Global Orthopedic Prosthetics Market

Orthopedic Prosthetics Market Size, Share, Growth Analysis, By Product Type(Upper Extremity Prosthetics, Lower Extremity Prosthetics), By Technology(Conventional/Standard Prosthetics, Electric-Powered Prosthetics), By End-User(Hospitals, Orthopedic Clinics) - Industry Forecast 2024-2031


Report ID: SQMIG35A2801 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 93 | Figures: 76

Orthopedic Prosthetics Market Insights

Global Orthopedic Prosthetics Market size was valued at USD 8.64 Billion in 2022 and is poised to grow from USD 9.39 Billion in 2023 to USD 18.21 Billion by 2031, at a CAGR of 8.64% during the forecast period (2024-2031).

The global orthopedic prosthetics marketplace is characterised through extensive growth propelled by using several factors. The growing occurrence of musculoskeletal disorders and stressful accidents, coupled with a growing ageing populace, is augmenting the demand for orthopedic prosthetics. Technological advancements, together with the integration of robotics and 3D printing, beautify the precision and customization of prosthetic gadgets. Moreover, a growing emphasis on improving affected person mobility excellence at the end of life fuels continuous innovation in prosthetic designs. However, demanding situations encompass the excessive value of superior prosthetics restraint to get right of entry to certain regions. Overall, the orthopedic prosthetics market exhibits a trajectory of sustained growth driven by way of evolving demographics and advancing technologies.

Market snapshot - 2024-2031

Global Market Size

USD 8.64 Billion

Largest Segment

Lower Extremity Prosthetics

Fastest Growth

Lower Extremity Prosthetics

Growth Rate

8.64% CAGR

Global Orthopedic Prosthetics Market ($ Bn)
Country Share for North America Region (%)
Global Orthopedic Prosthetics Market By Technology ($ Bn)
Global Orthopedic Prosthetics Market By Technology (%)

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Orthopedic Prosthetics Market Segmental Analysis

The global Orthopedic Prosthetics market is segmented into four major segments i.e. by Product Type, Technology, End-User, and region. Based on Type, it is divided into Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets, Modular Components. Based on Technology, it is bifurcated as Conventional/Standard Prosthetics, Electric-Powered Prosthetics, Hybrid Prosthetics. Based on End-User it is segregated into Hospitals, Orthopedic Clinics, Rehabilitation Centers, and Prosthetic Clinics. Based on region, the market is segmented into United States, Canada, and Mexico.

Analysis by Type

Lower extremity prosthetics, consisting of prosthetic limbs and additives for the lower limbs, are often in better demand due to the superiority of lower limb amputations. Factors along with trauma, vascular diseases, and headaches associated with situations like diabetes make contributions to the want for decreased extremity prosthetics.

Electric-powered or bionic prosthetics are witnessing speedy advancements, presenting superior functionality and a greater herbal variety of movement. Increasing studies and development in robotics and synthetic intelligence contribute to the boom of electric-powered prosthetics, attracting the ones in search of progressed mobility and high-quality of life.

Analysis by Technology

Electric-powered or bionic prosthetics, leveraging advanced technology like robotics and sensors, are likely to dominate. These prosthetics offer more desirable capability, herbal movement, and improved user revel in, attractive to people looking for higher tiers of mobility and integration with every day activities.

The 3D printing era is gaining traction inside the orthopedic prosthetics market because of its ability to create customized and cost-powerful prosthetic devices. The generation allows for unique and affected person-unique designs, lowering production time and charges at the same time as presenting a tailor-made suit for users.

Global Orthopedic Prosthetics Market By Technology, 2022 (%)

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Orthopedic Prosthetics Market Regional Insights

North America, in particular the USA, is possibly to dominate the orthopedic prosthetics marketplace. The area has a well-hooked up healthcare infrastructure, high healthcare expenditure, and a substantial patient population with orthopedic situations. Continuous improvements in era and a sturdy awareness on research and development make a contribution to the dominance of North America.

Asia-Pacific is predicted to be the fastest-growing market for orthopedic prosthetics. Factors consisting of a huge populace base, growing awareness, and rising healthcare spending make contributions to the increase. Improvements in healthcare infrastructure, coupled with a growing incidence of orthopedic situations, are in all likelihood to force calls for prosthetic devices within the Asia-Pacific region.

Global Orthopedic Prosthetics Market By Geography, 2024-2031
  • Largest
  • Fastest

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Orthopedic Prosthetics Market Dynamics

Drivers

Increasing Population Worldwide, Coupled with Rise in Musculoskeletal Disorders

  • The aging populace global, coupled with an upward push in musculoskeletal disorders and worrying injuries, fuels the call for orthopedic prosthetics. Advancements in generation, specially the mixing of robotics and 3-d printing, decorate the precision and customization of prosthetic devices, providing advanced functionality and luxury for users.

Restraints

High Cost Associated with Advanced Prosthetic Technologies

  • One of the main market restraints is the high price associated with advanced prosthetic technologies poses a good sized restraint, restricting accessibility, specifically in areas with limited healthcare sources. Regulatory hurdles and approval procedures for brand spanking new prosthetic answers can hinder rapid marketplace entry, slowing down innovation.

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Orthopedic Prosthetics Market Competitive Landscape

The competitive surroundings of the Orthopedic Prosthetics marketplace is dynamic and is marked by means of the presence of key gamers striving to establish marketplace dominance. Technological innovation is a key competitive element, with businesses that specialize in improvements in substances, layout, and functionality to decorate consumers revel in. Emerging gamers, regularly characterised by way of niche services and innovative technologies, make a contribution to the competitive mix.

Top Player’s Company Profiles

  • Otto Bock Healthcare GmbH
  • Ossur
  • Zimmer Biomet
  • Stryker
  • Johnson & Johnson Services, Inc.
  • Medtronic
  • The Ohio Willow Wood Company
  • Blatchford Group
  • Touch Bionics Inc.
  • Hanger Inc.
  • Exatech Inc.
  • Arthrex Inc.
  • Smith & Nephew plc
  • DJO Global
  • Globus Medical Inc.
  • Rejoint
  • AlloSource
  • Braun Melsungen AG
  • ** RTI Surgical Inc.**
  • Wright Medical Group N.V.

Recent Developments

  • October 2023: Blatchford, a globally recognized prosthetics producer, has unveiled Tectus®, an modern orthotic device designed to empower people with partial decrease limb paralysis. This smart device allows more effortless, natural, and cushty strolling, instilling more self belief and protection in customers.

Orthopedic Prosthetics Key Market Trends

  • Rising Emphasis On Patient-Centric Design And Customization: The developing emphasis on patient-centric design and customization, driven by technological improvements which include 3-d printing and pc-aided layout. These technologies allow the introduction of personalized prosthetics, enhancing comfort and capability for personal users. Additionally, the mixing of clever and sensor technologies into orthopedic prosthetics is at the upward thrust, providing real-time records comments.

Orthopedic Prosthetics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global Orthopedic Prosthetics market evaluation is a dynamic marketplace with some standout traits and problems. The marketplace is driven by means of an aging population, rising musculoskeletal disorders, and technological advancements like three-D printing. However, excessive fees, regulatory complexities, and mental limitations restrain marketplace growth. Lower extremity prosthetics dominate, emphasizing demand for superior mobility answers. North America leads with hooked up healthcare infrastructure, whilst Asia-Pacific vicinity showcases speedy growth because of growing awareness and healthcare spending. Key traits encompass customized design through 3D printing, integration of smart technology, and the convergence of orthopedic prosthetics with wearables, reflecting a dedication to innovation and progressing patient effects globally.

Report Metric Details
Market size value in 2022 USD 8.64 Billion
Market size value in 2031 USD 18.21 Billion
Growth Rate 8.64%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets, and Modular Components
  • Technology
    • Conventional/Standard Prosthetics, Electric-Powered Prosthetics, and Hybrid Prosthetics
  • End-User
    • Hospitals, Orthopedic Clinics, Rehabilitation Centers, and Prosthetic Clinics
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Otto Bock Healthcare GmbH
  • Ossur
  • Zimmer Biomet
  • Stryker
  • Johnson & Johnson Services, Inc.
  • Medtronic
  • The Ohio Willow Wood Company
  • Blatchford Group
  • Touch Bionics Inc.
  • Hanger Inc.
  • Exatech Inc.
  • Arthrex Inc.
  • Smith & Nephew plc
  • DJO Global
  • Globus Medical Inc.
  • Rejoint
  • AlloSource
  • Braun Melsungen AG
  • ** RTI Surgical Inc.**
  • Wright Medical Group N.V.
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Orthopedic Prosthetics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Orthopedic Prosthetics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Orthopedic Prosthetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Orthopedic Prosthetics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Orthopedic Prosthetics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Orthopedic Prosthetics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Orthopedic Prosthetics Market size was valued at USD 8.64 Billion in 2022 and is poised to grow from USD 9.39 Billion in 2023 to USD 18.21 Billion by 2031, at a CAGR of 8.64% during the forecast period (2024-2031).

The competitive surroundings of the Orthopedic Prosthetics marketplace is dynamic and is marked by means of the presence of key gamers striving to establish marketplace dominance. Technological innovation is a key competitive element, with businesses that specialize in improvements in substances, layout, and functionality to decorate consumers revel in. Emerging gamers, regularly characterised by way of niche services and innovative technologies, make a contribution to the competitive mix. 'Otto Bock Healthcare GmbH', 'Ossur', 'Zimmer Biomet', 'Stryker', 'Johnson & Johnson Services, Inc.', 'Medtronic', 'The Ohio Willow Wood Company', 'Blatchford Group', 'Touch Bionics Inc.', 'Hanger Inc.', 'Exatech Inc.', 'Arthrex Inc.', 'Smith & Nephew plc', 'DJO Global', 'Globus Medical Inc.', 'Rejoint', 'AlloSource', 'Braun Melsungen AG', '** RTI Surgical Inc.**', 'Wright Medical Group N.V.'

The aging populace global, coupled with an upward push in musculoskeletal disorders and worrying injuries, fuels the call for orthopedic prosthetics. Advancements in generation, specially the mixing of robotics and 3-d printing, decorate the precision and customization of prosthetic devices, providing advanced functionality and luxury for users.

Rising Emphasis On Patient-Centric Design And Customization: The developing emphasis on patient-centric design and customization, driven by technological improvements which include 3-d printing and pc-aided layout. These technologies allow the introduction of personalized prosthetics, enhancing comfort and capability for personal users. Additionally, the mixing of clever and sensor technologies into orthopedic prosthetics is at the upward thrust, providing real-time records comments.

North America, in particular the USA, is possibly to dominate the orthopedic prosthetics marketplace. The area has a well-hooked up healthcare infrastructure, high healthcare expenditure, and a substantial patient population with orthopedic situations. Continuous improvements in era and a sturdy awareness on research and development make a contribution to the dominance of North America.

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