July 21, 2024
Orthopedic Prosthetic Market

The Orthopedic Prosthetic Market is Expected to be Propelled by Advancements in Prosthetic Technology

The orthopedic prosthetic market comprises medical devices that are used to replace missing joint or limb part. Orthopedic prosthetics help improve physical functionality for patients suffering from various conditions such as bone cancer, diabetes, vascular disease, trauma injuries and congenital deficiencies. Common orthopedic prosthetics include lower-extremity prosthetics, upper-extremity prosthetics, sockets and other prosthetic parts. Advancements in prosthetic technology aim to provide patients with high-quality, durable and functional prostheses that closely mimic natural movement. Myoelectric and microprocessor-controlled prosthetics offer a wide range of motions by interpreting complex bio-signals from the remaining muscles. The adoption of lightweight materials like carbon fiber and 3D-printed parts also helps create comfortable artificial limbs.

The global orthopedic prosthetic market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

The increasing occurrence of accidents, sports injuries and chronic diseases are fueling the demand for orthopedic prosthetics across the world. According to estimates, more than 185,000 amputations occur annually in the United States alone due to diabetes, accidents or cancers. Advancements in prosthetic technology as mentioned in the heading are further expected to propel the orthopedic prosthetics market over the forecast period.

Technological advancements enabling human-like motions in prosthetics are attracting more patients. Myoelectric prosthetics can be controlled through electrical signals generated by residual muscles. Similarly, microprocessor prosthetics utilize sophisticated feedback systems to automatically adapt to different terrains. The presence of multi-axial motions and sensors allows such ‘bionic’ prosthetics to perform complex tasks. Their close resemblance to natural physiology results in higher acceptance and usability rates compared to traditional prosthetics. This drives more patients towards technologically advanced options.

Segment Analysis
The global orthopedic prosthetic market is segmented into upper extremity prosthetics and lower extremity prosthetics. The lower extremity prosthetics segment accounts for the largest market share owing to the increasing volume of lower limb amputations due to diabetes, vascular diseases, and dysvascular conditions. Within the lower extremity prosthetics segment, prosthetic feet/ankles sub-segment dominates and is anticipated to continue its dominance over the forecast period due to the growing demand for prosthetic feet/ankles.

PEST Analysis
Political: Governments across countries have laid emphasis on streamlining healthcare infrastructure and providing affordable prosthetics to amputees. For instance, Affordable Care Act in the US has made prosthetics affordable and accessible to many.
Economic: Growing economy and rising healthcare spending has boosted the orthopedic prosthetic market. However, high treatment costs in some countries pose a challenge.
Social: Increasing incidence of amputations due to diabetes, trauma injuries, and vascular diseases has fuelled demand. Also, enhanced access to prosthetics and focus on rehabilitation has positively impacted the market.
Technological: Advancements in material science, manufacturing techniques and digital fabrication have led to the development of lightweight, durable and comfortable prosthetics. 3D printing technology is enabling personalized prosthetics.

Key Takeaways
The Global Orthopedic Prosthetic Market Demand is expected to witness high growth over the forecast period driven by the rising geriatric population, growing incidence of amputations, and increasing healthcare spending. The global orthopedic prosthetic market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Regional analysis
North America dominates the global market attributed to the presence of major players, developed healthcare infrastructure, and growing awareness regarding prosthetics. The Asia Pacific region is anticipated to grow at the fastest pace owing to the large patient pool, improving access to healthcare, and rising healthcare expenditure.

Key players
Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc., Touch Bionics, Ottobock, Endolite India, College Park Industries, Steeper Inc., and Fillauer LLC. These players are focusing on new product launches and technological advancements to consolidate their market position. For instance, Ottobock has developed microprocessor-controlled prosthetic knees that use sensors and computers to replicate natural knee function.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it