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Orthopedic Prosthetics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, China, UK, Canada - Size and Forecast 2024-2028

Orthopedic Prosthetics Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, China, UK, Canada - Size and Forecast 2024-2028

Published: Aug 2024 168 Pages SKU: IRTNTR43428

Market Overview at a Glance

$871.9 Mn
Market Opportunity
6.05%
CAGR
5.07
YoY growth 2023-2024(%)

Orthopedic Prosthetics Market Size 2024-2028

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 market is witnessing significant growth due to the rising number of trauma cases, accidents, and birth defects. This increasing prevalence of orthopedic conditions is driving market demand for prosthetic solutions. Additionally, the trend towards customized prosthetics is gaining traction as patients seek personalized solutions to meet their unique needs. However, the high cost of prosthetics remains a major challenge for both patients and healthcare providers, limiting market growth. Despite this, advancements in technology and materials are expected to drive down costs and improve the overall quality of prosthetics, making them more accessible to a wider population.

    • What will be the Size of the Orthopedic Prosthetics Market During the Forecast Period?

    Orthopedic Prosthetics Market Size

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  • The market encompasses the production and distribution of orthopedic prosthetic devices designed to replace or support missing or damaged limbs or joints. Driven by the increasing prevalence of orthopedic surgeries due to trauma cases and accidental injuries, the market is experiencing significant growth. Osteosarcoma and osteoarthritis are among the leading conditions necessitating the usage of these devices. Technological advancements, such as cheetah sports prostheses and electric prostheses, are revolutionizing the field, offering enhanced mobility and functionality. Road accidents and vehicle-related injuries are also contributing factors, as is the growing burden of chronic conditions like diabetes and the aging population. With the world population continuing to increase and the prevalence of bone density issues, the demand for orthopedic prosthetic devices is expected to remain robust among individual patients.
  • Medical science's ongoing progress in creating more advanced, personalized prosthetics is further fueling market growth. The market for lower extremity prosthetics, artificial limbs, and orthopedic prosthetic devices caters to a diverse range of patients, including those affected by obesity and overweight population.

    • How is this Orthopedic Prosthetics Industry segmented and which is the largest segment?

    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.

    • Product
      • Lower extremity orthopedic prosthetics
      • Upper extremity orthopedic prosthetics
    • Technology
      • Conventional
      • Electric-powered
      • Hybrid
    • Geography
      • North America
        • Canada
        • US
      • Europe
        • Germany
        • UK
      • Asia
        • China
      • Rest of World (ROW)

      By Product Insights

      • The lower extremity orthopedic prosthetics segment is estimated to witness significant growth during the forecast period.

      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.

      Orthopedic Prosthetics Market Size

      Get a glance at the  Orthopedic Prosthetics Industry report of share of various segments Request Free Sample

      The Lower extremity orthopedic prosthetics segment was valued at USD 1865.90 million in 2018 and showed a gradual increase during the forecast period.

      Regional Analysis

      • North America is estimated to contribute 33% 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.

      Orthopedic Prosthetics Market Share by Geography

      For more insights on the market share of various regions, Request Free Sample

      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.

      Market Dynamics

      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.

      What are the key market drivers leading to the rise In the adoption of Orthopedic Prosthetics Industry?

      Growing number of trauma, accident cases, and birth defects is the key driver of the market.

    • The market In the US is driven by various factors, including the increasing burden of chronic illnesses such as diabetes, osteoarthritis, and obesity, leading to a higher incidence of accidental injuries and the need for orthopedic prosthetic devices. According to the Centers for Disease Control and Prevention (CDC), approximately 29.1 million Americans have diabetes, and diabetes is the leading cause of non-traumatic lower-limb amputations. Additionally, the geriatric population, with its higher bone density issues and susceptibility to falls, also contributes significantly to the demand for orthopedic prosthetics. The market for orthopedic prosthetics is witnessing significant product innovations, with advancements in material science leading to the development of lightweight and durable prosthetic limbs.
    • The use of polymer materials and the integration of Bluetooth and smartphone connectivity through the Internet of Things (IoT) are making prosthetics more comfortable for patients and improving their economic well-being by reducing healthcare costs associated with infections and deep vein thrombosis. Despite these advancements, challenges remain, including hesitation among individual patients due to the stigma associated with using prosthetics and limited infrastructural facilities in some healthcare facilities. Regulatory authorities are working to address these challenges through public-private funding and reimbursement scenarios that incentivize the usage of orthopedic prosthetics. The distribution network for orthopedic prosthetics is expanding, with healthcare facilities and professionals increasingly recognizing the importance of upgrading lifestyles and improving patient health through the use of advanced orthopedic prosthetic devices.
    • The market is expected to continue growing, with the increasing prevalence of accidental injuries and chronic illnesses, the aging population, and the ongoing development of new and innovative products.

