Unleashing the potential within the orthopedic prosthetics sector is essential as the industry is set to flourish in the coming years. Our comprehensive market research report offers a deep-dive into this dynamic and fast-evolving market, providing key insights to guide strategic decision-making processes.
The increasing burden of orthopedic conditions and rising trauma cases and accidental injuries are significant factors driving the market's growth. Technological advancements and innovative product launches are further propelling market expansion. Despite potential constraints such as the high cost of prosthetic devices, the orthopedic prosthetics market holds strong future growth potential. Our report provides an in-depth analysis of market trends, key regional insights, competitor analysis and future prospects.
Through purchasing this report, you can gain a competitive edge, equipping your business with the knowledge and foresight needed to navigate the complexities of the orthopedic prosthetics market. Make an informed decision today and capitalize on the future trends shaping this vibrant industry.
From the initial period of the COVID-19 pandemic, orthopedic surgeries have been delayed, leading to a decline in the usage of prosthetics. As per data from the University of Birmingham, published in the British Journal of Surgery in May 2020, about 6.3 million orthopedic surgeries were postponed or canceled worldwide due to the pandemic. However, with the resumption of activities, a sudden upsurge in the consumption of prosthetics can be expected. Regulatory bodies such as the Centers for Disease Control and Prevention (CDC) provided various guidelines on managing surgical procedures during the pandemic. Therefore, the pandemic has had a significant impact on the market globally.
Certain factors driving the market's growth include increasing trauma cases and accidental injuries, technological advancements, and the rising burden of osteosarcoma. According to the statistics of the Arthritis Foundation, in 2021, more than 350 million people had arthritis globally. While the same data revealed that an estimated 30.8 million adults were found to be suffering from arthritis, and 14 million individuals in the United States were suffering from symptomatic knee osteoarthritis. By 2050, the number of adults in the United States with doctor-diagnosed osteoarthritis is projected to increase by 49% to 78.4 million, accounting for 25.9% of the total population. The number of adults reporting activity limitations due to arthritis will increase by 52%, to 34.6 million, by 2040. Therefore, owing to the high numbe of people suffering from orthopedic conditions, the market is expected to witnss strong growth in the coming years.
Product launches are key factors boosting the growth of the market. For instance, in November 2021, Össur, a global leader in innovative prosthetic and non-invasive orthopedic technologies, launched three new models of its iconic Cheetah sports prosthesis, which have been designed for amputee athletes participating in specific athletic applications, including sprinting, distance running, and long jumping. Such new launches in the market are contributing significantly to the market's growth.
However, the high cost of prosthetic devices is expected to hinder the market's growth in the future.
Orthopedic Prosthetics Market Trends
Electric Prostheses are Expected to Hold Significant Market Share During the Forecast PeriodElectric prostheses, also commonly known as myoelectric prostheses, are controlled using electric signals that are created by the body’s muscles. Owing to the COVID-19 pandemic, a major setback was observed in demand for electric prostheses. However, definite measures were taken by regulatory authorities. For instance, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) issued an alert in 2021 that all the state and local health authorities in the United States should consider orthopedic and prosthetic practices as an essential service that must remain accessible to patients in need of orthopedic and prosthetic care during the pandemic. Post the pandemic, a significant increase in the demand for electric prostheses is being observed.
These electric-powered prosthetics work by using the user’s existing muscles in the residual limb to control the functions of the prosthetic device itself. Technological advances in electric prostheses are further expected to drive the market. For instance, in August 2021, engineers at MIT and Shanghai Jiao Tong University designed a soft, lightweight, and potentially low-cost neuroprosthetic hand. This hand prosthetic can perform a wide range of daily activities, such as zipping a suitcase, shaking hands, and petting a cat. Hence, such innovations in electric prostheses are expected to fuel the market's growth.
As per data from the Ministry of Road Transport and Highways published in June 2022, around 2,300 road accidents occurred in India in the first six months of 2022. Traffic accidents often lead to severe injuries, which may support the demand for electric prostheses. Hence, these devices have become a great option for those who want a natural-looking prosthesis that utilizes the existing nerves for functional use.
Owing to such factors, the segment is expected to witness strong growth during the forecast period.
North America Expected to Continue Market Dominance During the Forecast PeriodThough the surgical procedures associated with orthopedics resumed during the pandemic, the number of COVID-19 cases also increased. In response to this, many centers, such as Fourroux Prosthetics, followed the guidelines of the Centers for Disease Control and Prevention and added safety measures while providing services to patients in the United States. Thus, as hospitals and other centers providing orthopedic treatment to patients followed these guidelines, steady growth was expected in the market post the COVID-19 pandemic.
The key factors driving the market’s growth in North America include the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American orthopedic prosthetics market include the use of new polymer materials and the development of prosthetic devices as per the functional needs of patients.
Manufacturers are concentrating on developing lightweight yet long-lasting orthopedic prosthetics to satisfy users’ needs. For instance, in February 2020, In2Bones Global Inc. introduced the ''Avenger Radial Head Prosthesis System'' in the US market. This product is used for primary and revision joint replacement of the radial head. Expansion of the company in the North American market and its new innovative products are among the factors aiding the growth of the market.
Key companies operating in the orthopedic prosthesis business are implementing strategic movements such as partnerships and acquisitions, which are augmenting the market's growth in the United States. For instance, in December 2021, WillowWood Global LLC entered a strategic partnership with Blue Sea Capital LLC, a growth-oriented private equity firm. This partnership will help increase funding for the company and create more innovative products.
Hence, owing to factors such as the introduction of novel products and strategic partnerships among key players, the market is expected to witness strong growth in the coming years.
Orthopedic Prosthetics Market Competitor AnalysisThe orthopedic prosthetics market is moderately competitive and consists of several major players. Companies like Fillauer LLC, Willow Wood Global LLC, Ossur, Mobius Bionics, and Blatchford Ltd hold substantial shares in the orthopedic prosthetics market. The companies are involved in strategic alliances such as acquisitions and collaborations to secure their positions in a globally competitive market.
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Number of Trauma Cases and Accidental Injuries
4.2.2 Technological Advancements
4.2.3 Rising Prevalence of Osteosarcoma
4.3 Market Restraints
4.3.1 Lack of Proper Reimbursement Policies
4.3.2 High Cost of Prosthetic Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 Upper Extremity Prosthetics
5.1.2 Lower Extremity Prosthetics
5.1.4 Other Products
5.2 By Technology
5.2.3 Hybrid Orthopedic Prosthetics
5.3 By End User
5.3.2 Prosthetic Centers
5.3.3 Other End Users
5.4 By Geography
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
5.4.5 South America
126.96.36.199 Rest of South America
6.1.1 Blatchford Limited
6.1.2 Fillauer LLC
6.1.3 Willow Wood Global LLC
6.1.4 Steeper Inc.
6.1.5 Mobius Bionics
6.1.6 Synergy Prosthetics
6.1.7 Human Technology Inc.
6.1.8 United Prosthetics Inc.
6.1.9 Coapt LLC
6.1.12 Ottobock Inc.
A selection of companies mentioned in this report includes:
- Blatchford Limited
- Fillauer LLC
- Willow Wood Global LLC
- Steeper Inc.
- Mobius Bionics
- Synergy Prosthetics
- Human Technology Inc.
- United Prosthetics Inc.
- Coapt LLC
- Ottobock Inc.