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The orthopedic prosthetics market is estimated to grow by USD 756.75 million at a CAGR of 5.55% between 2022 and 2027. The demand for orthopedic prosthetics is on the rise due to several factors. There is an increasing number of trauma, accident cases, and birth defects where individuals lose body parts such as elbows, limbs, feet, and toes, necessitating the use of artificial limbs for rehabilitation. This has led to a growing demand for orthopedic prosthetics in hospitals, clinics, and rehabilitation centers, where individuals receive treatment and care after losing body parts. The availability of advanced prosthetic technologies and materials further enhances the quality of life for individuals with limb loss, driving the demand for these devices.
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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 the Rest of the World (ROW)).
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 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 1.83 billion in 2017. The 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. They 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.
Companies 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 companies, including:
The market is witnessing significant growth due to the increasing number of orthopedic surgeries and the rising usage of prosthetics in treating trauma cases and accidental injuries. Technological advancements have led to the development of innovative prosthetic devices, easing the burden of conditions like osteosarcoma and osteoarthritis. Product launches such as the Cheetah sports prosthesis and electric prostheses have improved the quality of life for individuals, especially those affected by road accidents. The market serves a diverse population, including people with missing limbs, babies born with missing body parts, and aging individuals experiencing bone density issues. Manufacturers, researchers, and regulatory bodies play a crucial role in ensuring the safety and efficacy of these orthopedic prosthetic devices. The market is also influenced by the overweight population and the prevalence of obesity, which can lead to increased demand for prosthetic solutions. 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.
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 an optimal fit, these prosthetics are designed to work in tandem with custom-made sockets. Today, manufacturers offer electrically powered and hybrid orthopedic prosthetics thanks to technological advancements. These advancements are particularly beneficial for orthopedic surgeries and trauma cases, where they play a crucial role in restoring mobility and quality of life for individuals with accidental injuries or osteosarcoma. Companies like Blatchford, Ossur, Ottobock Healthcare, Fillauer, and Ohio Willow Wood are prioritizing modern technologies in their prosthetic manufacturing for all types of patients. For example, Ossur produces innovative products like Pro-Flex, New Form Fit, and Unloader Hip, which feature groundbreaking technologies. Ottobock Healthcare offers a range of prosthetics including body-powered, pediatric, and myoelectric options. One of their notable products is the X3, which is hailed as the world's most technologically advanced microprocessor prosthetic leg, developed in partnership with the US military. This device is waterproof, includes an automatic sleep mode, and boasts superior battery life.
Major Market Trend
The emergence of mind-controlled humonics is the primary trend in the market. Mind-controlled humonics solutions are the future. 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 can 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.
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 these products. Also, the cost varies depending on the level of amputation and the type chosen.
The average cost of electricity-powered orthopedic prosthetics ranges between USD 40,000 and USD 60,000. The cost of upper extremity ranges between USD 3,000 and USD 60,000. For instance, the cost of the Michelangelo electronic hand is around USD60,000. Thus, the high cost can become a major challenge for the growth of the market during the forecast period.
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 Market Customer Landscape
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 is witnessing substantial growth driven by factors such as the increasing demand for orthopedic prosthetic devices and product innovations. Technologies like CAD/CAM and smartphone connectivity are enhancing the comfort of patients and improving patient health. The market is also influenced by the rising burden of osteosarcoma and the growing geriatric population. However, challenges such as limited infrastructural facilities, Lower Extremity Prosthetics, and hesitation among individuals pose restraints. Regulatory authorities and public-private funding play crucial roles in the Patient epidemiology, ensuring product approvals and maintaining a favorable regulatory framework. Strategic movements by Orthopedic Prosthetic Companies are shaping the market's growth trajectory, catering to the evolving needs of patients and professionals alike.
The market is witnessing significant growth driven by factors such as the rising prevalence of chronic illnesses and the increasing adoption of Myoelectric prostheses. CAD/CAM technology and Material science advancements have led to innovative solutions, enhancing the popularity of the devices. However, challenges like stigma and Trade regulations hinder market growth. The market is also influenced by factors such as economic well-being and healthcare budgets, impacting the Reimbursement scenario and Distribution network. The integration of the Internet of Things (IoT) and Bluetooth technology is revolutionizing the industry, improving patient outcomes and upgrading lifestyles.
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 companies, Market Positioning of companies, 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 Forecasting, 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 market 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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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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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