      • What are the market trends shaping the Orthopedic Prosthetics Industry?

      Growing focus on customized orthopedic prosthetics is the upcoming market trend.

    • The market is witnessing significant growth due to the increasing burden of chronic illnesses such as diabetes, osteoarthritis, and obesity, leading to a higher demand for artificial limbs. Accidental injuries, including road accidents and trauma cases, also contribute to the market's expansion. The geriatric population's increasing size and the resulting need for Lower Extremity Prosthetics are also driving market growth. Customized prosthetics, including Cheetah sports prosthesis and myoelectric prostheses, are gaining popularity due to their superior functionality and comfort for individual patients. Electric prostheses and Bluetooth-enabled prosthetics with smartphone connectivity are also in demand, as they offer increased convenience and ease of use.
    • The distribution network for orthopedic prosthetic devices is expanding, with healthcare facilities and professionals playing a crucial role In the market's growth. Public-private funding and regulatory authorities' reimbursement scenarios are essential factors influencing the market dynamics. Material science innovations, including the use of polymer materials and product upgrades, are also contributing to the market's growth. However, challenges such as infections, deep vein thrombosis, and the stigma associated with using prosthetics remain concerns. The Internet of Things (IoT) and the increasing internet penetration rate are expected to revolutionize the market with advanced technologies such as remote monitoring and telemedicine.
    • The economic well-being of patients and healthcare budgets are essential considerations for market growth. Overall, the market is poised for growth due to the increasing demand for customized prosthetics and advancements in medical science and technology.

      • What challenges does the Orthopedic Prosthetics Industry face during its growth?

      High cost of prosthetics is a key challenge affecting the industry growth.

    • The market is witnessing steady growth due to various factors, including the increasing prevalence of accidental injuries, chronic illnesses such as diabetes and osteoarthritis, and the aging population. However, the high cost of prosthetics remains a significant barrier to market expansion, particularly in developing countries. For instance, a basic lower extremity prosthetic leg can cost between USD10,000 and USD100,000, depending on the level of amputation and type of prosthetics chosen. Electric prostheses, such as myoelectric and Cheetah sports prostheses, can cost even more, ranging from USD40,000 to USD60,000. The burden of diseases like osteosarcoma and the need for orthopedic surgeries further increase the demand for prosthetic devices.
    • The distribution network and public-private funding play a crucial role in making prosthetics affordable and accessible to individual patients. Medical science advancements in material science, product innovations, and the usage of smartphone connectivity through the Internet of Things are upgrading lifestyles and improving patient health. However, the risk of infections, deep vein thrombosis, and hesitation due to the stigma associated with prosthetics can limit the adoption rate. The regulatory authorities' reimbursement scenario and economic well-being of healthcare facilities also impact the market dynamics. The geriatric population's increasing need for orthopedic prosthetic devices and the obesity and overweight population's higher susceptibility to injuries further fuel market growth.
    • Despite these factors, the high cost of prosthetics remains a significant challenge.

      • 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.

      Orthopedic Prosthetics Market Share by Geography

       Customer Landscape

      Key Companies & Market Insights

      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:

      • Advanced Arm Dynamics Inc.
      • Arthrex Inc.
      • Artificial Limbs Manufacturing Corp. of India
      • B.Braun SE
      • Blatchford Ltd.
      • Exactech Inc.
      • Fillauer LLC
      • Globus Medical Inc.
      • Hanger Inc
      • Johnson and Johnson Services Inc.
      • LeTourneau Prosthetics and Orthotics
      • Orthotic and Prosthetic Lab Inc
      • Ossur hf
      • Ottobock SE and Co. KGaA
      • RTI Surgical Inc.
      • Smith and Nephew plc
      • Steeper Inc.
      • Stryker Corp.
      • WillowWood Global LLC
      • Zimmer Biomet Holdings Inc.

