Global Orthopedic Prosthetic Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The global Orthopedic Prosthetics Market size was estimated at nearly USD 1.73 billion in 2021 to $1.96 billion in 2022. As per our study, the market is anticipated to reach a value of USD $3.97 billion by 2030 showing a CAGR of 9.5%.

Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Orthopedic Prosthetics market. These comprehensive insights are included in our market search report as a key market contributor.

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The Orthopedic Prosthetics Market: Overview

Orthopedists engage in wide-ranging orthopedic prosthetic implants that replace missing bones or joints for supporting the damaged bone. Common prostheses used by orthopedics include hip and knee prostheses, as they enable patients to recover their complete motion in a short period.

As per the National Center for Biotechnology Information, orthopedic disease condition accounts for around 70% of lower limb amputations, which are mostly caused by diabetes or vascular disease. Other causes for lower limb amputations include malignancy, trauma, and congenital deformity.

Various Orthopedic Prosthetics types include Upper Limb Prosthetics, Lower Limb Prosthetics, Microprocessor controlled prosthetics, and prosthetics for children. Further, CPO prosthetics used methods such as Rotationplasty, Osseointegration, and robotic surgery.

The Orthopedic Prosthetics Market: Growth Drivers

The rising number of accidental injuries and trauma cases are the major factors bolstering the growth of Orthopedic Prosthetics. Accidental injuries and trauma cases can be the result of factors, including sports injuries, medical complications, road accidents, and work-related injuries.

A majority of these accidents require prosthetics or amputations device as a replacement for the lost body part. For example, around 2.1 million people in the US are living with limb loss, and it is anticipated that the number will be doubled by 2050. Also, on a yearly average, nearly 185,000 of the US population have an amputation, resulting in 300 to 500 amputations/per day. This is boosting the growth of the Orthopedic Prosthetics market.

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The rising number of road accidents worldwide is also expected to drive the Orthopedic Prosthetics market. Further, the increasing disability rates worldwide are also boosting the market. Advancements in technology leading to new product launches are offering prosperous opportunities to the orthopedic prosthetic market players. Although, the high cost of these devices is anticipated to be the restraining factor to the growth of the Orthopedic Prosthetics market.

The Orthopedic Prosthetics Market: Key Insights

• As per the analysis shared by our research analyst, the Orthopaedic Prosthetics market is estimated to grow annually at a CAGR of around 9.5% over the forecast period (2022-2030).
• In terms of revenue, the Orthopedic Prosthetics market size was valued at around USD 1.73 billion in 2021 and is projected to reach USD 3.97 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a noteworthy rate.
• Based on product segmentation, the lower extremity prosthetics segment was estimated to hold the maximum market share in the year 2021.
• Based on technology segmentation, the electric-powered segment is expected to witness a high CAGR during 2022-2030.
• By end users, the hospital segment is expected to show a high growth rate during the forecast period.
• On the basis of region, the North American region was the leading revenue generator in 2021.

Press Release For Orthopedic Prosthetics Market: https://www.custommarketinsights.com/press-releases/global-orthopedic-prosthetics-market/

The Orthopedic Prosthetics Market: Regional Landscape

The North American region is anticipated to lead the market throughout the forecast period. The key factors propelling the growth of Orthopedic Prosthetics in the region include the presence of major regional players, a robust distribution network, as well an advanced healthcare infrastructure.

The use of new polymers along with the development of technically advanced products is a recent trend observed in the region. Further, the players operating in North America are focused on the development of lightweight Orthopedic Prosthetics to fulfill the wearer's needs. In 2020, In2Bones Global Inc. launched its "Avenger Radial Head Prosthesis System". The rising investments in the R&D activities by the players in the region are one of the key factors propelling the growth of the Orthopedic Prosthetics market.

The Orthopedic Prosthetics Market: Prominent Players

Ossur
Braun Melsungen AG
Smith & Nephew
Johnson & Johnson
Exatech Inc.
Hanger Inc.
Touch Bionics Inc.
Howard Orthopaedics Inc.
Medtronic Spinal
Globus Medical
Wishbone Medical
OrthoPediatrics
Arthrex
Pega Medical
Integra Lifesciences
Advanced Arm Dynamics
DJO Global

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The Orthopedic Prosthetics Market: Segments

By Type

Lower Extremity Prosthetics
Upper Extremity Prosthetics
Sockets
Others

By Technology

Conventional
Electric-Powered
Hybrid

By End User

Research Institutes
Hospitals
Diagnostic Laboratories
Others

The Orthopedic Prosthetics Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.