USD 8.64 Billion
Orthopedic Prosthetics Market Size, Share, Growth Analysis, By Product Type(Orthotics (Upper limb, Lower limb, Spinal), Prosthetics (Upper Extremity), By Application(Hospitals, Prosthetic Clinics, Rehabilitation Centers, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2801 |
Region:
Global |
Published Date: June, 2024
Pages:
219
|Tables:
69
|Figures:
75
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
Largest Segment
Orthotics
Fastest Growth
Orthotics
Growth Rate
8.64% CAGR
Orthopedic Prosthetics Market ($ Bn)
Country Share for North America Region (%)
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Orthopedic Prosthetics Market Segmental Analysis
The global orthopaedic prosthetics market is segmented by product type, application, and region. Based on product type, the market can be segmented into Orthotics (Upper limb, Lower limb, Spinal), Prosthetics (Upper Extremity, Lower Extremity, Liners, Sockets, Modular Components). Based on application, the market is segmented into Hospitals, Prosthetic Clinics, Rehabilitation Centers, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product type
In the global Orthopaedic Prosthetics market, among the types mentioned - Lower Extremity Prosthetics, Upper Extremity Prosthetics, Liners, Modular Components, and Socket - the dominant type is Lower Extremity Prosthetics. Lower extremity prosthetics refer to artificial limbs designed to replace a part or the entire lower limb, including feet, ankles, and legs. They are widely used to restore mobility and functionality for individuals with limb loss or limb impairment.
On the other hand, the fastest-growing type in the global Orthopaedic Prosthetics market is Upper Extremity Prosthetics. Upper extremity prosthetics include artificial limbs designed to replace parts or the entire upper limb, including hands, wrists, and arms. This segment is experiencing significant growth due to advancements in technology and innovations in upper limb prosthetic devices
Analysis by Application
Among the applications of the global Orthopaedic Prosthetics market, the most dominant category is Hospitals. Hospitals play a crucial role in providing orthopaedic prosthetics to patients in need of such devices. They are equipped with specialised orthopaedic departments and have the necessary infrastructure to diagnose, treat, and rehabilitate patients requiring orthopaedic prosthetics. Therefore, hospitals serve as the primary channel for the procurement and distribution of orthopaedic prosthetics, making them the dominant application segment in the market.
Regarding the fastest-growing application, Rehabilitation Centers have shown significant growth in the global Orthopaedic Prosthetics market. Rehabilitation centres focus on providing comprehensive care and therapy to patients recovering from orthopaedic conditions or surgeries. These centres specialise in offering rehabilitation services, including physical therapy and occupational therapy, to individuals who require orthopaedic prosthetics to regain mobility and functionality. The increasing awareness and emphasis on post-surgical rehabilitation, coupled with advancements in rehabilitation techniques, have contributed to the rapid growth of the Rehabilitation Centers segment in the market.
Analysis by Region
North America's dominance in the orthopaedic prosthetics market is driven by advanced healthcare infrastructure, substantial R&D investments, and high adoption rates of innovative technologies. The region benefits from a strong presence of leading prosthetics manufacturers and favorable reimbursement policies, which collectively enhance access to cutting-edge prosthetic solutions and support market growth.
Asia Pacific is the fastest-growing market for orthopedic prosthetics due to its expanding elderly population, rising incidences of osteoarthritis and diabetes, and increasing healthcare expenditure. Additionally, advancements in medical technology, growing awareness about prosthetic solutions, and supportive government initiatives are driving market growth in the region, making it a lucrative area for orthopedic prosthetics.
Orthopedic Prosthetics Market By Product Type
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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.
Orthopedic Prosthetics Market By Product Type
- 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 |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
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.
Orthopedic Prosthetics Market Report Snapshots
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