      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.

      Research Analyst Overview

      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.

      Market Scope

      Report Coverage

      Details

      Page number

      168

      Base year

      2023

      Historic period

      		 2018-2022

      Forecast period

      2024-2028

      Growth momentum & CAGR

      Accelerate at a CAGR of 6.05%

      Market growth 2024-2028

      USD 871.9 million

      Market structure

      Fragmented

      YoY growth 2023-2024(%)

      5.07

      Key countries

      US, Germany, China, UK, and Canada

      Competitive landscape

      Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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      What are the Key Data Covered in this Orthopedic Prosthetics Market Research and Growth Report?

      • CAGR of the Orthopedic Prosthetics industry during the forecast period
      • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
      • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
      • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
      • Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
      • Thorough analysis of the market’s competitive landscape and detailed information about companies
      • Comprehensive analysis of factors that will challenge the orthopedic prosthetics market growth of industry companies

      We can help! Our analysts can customize this orthopedic prosthetics market research report to meet your requirements.

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      Table of Contents not available.

      Research Methodology

      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

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases

      DATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts

      REPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape

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      Frequently Asked Questions

      Orthopedic Prosthetics market growth will increase by $ 871.9 mn during 2024-2028.

      The Orthopedic Prosthetics market is expected to grow at a CAGR of 6.05% during 2024-2028.

      Orthopedic Prosthetics market is segmented by Product( Lower extremity orthopedic prosthetics, Upper extremity orthopedic prosthetics) Technology( Conventional, Electric-powered, Hybrid, South America, MEA)

      Advanced Arm Dynamics Inc., Arthrex Inc., Artificial Limbs Manufacturing Corp. of India, B.Braun SE, Blatchford Ltd., Exactech Inc., Fillauer LLC, Globus Medical Inc., Hanger Inc, Johnson and Johnson Services Inc., LeTourneau Prosthetics and Orthotics, Orthotic and Prosthetic Lab Inc, Ossur hf, Ottobock SE and Co. KGaA, RTI Surgical Inc., Smith and Nephew plc, Steeper Inc., Stryker Corp., WillowWood Global LLC, Zimmer Biomet Holdings Inc. are a few of the key vendors in the Orthopedic Prosthetics market.

      North America will register the highest growth rate of 33% among the other regions. Therefore, the Orthopedic Prosthetics market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

      US, Germany, China, UK, Canada

      • Growing number of trauma is the driving factor this market.
      • accident cases is the driving factor this market.
      • and birth defectsGlobally is the driving factor this market.
      • the number of trauma is the driving factor this market.
      • accidents is the driving factor this market.
      • and children born with birth defects is increasing at an alarming rate. People sometimes lose body parts such as elbows is the driving factor this market.
      • limbs is the driving factor this market.
      • feet is the driving factor this market.
      • and toes is the driving factor this market.
      • which requires replacement with artificial limbs. According to Annual United States Road Crash Statistics (ASIRT) is the driving factor this market.
      • more than 46 is the driving factor this market.
      • 000 people die in car crashes each year. Around 22% of all lower extremity amputation surgeries are caused by road accidents. Also is the driving factor this market.
      • around 9 is the driving factor this market.
      • 000 children undergo amputation surgeries due to lawnmower accidents in the US. Birth defects in newborns require lifelong use of orthopedic prosthetics. In Spain is the driving factor this market.
      • around 5 is the driving factor this market.
      • 000 amputation surgeries are performed each year due to accidents and birth defects. Due to the rise in the number of trauma is the driving factor this market.
      • accident cases is the driving factor this market.
      • and birth defects is the driving factor this market.
      • the demand for orthopedic prosthetics is increasing in hospitals is the driving factor this market.
      • prosthetics clinics is the driving factor this market.
      • and rehabilitation centers is the driving factor this market.
      • which provide treatment to people who have lost their body parts. Thus is the driving factor this market.
      • the growing number of trauma is the driving factor this market.
      • accident cases is the driving factor this market.
      • and birth defects is the major factor that is expected to drive the growth of the global orthopedic prosthetics market during the forecast period. is the driving factor this market.

      The Orthopedic Prosthetics market vendors should focus on grabbing business opportunities from the Lower extremity orthopedic prosthetics segment as it accounted for the largest market share in the base year.