Global Orthopedic Prosthetic Device Market is predicted to hit USD 3,753.1 Million by 2034 grow at a CAGR of 4.8% | Future Market Insights, Inc.
NEWARK, Del, July 15, 2024 (GLOBE NEWSWIRE) -- The global orthopedic prosthetic device market is slated to reach a valuation of USD 2,348.4 million in 2024. The market is anticipated to progress at a CAGR of 4.8% from 2024 to 2034. The valuation of the market is forecasted to be USD 3,753.1 million by 2034.
As the number of people suffering from chronic conditions is multiplying, orthopedic prosthetic devices are being called upon in an increasing manner. Similarly, the number of people being afflicted with missing arms, legs, and the like due to accidents and injuries is climbing, which is boosting market sales. However, the market’s prospects are not all positive. The risk of side effects due to orthopedic procedures is keeping certain patients away from the devices. Cuts in government healthcare budgets are also negatively impacting the market.
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The growing acceptance of upper limb orthopedic prosthetics among healthcare professionals and patients due to features such as high firmness and technical innovative properties likely fuels the demand for orthopedic prosthetic devices.
What Factors are Influencing the Orthopedic Prosthetic Devices Market?
Presently, demand for orthopedic prosthetic devices is driven by technological advancement, increasing in the number of incidence of disabilities, and the growth rate of chronic and lifestyle diseases.
The orthopedic prosthetic devices global market is positively influenced by the increased focus on improving quality of life, and rapid innovations in production and modelling technologies.
Growing awareness towards orthopedic ailments and the rise in sports injuries also acts as an accelerator to the demand for orthopedic prosthetic devices, in turn augmenting the sales of orthopedic prosthetic devices.
However, the growing healthcare budget, poor healthcare reimbursement, and payment models hinder the demand for orthopedic prosthetic devices globally.
Sales of orthopedic prosthetic devices is impeded by the consolidation of market leaders which also act as a major barrier for the growth of the orthopedic prosthetic devices market.
Sales of orthopedic prosthetic devices are anticipated to go up as rapid innovations in production and modeling emerge.
A rise in sports injuries also adds fuel to the demand for orthopedic prosthetic devices. As a result, the sales of orthopedic prosthetic devices are expected to have a huge rise during the forecast period.
“As healthcare equipment is getting advanced, orthopedic prosthetic devices are also moving ahead with the help of cutting-edge technology. Bluetooth, smartphone connectivity, and IoT are being integrated into the devices, improving their functionality. Thus, technology is seen as the way forward for market players,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Orthopedic Prosthetic Device Market:
- The orthopedic prosthetic device market is expected to be USD 2,348.4 million in size in 2024.
- Electric-powered is the top type of technology in the market. Sales of electric-powered orthopedic prosthetic devices are expected to account for 47.4% of the market.
- Orthopedic prosthetic devices are most commonly used in prosthetic clinics. In 2024, the prosthetic clinic segment is expected to account for 41.4% of the market.
- India is expected to be a promising country in terms of market progress. The country is forecasted to register a CAGR of 6.5% from 2024 to 2034.
- Germany and Spain are poised to be promising countries in the market. Over the forecast period, the CAGRs for the markets in Germany and Spain are predicted to be 5.7% and 5.9%, respectively.
- The market in Canada is expected to progress at a CAGR of 5.2% through 2034.
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Competition Analysis of the Orthopedic Prosthetic Device Market:
Market players are looking at investment avenues to increase their research and development capabilities. The market is highly competitive, with start-ups and new entrants having the opportunity to thrive. Some of the prominent companies in the market include Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., and Touch Bionics Inc.
Recent Developments in the Orthopedic Prosthetic Device Market:
- In January 2023, Embody Inc. was acquired by Zimmer Biomet.
- In September 2022, the Stryker Corporation introduced the Gamma4 Hip Fracture Nailing System.
Key Companies in the Orthopedic Prosthetic Device Market:
- Blatchford Group
- Touch Bionics Inc.
- The Ohio Willow Wood Co
- Össur hf.
- Fillauer LLC
- Advanced Arm Dynamics, Inc.
- Stryker Corporation
- Exactech, Inc.
- Globus Medical Inc.
- RTI Surgical Inc.
- Wright Medical Group N.V.
- Johnson & Johnson Services, Inc.
- Arthrex Inc.
- AlloSource
- Braun Melsungen AG
- Smith & Nephew plc
- Zimmer Biomet
- Hanger Inc.
- Otto Bock Healthcare GmBH
- Endolite Ltd.
- Howard Orthopedics Inc.
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Key Market Segmentation:
By Product:
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Sockets
- Modular Components
By Technology:
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
By End User:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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