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The orthopedic prosthetics market is estimated to grow at a CAGR of 5.55% between 2022 and 2027 and the size of the market is forecast to increase by USD 756.75 million. The reports include a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 15 vendors along with historical market analysis from 2017 to 2021. Factors such as the growing number of trauma, accident cases, and birth defects, in which people sometimes lose body parts such as elbows, limbs, feet, and toes, which require replacement with artificial limbs. Due to this, the demand for orthopedic prosthetics is increasing in hospitals, prosthetics clinics, and rehabilitation centers, which provide treatment to people who have lost their body parts.
This report extensively covers market segmentation by product (lower extremity orthopedic prosthetics and upper extremity orthopedic prosthetics), technology (conventional, electric-powered, and hybrid) and geography (North America, Europe, Asia, and Rest of World (ROW)).
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The analysis of the healthcare pipeline for orthopedic prosthetics reveals that the report offers comprehensive and comparative information about the products at various stages of development, along with updates on the ongoing clinical trials for those products. The orthopedic prosthetics pipeline market progresses through several stages of development, including early development, pre-clinical, clinical, in approval process, inactive, and indeterminate. Among these stages, the intermediate stage has the highest number of products. The prosthetics pipeline market can be segmented into various categories, which include hand, lower extremity, upper extremity, knee, foot, myoelectric hand, mechanical hand, elbow, shoulder, hip, mechanical knee, and mechanical foot prosthetics.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Key Offering- Zimmer Biomet Holdings Inc. provides orthopedic prosthetics including a replacement for shoulder and elbow alignment, hip and femur, tibia, and pelvic. The company caters to the US as well as other North, Central, and South American markets by offering a wide range of orthopedic products.
Key Offering- The Arthrex company provides a range of orthopedic prosthetics for various body parts including the shoulder, knee, elbow, hand and wrist, foot and ankle, and arthroplasty shoulder. Additionally, the company actively engages in the development of new products and provides medical education related to orthopedics.
Key Offering-The Bbraun company offers prosthetics products for total hip joint replacements and hip arthroplasty under brands called AESCULAP and Plasmafit. The company also offers expertise in surgical, orthopedic, and interventional treatment concepts related to inpatient and outpatient care.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
The growing number of trauma, accident cases, and birth defects is notably driving the market growth, although factors such as the high cost of prosthetics may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Orthopedic Prosthetics Market Driver
Orthopedic prosthetics with technically advanced features are driving market growth, along with a wide range of conventional lower-extremity and upper-extremity prosthetics.In order to achieve a perfect fit, these prosthetics worked in conjunction with custom-made sockets. Nowadays, vendors offer electricity-powered and hybrid orthopedic prosthetics due to technological advancements. Companies such as Blatchford, Ossur, Ottobock Healthcare, Fillauer, and Ohio Willow Wood are focusing on modern technologies and are manufacturing prosthetics for all patient groups. For instance, Ossur offers innovative products such as Pro-Flex, New Form Fit, and Unloader Hip with ground-breaking technologies. Ottobock Healthcare offers body-powered prosthetics, pediatric prosthetics, and myoelectric prosthetics. The company offers X3, which is the world's most technologically advanced microprocessor prosthetic leg that was developed in collaboration with the US military. The device is waterproof with an automatic sleep mode option and superior battery life.
Key Orthopedic Prosthetics Market Trend
The emergence of mind-controlled humonics is the primary trend in the market. Mind-controlled humonics solutions are the future of orthopedic prosthetics. In the medical device industry, mind-controlled humonics will be a remarkable clinical breakthrough as it can change the dynamics of the market in the long term. Humonics go beyond bionic devices and have the capability to fulfill the unmet needs of lost sensation, volitional control, and the development of human-like aesthetics like gestures, which are lacking in orthopedic prosthetics that are currently available in the market.
