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The orthopedic prosthetics market size is forecast to increase by USD 871.9 million at a CAGR of 6.05% between 2023 and 2028. The market is experiencing significant growth due to the increasing number of trauma, accident cases, and birth defects worldwide. According to the World Health Organization, an estimated 30 million people require assistive products, including orthopedic prosthetics, due to disabilities caused by injuries or diseases. Moreover, there is a growing focus on customized orthopedic prosthetics to cater to individual patient requirements, leading to increased demand. However, the high cost of prosthetics remains a major challenge, limiting access to these essential devices for many individuals. Despite this, advancements in technology and materials are driving down costs and improving the quality of orthopedic prosthetics, making them more accessible and affordable.
The market is witnessing significant growth due to the increasing number of orthopedic surgeries and the usage of prosthetics in trauma cases caused by accidental injuries. The burden of diseases such as osteosarcoma and osteoarthritis is also driving the market growth. Advanced orthopedic prosthetic devices like Cheetah sports prosthesis and electric prostheses are gaining popularity among individuals with lower extremity amputations. The rising number of road accidents caused by vehicles is another major factor fueling the demand for orthopedic prosthetic devices. With an increasing world population and aging demographics, the number of patients requiring orthopedic prosthetics is expected to rise. Medical science continues to innovate, leading to the development of more advanced artificial limbs for individual patients. Additionally, the growing prevalence of diabetes, obesity, and bone density issues in the overweight population is further boosting the market growth.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2017 - 2021 for the following segments.
The lower extremity orthopedic prosthetics segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing prevalence of accidental injuries and chronic illnesses such as diabetes, obesity, and osteoarthritis in the aging population. The burden of diseases like osteosarcoma and the need for orthopedic surgeries have led to an increased demand for artificial limbs, including Lower Extremity Prosthetics, Electric prostheses, and Myoelectric prostheses. The comfort of individual patients is a key consideration, with advancements in material science using polymer materials to enhance durability and reduce the risk of infections. The distribution network for orthopedic prosthetic devices is expanding, driven by healthcare budgets and the economic well-being of patients.
Moreover, healthcare facilities are investing in advanced medical equipment, including those that incorporate the Internet of Things (IoT) and Bluetooth technology to improve patient health and reduce the risk of complications like deep vein thrombosis. The limited infrastructural facilities in some regions, however, pose a challenge. Product innovations, including Cheetah sports prosthesis, are addressing these challenges and improving the overall quality of life for patients. Public-private funding and the increasing internet penetration rate are expected to further fuel market growth.
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The lower extremity orthopedic prosthetics segment was valued at USD 1.86 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Orthopedic prosthetics refer to artificial limbs designed to replace missing body parts, primarily used by individuals with trauma cases due to road accidents or other injuries. Regulatory authorities play a crucial role in ensuring the safety and efficacy of these devices through stringent approval processes. The reimbursement scenario varies across regions, impacting the usage of prosthetics. As lifestyles upgrade, there is a growing emphasis on advanced prosthetic solutions. Smartphone connectivity is increasingly being integrated into prosthetics, enabling users to monitor and control their devices remotely. According to statistics, the number of trauma cases resulting in amputations is on the rise, fueling the demand for orthopedic prosthetics. The stigma surrounding prosthetics is gradually diminishing, leading to increased acceptance and usage in various sectors. Strategic movements by key players in the market are focusing on innovation and affordability to cater to the evolving needs of consumers.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing number of trauma, accident cases, and birth defects is the key driver of the market. The global market for orthopedic prosthetics is witnessing significant growth due to the increasing burden of accidents, injuries, and chronic illnesses leading to the need for artificial limbs. According to the Annual United States Road Crash Statistics (ASIRT), over 46,000 people lose their lives in car crashes each year, resulting in approximately 22% of all lower extremity amputation surgeries. Additionally, around 9,000 children undergo amputation surgeries due to lawnmower accidents in the US. Birth defects also contribute to the demand for orthopedic prosthetics, with around 5,000 amputation surgeries performed annually in Spain due to accidents and congenital conditions. Moreover, the aging population is another significant factor driving the market's growth.
Moreover, as per the World Health Organization (WHO), the global geriatric population is projected to reach 1.5 billion by 2050. This demographic shift increases the prevalence of age-related conditions such as osteoarthritis, bone density loss, and obesity, leading to a higher need for orthopedic prosthetic devices. The economic well-being of individuals and healthcare budgets also play a crucial role in the market's growth. The increasing per capita expenditure on medical equipment and the availability of public-private funding for healthcare facilities are expected to boost the market's expansion. Product innovations in orthopedic prosthetics, such as Cheetah sports prosthesis, electric prostheses, and myoelectric prostheses, are providing greater comfort and functionality to patients.
