Orthopedic Prosthetics Market 2023; Pin-point analysis for changing competitive dynamics

Orthopedic prosthetics is related to the identification, manufacturing and fitting artificial custom made limbs in the patient to replace missing part of the limb lost through trauma, disease, or congenital conditions. These custom fabricated orthoses and limbs require very high strength with weight as low as possible, therefore these are made up of very specialized materials such as carbon fiber, kevlar and titanium. This allows restricted movement of the artificial limb along with control over it and reduction in pain. The very advanced CAD/CAM technology is developed to manufacture these products as per individual requirements.

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The increasing number of old age population and growing trauma cases all over the world are creating the high rise in demand for orthopedic prosthetic products. According to World Health Organization (WHO) report, as many as 50 million are injured every year due to road crashes leading to severe injury to body parts and sometimes resulting in loosing body parts such as limbs whereas this figure will increase by 65% in next 20 years. Out of total number of death in road accidents, 91% are from poor or developing countries. At the same time increasing old age population is also one of the reasons of growing demand of these products. All these facts represents the massive demand for the orthopedic prosthetic products globally and the increasing trend of the requirement in coming future. The technological advancements in orthopedic prosthetics in terms of better fixation, wear-resistant material and cement less design along with this suitable reimbursement circumstances and increasing number of trained healthcare professionals are driving the growth of the market. On the other hand high cost involved and limited reach of these facilities in developing countries may hinder the growth of the market. In last couple of years, various companies have done technical improvement in the orthopedic prosthetics products such as robotic prostheses consist of biosensors; these sensors detect signals from the user’s nervous or muscular systems and acts accordingly. Recently FDA has approved robotic prosthesis which is controlled by muscle contractions and nerve impulses developed by DEKA Integrated Solutions.

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Orthopedic prosthetics market can be segmented according to different categories such as regional geography, types of applications and location where prosthesis is done. Geographically, this market can be segmented in four regions namely North American, Europe, Asia-Pacific and Rest of the World, out of all these segments North America region have highest contribution in terms of value because of more awareness and higher percentage of total income spent on healthcare compared to other economies. Followed by this, Europe, Asia-Pacific and Rest of the World respectively are major segments of the market. However the growth of the market may be significant in emerging economies in Asia and Africa considering increasing awareness and high population. The market can also be segmented according to technologies such as body powered arms, myoelectrics and robotic prostheses. Along with this, market can be categorized in lower extremities prosthesis and upper extremities prosthesis out of which lower extremities prosthesis contributes major share of total market.

Currently various established companies in medical devices and surgical instrument market are catering varied range of products in orthopedic prosthetics market out of which companies such as DePuy, Inc., Biomet Inc., Smith and Nephew plc, Stryker Corp., Zimmer Holdings Inc. are leading contributors this market.

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