Orthopedic prosthetics is an artificial bone substitute or replacement in different areas of the body. Hip, shoulder, elbow, wrist, leg, among others are the typical orthopedic prosthetic devices. Orthopedic prosthetics refers to the field of identification, design, manufacture and fitting of custom-made artificial limbs in patients with missing part of limbs lost due to trauma, illness, or congenital condition. These prosthetics to a significant extent resemble natural limbs, and it is not easy to identify. Increasing demand for orthopedic prosthetics, combined with increased incidence of trauma/accidental accidents, drives the development of the global market for orthopedic prosthetics.
As per the report, the global demand for orthopedic prosthetics market was valued at approximately USD 1707.3 million in 2018 and is expected to generate revenue of around USD 2601.6 million by end of 2025, growing at a CAGR of around 5.6% between 2019 and 2025.
In recent years, orthopedic prosthetics industry has seen significant advancements in designing and manufacturing techniques. The products have improved comfort, usability, and wear and tear resistance. Vast developments in CAD/CAM technology and material science has contributed to market growth. The growth of the worldwide orthopedic prosthetics industry is driven mainly by increased incidence of trauma/accidental injury. The introduction of custom-made implant products, increased demand for sophisticated orthopedic prosthetics, favorable reimbursement of orthopedic prosthetics, increased prevalence of lifestyle associated diseases and disorders, increased concentrate on cost containment and distribution and collaboration agreements to upsurge the reach of product will boost the growth of the market. However, the high cost of products could hamper the market growth in developing economies over the forecast period.
The market for orthopedic prosthetics is classified on the basis of product, technology type, end-users, and region. Based on the product, the market for orthopedic prosthetics is divided into lower extremity prosthetics, liners, upper extremity prosthetics, sockets, and modular components. The upper extremity prosthetics segment is further segmented into shoulder prosthetics, hand prosthetics, and elbow prosthetics. The lower extremity prosthetics segment is classified into knee prosthetics, foot & ankle prosthetics, and hip prosthetics. Lower extremity prosthetics product type segment is anticipated to experience comparatively greater growth rate in terms of revenue. By technology type, the market is segmented into electric powered, conventional and hybrid orthopedic prosthetics. Among which the electric powered segment is anticipated to dominate the market over the forecast period. On the basis of end-users, the market is bifurcated into rehabilitation center, prosthetic clinics, hospitals, and others.
North America dominated the market in 2018 due to a high level of consciousness, affordability, increasing geriatric population, and increase in healthcare spending. Whereas the Asia Pacific market is likely to grow at highest CAGR during the forecast period owing to rising expenditure on healthcare and wellness coupled with rising disposable incomes.
The major players involved in the global orthopedic prosthetics market are Hanger Inc., Johnson & Johnson, The Ohio Willow Wood Co., Blackford Inc., Ossur, Zimmer Biomet Holdings Inc., Smith & Nephew plc., B. Braun Melsungen AG, Fillauer LLC., and Otto Bock Healthcare GmbH.
This report segments the global orthopedic prosthetics market as follows:
Global Orthopedic Prosthetics Market: Type Segment Analysis
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Modular Components
Global Orthopedic Prosthetics Market: Technology Type Segment Analysis
- Electric Powered
- Hybrid Orthopedic Prosthetics
Global Orthopedic Prosthetics Market: End-users Segment Analysis
- Rehabilitation Center
- Prosthetic Clinics
Global Orthopedic Prosthetics Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa