Global orthopedic prosthetics market -2024-2031

Global orthopedic prosthetics market -2024-2031

Global Orthopedic Prosthetics Market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing with a CAGR of YY % during the forecast period 2024-2031.

Orthopedic prosthetics are medical devices that are designed to replace missing or damaged bones and joints, thereby restoring mobility and functionality to individuals with musculoskeletal injuries or conditions. Orthopedic prosthetics play a crucial role in improving the quality of life for individuals who have experienced limb loss or limb impairment due to injury, disease, or congenital conditions.

These prosthetic devices are designed to replace or augment missing or damaged body parts, typically focusing on limbs such as arms or legs. Prosthetic devices enable individuals to pursue careers and engage in recreational activities they might have thought were no longer possible. This can lead to increased employment opportunities, educational pursuits, and an active lifestyle.

Market Dynamics: Drivers and Restraints

Rising the technological advancements

Continuous advancements in materials, design, and technology contribute to the development of more functional and comfortable orthopedic prosthetics. Innovations such as myoelectric control, sensors, and lightweight materials enhance the overall performance and user experience, driving the demand for newer prosthetic devices.

For instance, 3D printing has changed the face of orthopedics. It has enabled printable prosthetics that can be fully customized. For instance, this technology has transformed the design and fabrication of ankle-foot orthoses (AFOs). Traditionally, AFOs have been produced by using plaster casts, which is a time-and money-consuming process.

Additionally, smart sensor-enabled prosthetics with sensory feedback offer a sensation of flexing and landing the legs, giving the user the ability to walk quickly and comfortably. Adding movement by replacing a damaged body part is possible due to the use of a prosthesis, and adding sense to that movement is possible with haptics technology. Haptics helps in restoring the sense of touch by relaying force, pressure, and slip measurements to the user.

Market Dynamics: Restraint

High cost associated with the orthopedic prosthetics

The cost of advanced orthopedic prosthetics can be prohibitive, limiting access for some individuals. Despite advancements in technology, materials, and design, affordability remains a significant challenge, especially in regions with limited healthcare resources or without comprehensive insurance coverage.

High costs can pose a financial burden on individuals and their families, especially if they do not have adequate insurance coverage. This may result in delayed or foregone prosthetic treatments.

Cutting-edge technology often comes with a higher price tag. Patients may not have access to the latest and most advanced prosthetic devices due to the prohibitive costs, limiting their ability to benefit from technological advancements.

For instance, huge challenges face patients in need of advanced prosthetics, such as robotic devices, mainly due to cost. A myoelectric arm engineered to leverage a patient’s natural electromyographic (EMG) signals can cost up to $100,000, while some advanced above-knee prosthetics cost $70,000. Between rapid, soaring demand and a Ukrainian population who are unlikely to be able to afford technically advanced, expensive prosthetic limbs. Thus, the high cost of the products restrain the market growth.

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Segment Analysis

The global orthopedic prosthetics market is segmented based on product type, material, technology, end-user and region.

The lower extremity segment from the product type segment accounted for approximately 34.19% of share

Lower extremity orthopedic prosthetics involve the design and creation of artificial limbs for the legs, knees, ankles, and feet. These prosthetics aim to restore mobility and provide support for individuals who have undergone lower limb amputations. Lightweight materials such as carbon fiber and titanium are commonly used to ensure that the prosthetic limb is as light as possible without sacrificing strength.

Design considerations include stability, shock absorption, and alignment to mimic the natural movements of the leg during walking. Like upper extremity prosthetics, lower extremity prosthetics may include cosmetic covers or features to provide a more natural appearance. Cosmesis can contribute to the individual's sense of body image and confidence.

The rise of product launches helps to boost the segment growth. For instance, on Ovtober 16, 2023, Blatchford, the world-renowned prosthetics manufacturer, had launched Tectus, a life-changing intelligent orthotic device that enables people with partial lower limb paralysis to walk more easily, naturally and comfortably with increased confidence and safety.

Additionally, in November 2021, Ossur, a launched three new models of its iconic cheetah sports prosthesis, which had been designed for amputee athletes who are participating in specific athletic applications, including sprinting, distance running, and long jumping. Thus above factors helps to boost the segment growth.

Geographical Analysis

North America accounted for approximately 42.4% of the market share in 2022

The key factors driving the market's growth in North America due to well-established healthcare infrastructure, rising R&D spending by businesses and favorable reimbursement policies. Furthermore, the industry is expected to prosper due to the increased frequency of osteosarcoma and the rising rates of sports injuries.

For instance, according to American Cancer Society, estimated that, Osteosarcoma is not a common cancer. Each year, about 1,000 new cases of osteosarcoma are diagnosed in the United States. About half of these are in children and teens. Most osteosarcomas occur in children, teens, and young adults between the ages of 10 and 30. Teens are the most commonly affected age group, but people of any age can develop osteosarcoma. About 1 in 10 osteosarcomas occur in people older than 60.

Additionally, in the USA, it is estimated that 30 million children and adolescents participate in youth sport. High school athletes account for an estimated 2 million injuries, 500,000 doctors’ visits and 30,000 hospitalizations each year. Moreover, the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure helps to boost the region growth.

COVID-19 Impact Analysis

COVID-19 has had a significant impact on all aspects of orthopedic care and practice. The pandemic has affected outpatient clinics, emergency and elective surgery, rehabilitation, resident training, personnel management, use of personal protective equipment, telemedicine and all sub-specialties of orthopedics.

Orthopedic practice will require the incorporation of new technologies, restructuring of health systems and reorganizing of training programs for optimal patient care. There would also be a need for frequent review of emerging literature to provide evidence-based guidelines to the orthopedic fraternity which will not only help in mitigation of transmission of disease but also ensure continuity of optimum patient care.

Market Segmentation

By Product Type
• Upper Extremity
• Lower Extremity

By Material
• Carbon Fiber Prosthetics
• Silicone Prosthetics
• Plastic Prosthetics
• Metal Prosthetics

By Technology
• Electric Powered
• Hybrid Prosthetics
• Conventional

By End-User
• Hospitals and Clinics
• Orthopedic Clinics
• Home-Use Prosthetics
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Zimmer Biomet Inc, B Braun SE, Esper Bionics, Smith & Nephew, Willow Wood Global LLC, Steeper Group, Ossur, Otto Bock, Mobius Bionics, Blatchford Limited and among others.

Why Purchase the Report?
• To visualize the global orthopedic prosthetics market segmentation based on product type, material, technology, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of orthopedic prosthetics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global orthopedic prosthetics market report would provide approximately 69 tables, 58 figures and 187 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies