USD 8.64 Billion
Report ID:
SQMIG35A2801 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
93 |
Figures:
76
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.
Global Market Size
USD 8.64 Billion
Largest Segment
Lower Extremity Prosthetics
Fastest Growth
Lower Extremity Prosthetics
Growth Rate
8.64% CAGR
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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.
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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.
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Drivers
Increasing Population Worldwide, Coupled with Rise in Musculoskeletal Disorders
Restraints
High Cost Associated with Advanced Prosthetic Technologies
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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
Recent Developments
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 |
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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 |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Orthopedic Prosthetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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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