Press release
Orthopedic Prosthetics Market 2024-2033: Demand, Forecast & Competitive Landscape
The orthopedic prosthetics market size is expected to see strong growth in the next few years. It will grow to $2.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to emerging markets growth, personalized prosthetic solutions, regulatory support and reimbursement, value-based healthcare. Major trends in the forecast period include advanced materials, sensor integration, osseointegration, user-centered design.
Market Overview -
Orthopedic prosthetics are artificial devices that replace a missing body part that may be lost through trauma, disease, surgical removal of body appendage, disabling illness, or congenital conditions.
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Rising Trauma Cases And Accidental Injuries Fuel Growth In The Orthopedic Prosthetics Market
The orthopedic prosthetics market is being driven by an increasing number of trauma cases and accidental injuries. The trauma cases and accidental injuries are caused by various factors such as road accidents, sports injuries, other medical complications, and work-related accidents. Most of these injuries may require amputations and prosthetic devices to replace the lost body part. For instance, 2.1 million people are living with limb loss in the USA, and that number is expected to double by 2050. 185,000 people in the U.S have an amputation each year. This means that 300 to 500 amputations have been performed every day. Therefore, driving the demand for orthopedic prosthetics, thus growth in the orthopedic prosthetics market.
Competitive Landscape -
Major companies operating in the orthopedic prosthetics market include Otto Bock HealthCare GmbH, Blatchford Ltd., Zimmer Biomet Inc., DePuy Synthes, Stryker Corporation, WillowWood, Smith and Nephew plc, Biomet Inc., Touch Bionics Inc., Fillauer Companies Inc., Advanced Arm Dynamics, Bock Healthcare Gmbh, Medtronic Spine LLC, DJO Global, Integra Lifesciences, NuVasive Inc., Globus Medical, Wright Medical Group Inc., Arthrex Inc., Johnson & Johnson, OrthoPediatrics Corp., WishBone Medical Inc., Hanger Inc., Howard Orthopaedics Inc., Exactech Inc., Ossur hf., B. Braun Melsungen AG, Mobius Bionics LLC, Esper Bionics, ToughWare Prosthetics, Enovis, Argomedical AG, Astrek Innovations Pvt Ltd., Boston Orthotics & Prosthetics, LeTourneau Lifelike Orthotics and Prosthetics Inc., TASKA Prosthetics, Naked Prosthetics, Steeper Inc., medi GmbH & Co. KG, Orthotic & Prosthetic Lab Inc., Trulife Group Limited
Emergence Of 3D-Printed Orthopedic Prosthetics Revolutionizes The Market
The companies in the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing is a process that involves a digital model being transformed into a three-dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the process of 3D printing. These devices have shorter lead times, lower costs and consistent quality. For instance, Zdravprint is a Russian company that is developing prosthetics for the hand, elbow, and shoulder using 3D printing technology.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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