Global Orthopedic Prosthetics Market to reach US$ 3.31 Billion by 2028 according to the publisher. Orthopedic prosthetics are more concerned with bones, artificial limbs, joints than any other body parts. This is because people need to add support to body parts weakened by injury, disease, or disorders of the nerves, muscles, or bones. In addition, orthopedic prosthetics involve using artificial limbs to enhance the lifestyle and function of people with loss of limb caused by disease or other medical conditions.Orthopedic Prosthetics Market was US$ 2.26 Billion in 2022. Industry Trends By Product, Application, End User, Impact of Inflation, Company Analysis, Global Forecast 2023-2028
Lower limb prosthetics stabilize standing, walking, running, jumping, shock absorption, and other activities. Upper limb prosthetics also include artificial limbs used in grasping and reaching and for specific occupational challenges such as painting, hammering, or weight lifting and activities of daily living such as eating, writing, and dressing. The global Orthopedic Prosthetics Market is expected to grow at a CAGR of 6.55% during the forecast period 2023-2028.
Electric Prostheses are the Future
Electric prostheses, also known as myoelectric prostheses, are controlled using electric signals created by the body’s muscles. The electric-powered prosthetics use the user’s existing muscles in the residual limb to control the functions of the prosthetic device itself. For instance, in June 2020, Unlimited Tomorrow Inc., a medical device company manufacturing accessible prosthetic limbs, announced the launch of TrueLimb. This next-generation prosthetic arm is available through an utterly remote process that amputees can initiate online, broadening access to customized devices like this for the first time. Hence, such innovations and development in electric prostheses are expected to fuel market growth.Worldwide Orthopedic Prosthetics Market was US$ 2.26 Billion in 2022
In recent years, technical innovations have combined to make artificial limbs much more comfortable, efficient, and lifelike than earlier versions. However, future innovations will likely depend on the interaction between three powerful forces amputee demands, advances in surgery and engineering, and healthcare funding sufficient to sustain the development and application of technological solutions.Traffic accidents often lead to severe injuries and are expected to support the demand for electric prostheses. Hence, these have become an excellent option for a natural-looking prosthesis that utilizes the existing nerves for practical use. But unfortunately, an alarming rise in road accidents is a leading factor in driving amputation. In June 2021, around 1.3 million people died yearly from road traffic crashes, according to the WHO.
Regional Analysis
In 2021, North America was the leading market. This growth can be attributed to favorable reimbursement policies, well-established healthcare infrastructure, and increasing R&D investments by companies. The prompt and well-established healthcare services and infrastructure in the Asian region contribute to the regional Orthopedic Prosthesis Devices market growth. In addition, the Asia Pacific region is driven by the rise in road accidents, an increasing number of diabetes-related amputations, and supportive government initiatives. According to Asian Diabetes Prevention Initiative, 60% of the diabetic population currently lives in Asia. China and India will have more than half a million people with diabetes by 2030.Key Market Players
- The Orthopedic Prosthetics industry consists of numerous global and local players. Global prosthetics and orthotics players are Zimmer Biomet, Stryker Corporation, Hanger Inc., Össur, and Ottobock Healthcare, Smith & Nephew Plc, Johnson & Johnson and Globus Medical Inc.
- For instance, in Nov 2021, Otto bock acquired suitX, specializing in the research and development of medical exoskeletons and occupational.
- In Sept 2020, Otto Bock Company launched two new products in the Taleo foot portfolio: Taleo Harmony and Taleo Vertical Shock (VS).
Products - Orthopedic Prosthetic Market
1. Upper Extremity Prosthetics2. Lower Extremity Prosthetics
3. Prosthetic Liners
4. Others
Technology - Global Orthopedic Prosthetic Market
1. Electric Powered Technology2. Hybrid Technology
3. Conventional Technology
Regions - Global Orthopedic Prosthetic Market
1. North America2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
Company Insights - Global Orthopedic Prosthetic Market
1. Zimmer Biomet2. Stryker Corporation
3. Hanger Inc.
4. Össur
5. Ottobock Healthcare
6. Smith & Nephew Plc
7. Johnson & Johnson
8. Globus Medical Inc.
Table of Contents
Companies Mentioned
- Zimmer Biomet
- Stryker Corporation
- Hanger Inc.
- Össur
- Ottobock Healthcare
- Smith & Nephew Plc
- Johnson & Johnson
- Globus Medical Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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