by 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 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Orthopedic prosthetics are artificial medical devices that replace missing body parts, especially missing or damaged limbs. They are commonly used to replace hip joints, knee joints, shoulders, elbows, fingers, and spine. Advancements in computer-aided design (CAD) and computer-aided manufacturing (CAM) technologies have enabled development of prosthetics with improved fit, appearance and functionality. 3D printing and CAD/CAM technologies help design and manufacture customized prosthetic devices based on individual patient’s anatomy. This improves the comfort level for patients and enhances mobility. Patients are increasingly opting for orthopedic prosthetics to maintain an active lifestyle and improve quality of life.
Market key trends:
The global market is driven by rising incidence of trauma injuries and accidents leading to amputations. According to WHO, over 4.4 million people worldwide suffer traffic related injuries each year resulting in over 1.25 million deaths. Increasing use of CAD/CAM and 3D printing technologies is a key trend in orthopedic prosthetics market. These technologies help fabricate prosthetics tailored to individual patient needs. Adoption of nano-engineered and bio-engineered prosthetic materials is another emerging trend. Materials like hydroxyapatite coated prosthetics offer improved biocompatibility. Increasing preference for non-invasive surgeries is generating demand for computer assisted joint replacement surgeries utilizing robotic technologies.
Porter’s Analysis
Threat of new entrants: The orthopedic prosthetics market requires high capital investment and stringent regulatory processes which pose barriers for new players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less differentiation between products.
Bargaining power of suppliers: A few key players dominate the supply market, increasing their bargaining power over other players in the value chain.
Threat of new substitutes: Advancements in bionics and 3D printing enable innovative substitutes which can threaten existing market players.
Competitive rivalry: The market is highly competitive due to presence of large multinational players and local startups.
Key Takeaways
The global Orthopedic Prosthetics Market Share is expected to witness high growth at a CAGR of 5.3% over the forecast period, driven by increasing cases of accidents, injuries, and prevalence of diseases requiring prosthetics.
North America dominates the market owing to advanced healthcare infrastructure and growing geriatric population suffering from arthritis and other orthopedic conditions which require prosthetic implants. The Asia Pacific region is expected to exhibit fastest growth during the forecast period supported by large patient pools, lower treatment costs, and improving healthcare spending in China and India.
Key players operating in the orthopedic prosthetics market include Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, and Motorica. Major players are focusing on developing innovative bionic prosthetics as well as expanding into emerging markets through partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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