Orthopedic Prosthetics Market: Steady Growth Fueled by Trauma Cases and Innovations

The orthopedic prosthetics market has experienced robust growth, escalating from $1.96 billion in 2023 to an anticipated $2.07 billion in 2024, indicating a substantial compound annual growth rate (CAGR) of 5.4%. This upward trend is forecasted to continue, reaching $2.55 billion by 2028, maintaining a steady CAGR of 5.4%. Key drivers of this growth include the rising prevalence of trauma cases, accidental injuries, and the increasing incidence of orthopedic diseases.

Trauma Cases and Accidental Injuries Drive Market Growth

The orthopedic prosthetics market is propelled by an increasing number of trauma cases and accidental injuries stemming from various factors such as road accidents, sports injuries, medical complications, and work-related accidents. The aftermath of these incidents often involves limb loss, leading to a demand for orthopedic prosthetics. In the USA alone, 2.1 million people currently live with limb loss, a number expected to double by 2050, with 185,000 individuals undergoing amputations annually. This surge in demand underscores the growth potential in the orthopedic prosthetics market.

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Growing Prevalence of Orthopedic Diseases

The market is further boosted by the growing prevalence of orthopedic diseases, encompassing conditions that affect the musculoskeletal system. With approximately 1.71 billion people worldwide grappling with musculoskeletal conditions, including low back pain, fractures, osteoarthritis, and amputation, orthopedic prosthetics play a vital role in treating and correcting these disorders. The market is witnessing an increased focus on robotic prosthetics to enhance precision in orthopedic surgical processes.

Key Market Players and Innovations

Major players in the orthopedic prosthetics market, including Otto Bock HealthCare GmbH, Blatchford Ltd., and Stryker Corporation, are at the forefront of driving industry advancements. These companies are addressing emerging trends such as the use of 3D printing technology in orthopedic prosthetics. Zdravprint, a Russian company, is pioneering the development of 3D-printed prosthetics for the hand, elbow, and shoulder, offering shorter lead times, lower costs, and consistent quality.

Specialized Prosthetic Products Revolutionize the Market

The market is witnessing the launch of specialized prosthetic products, particularly in sports prosthetics designed for athletes. Össur hf., an Icelandic orthopedic technology company, introduced three new models of its iconic cheetah sports prosthesis. This specialized prosthetic foot, designed for sprinting, distance running, and long jumping, caters to the unique needs of athletes. The cheetah's custom-built, high-performance carbon fiber foot is implant-agnostic, allowing athletes to use their choice of implant, and is adaptable for various athletic settings.

Innovations in 3D-Printed Orthopedic Prosthetics

A noteworthy trend in the market is the emergence of 3D-printed orthopedic prosthetics. Companies are leveraging 3D printing technology to manufacture prosthetic devices with shorter lead times, lower costs, and consistent quality. Zdravprint, a Russian company, is at the forefront of utilizing 3D printing for developing prosthetics, highlighting the transformative impact of this technology on the market.

Global Dynamics and Market Segmentation

As of 2023, North America holds the largest share in the global orthopedic prosthetics market, with Western Europe following closely.

The orthopedic prosthetics market covered in this report is segmented -
1) By Product Type: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Other Products
2) By Technology: Conventional orthopedic prosthetics, Electric-powered orthopedic prosthetics, Hybrid orthopedic prosthetics
3) By End Users: Hospitals, Prosthetic Clinics, Rehabilitation Center, Other End Users

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Orthopedic Prosthetics Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Orthopedic Prosthetics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on orthopedic prosthetics market size, orthopedic prosthetics market drivers and trends, orthopedic prosthetics market major players, orthopedic prosthetics market competitors' revenues, orthopedic prosthetics market positioning, and orthopedic prosthetics market growth across geographies. The orthopedic prosthetics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the orthopedic prosthetics market report and tap into segments with the highest growth potential.

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