Furthermore, the integration of advanced technologies like Bluetooth, the Internet of Things (IoT), and polymer materials is enhancing the overall performance and durability of orthopedic prosthetic devices. Despite these advancements, challenges such as hesitation among patients due to social stigma, infections, and limited infrastructural facilities remain. However, the increasing internet penetration rate and distribution networks are enabling greater access to orthopedic prosthetics, ensuring better patient health and improved quality of life.
Growing focus on customized orthopedic prosthetics is the upcoming trend in the market. The market is witnessing significant growth due to the increasing burden of chronic illnesses, accidents, and the aging population. Customized prosthetics, which are fabricated according to individual requirements, are gaining popularity in the market. These prosthetics offer enhanced functionality and comfort to patients, especially those with osteoarthritis, diabetes, obesity, and injuries. Leading companies, such as Ossur and Ohio Willow Wood, are focusing on developing customized prosthetics using advanced material science and product innovations. Ossur provides intuitive, mind-controlled, and patient-centric prosthetics, including electric and myoelectric prostheses, while Ohio Willow Wood offers customized liners for optimal fit. The distribution network for orthopedic prosthetic devices is expanding, with healthcare facilities and professionals increasingly recognizing their importance in improving patient health and economic well-being.
However, challenges such as limited infrastructural facilities, hesitation among patients due to stigma, and the risk of infections and deep vein thrombosis remain. The market is also being influenced by the Internet of Things and the increasing internet penetration rate, enabling remote monitoring and control of prosthetics. Public-private funding and per capita expenditure on medical equipment are other factors impacting the market's growth.
High cost of prosthetics is a key challenge affecting market growth. The global market is experiencing significant growth due to the increasing burden of chronic illnesses, such as diabetes and osteoarthritis, and accidental injuries leading to amputations. However, the high cost of orthopedic prosthetic devices, including artificial limbs for the lower and upper extremities, is a major challenge hindering market expansion, particularly in developing countries. The cost of these devices varies greatly depending on the type, level of amputation, and technology used. For instance, a basic prosthetic leg can cost up to USD 10,000, while advanced prosthetic legs can exceed USD 100,000. Electric prostheses, such as Cheetah sports prosthesis, and myoelectric prostheses are even more expensive, with prices ranging between USD 40,000 and USD 60,000.
However, the high cost is a significant barrier for individual patients, especially those in the geriatric population and the overweight population, who often require orthopedic surgeries due to age-related macular conditions or obesity-related complications. Moreover, the limited infrastructural facilities and healthcare budgets in many regions further exacerbate the issue. The economic well-being of patients and their families often plays a crucial role in their decision to adopt prosthetics. The hesitation to invest in prosthetics is further compounded by the risk of infections, deep vein thrombosis, and other complications. The market is witnessing several product innovations, including the use of advanced materials like polymer materials and the integration of Bluetooth and Internet of Things (IoT) technology.
Moreover, these advancements aim to improve patient comfort, reduce the risk of complications, and enhance the overall functionality of prosthetic devices. Public-private funding and the expansion of healthcare facilities, particularly in underserved regions, are also expected to drive market growth. However, addressing the affordability issue remains a critical challenge for market stakeholders.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Advanced Arm Dynamics Inc. - The company offers orthopedic prosthetics products for upper limb and lower limb under two brands, namely, Cappful and Caproq.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is witnessing significant growth due to the increasing prevalence of accidents and injuries, as well as the aging population. The burden of chronic illnesses such as diabetes, type 2 diabetic osteoarthritis, and obesity is also driving demand for artificial limbs. The market is expected to be driven by product innovations in material science, including the use of polymer materials and Bluetooth connectivity through the Internet of Things. The geriatric population and individuals with lower extremity amputations are key consumers, with healthcare facilities and budgets playing a crucial role in the distribution network. Comfort and patient health are paramount considerations, with electric prostheses and myoelectric prostheses offering advanced solutions.
However, challenges such as hesitation among patients due to stigma, limited infrastructural facilities, and the risk of infections remain. Public-private funding and economic well-being are also important factors influencing market growth. The increasing internet penetration rate is expected to provide opportunities for online sales and telemedicine services.
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Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.05% |
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Market growth 2024-2028 |
USD 871.9 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.07 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 33% |
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Key countries |
US, Germany, China, UK, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advanced Arm Dynamics Inc., Arthrex Inc., Artificial Limbs Manufacturing Corp. of India, B.Braun SE, Blatchford Ltd., Exactech Inc., Fillauer LLC, Globus Medical Inc., Hanger Inc, Johnson and Johnson Services Inc., LeTourneau Prosthetics and Orthotics, Orthotic and Prosthetic Lab Inc, Ossur hf, Ottobock SE and Co. KGaA, RTI Surgical Inc., Smith and Nephew plc, Steeper Inc., Stryker Corp., WillowWood Global LLC, and Zimmer Biomet Holdings Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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