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The orthopedic prosthetics market size is forecast to increase by USD 871.9 million at a CAGR of 6.05% between 2023 and 2028.
The orthopedic prosthetics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Lower extremity orthopedic prosthetics refer to artificial limbs designed to replace missing lower body parts due to diseases, injuries, or traumas such as diabetes, road accidents, or osteosarcoma. These prosthetics enable users to regain mobility and improve their quality of life. The global market for lower extremity orthopedic prosthetics is driven by advancements in material science, medical equipment, and medical research. Product innovations include electric prostheses, myoelectric prostheses, and Cheetah sports prosthesis, which offer enhanced comfort, functionality, and smartphone connectivity through the Internet of Things. The geriatric population and chronic illnesses, including obesity and osteoarthritis, contribute significantly to the market growth.
Despite the benefits, challenges such as infections, deep vein thrombosis, and hesitation due to stigma persist. The distribution network, regulatory authorities, and economic well-being of individual patients influence the market dynamics. Public-private funding and strategic movements by professionals in healthcare facilities are essential to expanding access to lower extremity orthopedic prosthetics. The usage of prosthetics is expected to increase as healthcare budgets allocate more resources to patient health and upgrading lifestyles.
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The Lower extremity orthopedic prosthetics segment was valued at USD 1865.90 million in 2018 and showed a gradual increase during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market In the Americas is experiencing growth due to the rising prevalence of chronic illnesses, such as diabetes and peripheral vascular diseases, which increase the need for artificial limbs. In the US, the geriatric population, with over 48 million individuals aged 65 and above, is a significant contributor to this market. Trauma cases, including road accidents, also drive demand for orthopedic prosthetic devices. Lower extremity prosthetics, including advanced solutions like Cheetah sports prosthesis and electric prostheses, dominate the market due to the high incidence of lower-extitamyelitisemity amputations. The distribution network, healthcare budgets, and healthcare facilities are essential factors influencing market growth.
Product innovations, such as myoelectric prostheses and prosthetics with Bluetooth connectivity and smartphone compatibility, offer improved comfort and convenience to individual patients. The usage of prosthetics is also increasing due to the upgrading lifestyles and the desire for economic well-being. However, challenges like infections, deep vein thrombosis, limited infrastructural facilities, and hesitation due to stigma remain. The market is expected to grow further with regulatory approvals, public-private funding, and reimbursement scenarios. The Internet of Things (IoT) and the increasing internet penetration rate are also influencing market trends.
Our researchers analyzed the data with 2023 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.
Growing number of trauma, accident cases, and birth defects is the key driver of the market.
Growing focus on customized orthopedic prosthetics is the upcoming market trend.
What challenges does the Orthopedic Prosthetics Industry face during its growth?
High cost of prosthetics is a key challenge affecting the industry growth.
Exclusive Customer Landscape
The orthopedic prosthetics market forecasting 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 orthopedic prosthetics market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, orthopedic prosthetics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
Advanced Arm Dynamics Inc. - The company provides orthopedic prosthetics solutions for upper and lower limbs under the brands Cappful and Caproq. These brands cater to the needs of amputees with advanced and innovative prosthetic devices. Cappful focuses on upper limb prosthetics, offering functional, cosmetic, and body-powered solutions. Caproq, on the other hand, specializes in lower limb prosthetics, providing microprocessor-controlled, body-powered, and hybrid alternatives. The company's commitment to research and development ensures continuous improvement and expansion of its product offerings.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Orthopedic prosthetics refer to artificial limbs or devices designed to replace or support missing or damaged body parts, primarily In the lower extremities. These devices play a crucial role in enhancing the mobility and quality of life for individuals dealing with various conditions, including accidental injuries, chronic illnesses, and age-related issues. The market is driven by several factors. The increasing prevalence of conditions necessitating the use of prosthetics, such as osteoarthritis and trauma cases, is a significant factor. Additionally, the aging population and the rising obesity and diabetes rates contribute to the market's growth. The comfort and functionality of prosthetic devices are essential considerations for both patients and professionals.
Advancements in material science have led to the development of more lightweight and durable prosthetic materials, improving patient comfort and functionality. Furthermore, the integration of technology, such as Bluetooth connectivity and smartphone applications, enables better communication between patients and healthcare providers, enhancing the overall patient experience. Despite these advancements, challenges persist In the market. Regulatory authorities' stringent approval processes and limited infrastructural facilities can hinder market growth. Moreover, the high cost of orthopedic prosthetics and the associated healthcare expenses can create hesitation for some individuals, particularly those in economically disadvantaged communities. The distribution network for orthopedic prosthetics is also evolving, with a shift towards public-private partnerships and strategic movements towards expanding access to these devices.
This includes initiatives to increase the availability of prosthetics in healthcare facilities and the development of more efficient and cost-effective manufacturing processes. Product innovations continue to shape the market, with a focus on creating more personalized and customizable devices. Myoelectric prostheses, which use electrical signals from the user's muscles to control the device, offer increased functionality and improved patient satisfaction. Similarly, electric prostheses and lower extremity prosthetics are becoming more advanced, enabling users to perform daily activities more effectively. The usage of prosthetics is also influenced by societal perceptions and stigma. Efforts to raise awareness and reduce the stigma surrounding the use of prosthetics can help increase adoption rates and improve the overall well-being of individuals who require these devices.
In conclusion, the market is driven by various factors, including demographic trends, technological advancements, and regulatory considerations. Despite challenges, the market continues to grow, with a focus on creating more functional, comfortable, and accessible prosthetic devices for individuals in need.
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.05% |
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Market growth 2024-2028 |
USD 871.9 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.07 |
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Key countries |
US, Germany, China, UK, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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