Humonics with sensory feedback technology will provide mind-controlled user-centric prosthetics that return the control of the prosthetics to the user. These devices with advanced technologies can change the life of people who have lost their body organs due to trauma or diseases. These factors will lead to the growth of the market during the forecast period.
Key Orthopedic Prosthetics Market Challenge
The high cost of prosthetics is the major challenge impeding market growth. Though the market is growing at a steady rate, the high cost of prosthetics will hinder its growth of the market. The high cost will discourage most people in developing countries from adopting prosthetics. Also, the cost varies depending on the level of amputation and the type of prosthetics chosen.
The average cost of electricity-powered orthopedic prosthetics ranges between USD 40,000 and USD 60,000. The cost of upper extremity orthopedic prosthetics ranges between USD 3,000 and USD 60,000. For instance, the cost of the Michelangelo electronic hand is around $60,000. Thus, the high cost of orthopedic prosthetics can become a major challenge for the growth of the market during the forecast period.
Key Orthopedic Prosthetics Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Orthopedic Prosthetics Market Customer Landscape
The market share growth by the lower extremity orthopedic prosthetics segment will be significant during the forecast period. Lower extremity orthopedic prosthesis is used when people have undergone hemipelvectomy; amputation of the hip, above the knee, through the knee, and below the knee; ankle disarticulation; and partial foot loss due to certain diseases or trauma. The removed lower body part is replaced with artificial prosthetics to enable the movement of lower extremities. This was due to the high prevalence of lower amputation surgeries due to diabetes and road accidents. Lower extremity orthopedic prosthetics have helped amputees by providing convenience and comfort and enhancing appearance. These benefits will drive segment growth during the forecast period.
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The lower extremity orthopedic prosthetics segment was valued at USD 1,835.56 million in 2017 and continues to grow until 2021. The global lower extremity orthopedic prosthetics market is growing at a faster pace and is expected to dominate the market during the forecast period.
The demand for lower-limb orthopedic prosthetics is growing faster in emerging countries such as India and China. The presence of a large population that suffers from diabetes and the rise in awareness programs about prostheses are the primary factors that drive the growth of the market.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America contributes a significant share of revenue to the market in the Americas in 2022. This was due to the rise in trauma cases and awareness among people about prosthetic devices and the rise in the number of amputations and sports-related injuries. Lower-extremity prosthetics have dominated the market in the US due to the high prevalence of lower-extremity amputations. US and Canada contribute to the major sales revenue in the region. North America has the largest share of the market due to advanced technology and the presence of a significant population affected by diabetes. The US and Canada will continue to grow during the forecast period due to the high prevalence of sports-related injuries and trauma cases.
Covid Recovery
The outbreak of COVID-19 in 2020 significantly declined the demand for orthopedic prosthetics in North America. However, the lockdowns were lifted in the second half of 2020 owing to large-scale vaccination drives across North America. This led to the resumption of operations in clinics and hospitals that offer orthopedic surgeries and treatment since the first half of 2021, which increased the demand for orthopedic prosthetics devices. Moreover, companies are investing heavily in R&D to find a feasible way to treat orthopedic disabilities. Such factors are expected to open up new opportunities for orthopedic prosthetics and will drive the growth of the market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Product (Lower extremity orthopedic prosthetics and Upper extremity orthopedic prosthetics), Technology (Conventional, Electric-powered, and Hybrid), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
Orthopedic Prosthetics Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.55% |
Market growth 2023-2027 |
USD 756.75 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.52 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 32% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Arm Dynamics Inc, Arthrex Inc., Artificial Limbs Manufacturing Corp. of India, B. Braun SE, Blatchford Group, Exactech Inc., Fillauer LLC, Globus Medical Inc., Hanger Inc., Johnson & Johnson, LeTourneau Prosthetics and Orthotics, Orthotic and Prosthetic Lab Inc, Ossur hf, Ottobock SE & Co. KGaA, RTI Surgical Inc., Smith and Nephew plc, Steeper Inc., Stryker Corp., WillowWood Global LLC, and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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