iceross Seal-In X Locking Liner protheses especially for less-active people having limb difference or limb loss in June 2020.

Restraints

The need for highly skilled prosthetists is expected to restrict the global orthopedic prosthetics market growth.

Furthermore, several insurance providers put a low annual limitation on coverage. Some insurance companies will easily compensate for amputation and secondary complications but will confine or refuse to cover for a prosthetics replacement for an active amputee or a growing child. Such a circumstance is also expected to restrict the global orthopedic prosthetics market growth over the forecast period.

Key Takeaways

The global orthopedic prosthetics market in 2019 accounted for US$ 1,940.3 Mn and is expected to reach US$ 2,872.2 Mn by 2027, growing at a CAGR of 5.1 % during the forecast period of 2020 - 2027. Rising product approvals and launches over the forecast period are expected to propel the global orthopedic prosthetics market growth.

The Low Extremity Prosthetics segment accounted for the largest share in the global orthopedic prosthetics market in 2019, accounting for 61.6 % of the value share. The rising prevalence of lower limb extremities in developing and developed nations is expected to fuel the segment growth.

Market Trends

Prosthetics research and development are expected to drive the global orthopedic prosthetics market growth. for instance, In January 2019, the University of California San Diego School of Medicine researchers and the Institute of Engineering in Medicine collaborated to create 3D printed spinal cord scaffolds loaded with neural stem cells.

In regard to the Covid-19 pandemic, major players in the global orthopedic prosthetics market are focusing on providing a variety of solutions. For instance, Ottobock Global Academy offered free e-learning courses, videos, and tutorials in April 2020 for clinicians and technical staff to continue training in orthopedic technology and therapy during the Covid-19 pandemic.

Regulations

Middle East & Africa

The UAE Ministry of Health Drug Registration and Control Department must authorize all medical devices.

Imported medical devices will not be approved by Customs in the UAE unless the MOH issues a pre-approval for the consignment's import.

Orthopedic Prosthetic Market – Competitive Landscape

Key players functioning in the global prosthetic liners market consists of Ossur hf, Hanger Inc., Otto Bock HealthCare GmbH, Blatchford Ltd., Touch Bionics Inc., The Ohio Willow Wood Co., Fillauer LLC., and Howard Orthopaedics Inc.

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Key Developments

The global orthopedic prosthetics market players are focusing on M&A strategies to increase their product range. For instance, in May 2020, Ossur acquired Standard Cyborg Inc., a privately held startup business, offering the proprietary design and visualization software used in the shape capture, design, and production of prosthetics and orthotics.

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