The BRICS orthopedic prosthetic market is projected to grow at a CAGR of 4.68% during the forecast period to reach US$484.489 million by 2026, from US$351.833 million in 2019. Orthopedic prosthetics are artificial body parts that are used by specially abled people who lost these parts owing to some accident or are born without them. Prosthetics are also used by patients with deformation body structure or those facing severe pain in the back, knees, joints, or other areas. These parts work like a normal human body and enable the person to carry out daily chores without any limitation or interference. Rising investment in the healthcare sector and increasing support by the governments have increased the awareness and usage of orthopedic prosthetic devices for a normal life, hence has supported the market growth. However, affordability and maintenance are major issues, particularly in the low- and middle-income group.
The BRICS orthopedic prosthetic market is anticipated to grow at an exponential rate during the forecasted period owing to rising investment in the healthcare sector by the governments. The BRICS economy is an emerging economy that is projected to become a global leader in manufacturing goods, services, and raw materials by 2050 owing to low production and labor cost along with abundant availability of labor. These economies are also investing heavily in infrastructure and social sectors for the betterment of society. The Indian government, for instance, increased its expenditure on the healthcare sector by 137% in the Union Budget 2021-22, to US$3.047 billion. In China as well, public healthcare spending expanded by 2.8 percent in 2020 to US$3790 billion. The Russian government spent US$67 billion in 2020 on the healthcare sector. Moreover, the BRICS economies are collaborating and supporting each other to increase the healthcare facilities, provide the market a stable growth. Furthermore, rising disposable income in these economies also plays a significant role in increasing investment in healthcare which will increase the market size during the forecasted period.
The rising aged population also plays a significant role in increasing the demand for orthopedic prosthetics. With age, the human bone loses its nourishment and becomes weak. These bones either get fractured or deformed or broken if no medication is provided. Hence, the increasing aged population increases the market scope for these prosthetics.
India orthopedic prosthetic market overview.
Based on country, the BRICS orthopedic prosthetics market is segmented into Brazil, Russia, India, China, and South Africa. Among the BRICS nations, India spends the lowest on its healthcare sector. However, in the case of amputees per 1,000 people, India has one of the highest numbers, 0.62 per 1,000. Accidents are one of the prime reasons behind these amputees in the country. A report by WHO shows that India suffers from the highest number of road accidents, globally with 16.8 fatal injuries per 100,000 people. Further, the disability rate in the country is 2.21% which lies in the global range of 2% to 4%. However, expensive prosthetic devices coupled with a lack of required facilities will constrain the market growth during the forecasted period.
The BRICS orthopedic prosthetic market is anticipated to grow at an exponential rate during the forecasted period owing to rising investment in the healthcare sector by the governments. The BRICS economy is an emerging economy that is projected to become a global leader in manufacturing goods, services, and raw materials by 2050 owing to low production and labor cost along with abundant availability of labor. These economies are also investing heavily in infrastructure and social sectors for the betterment of society. The Indian government, for instance, increased its expenditure on the healthcare sector by 137% in the Union Budget 2021-22, to US$3.047 billion. In China as well, public healthcare spending expanded by 2.8 percent in 2020 to US$3790 billion. The Russian government spent US$67 billion in 2020 on the healthcare sector. Moreover, the BRICS economies are collaborating and supporting each other to increase the healthcare facilities, provide the market a stable growth. Furthermore, rising disposable income in these economies also plays a significant role in increasing investment in healthcare which will increase the market size during the forecasted period.
The rising aged population also plays a significant role in increasing the demand for orthopedic prosthetics. With age, the human bone loses its nourishment and becomes weak. These bones either get fractured or deformed or broken if no medication is provided. Hence, the increasing aged population increases the market scope for these prosthetics.
India orthopedic prosthetic market overview.
Based on country, the BRICS orthopedic prosthetics market is segmented into Brazil, Russia, India, China, and South Africa. Among the BRICS nations, India spends the lowest on its healthcare sector. However, in the case of amputees per 1,000 people, India has one of the highest numbers, 0.62 per 1,000. Accidents are one of the prime reasons behind these amputees in the country. A report by WHO shows that India suffers from the highest number of road accidents, globally with 16.8 fatal injuries per 100,000 people. Further, the disability rate in the country is 2.21% which lies in the global range of 2% to 4%. However, expensive prosthetic devices coupled with a lack of required facilities will constrain the market growth during the forecasted period.
Market Segmentation:
By Type
- Feet
- Knee
- Limb System
- Ankles and Adapters
- Cosmesis
- Liners
- Others
By Country
- Brazil
- Russia
- India
- China
- South Africa
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. BRICS Orthopaedic Prosthetic Market, by Type
6. BRICS Orthopaedic Prosthetic Market, by Country
7. Competitive Environment and Analysis
8. Company Profiles
Companies Mentioned
- Blatchford Limited
- Endolite India
- Ottobock (dorset-ortho)
- Meditech Technologies Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 112 |
| Published | July 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 351.83 million |
| Forecasted Market Value ( USD | $ 484.49 million |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Brazil, China, India, Russia, South Africa |
| No. of Companies Mentioned | 4 |
