Orthopedic prosthetics are artificial devices that replace missing or defective anatomical structures to restore functionality and aesthetics of the body. The need for orthopedic prosthetics has been growing at a steady pace due to the increasing geriatric population around the world who are more susceptible to orthopedic conditions like arthritis.
The Global Orthopedic Prosthetic Market is estimated to be valued at US$ 2725.38 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2030.
Orthopedic prosthetics include products like artificial limbs, joints, implants, braces, supports, and accessories used to restore the anatomy and function of missing limbs or other body parts lost through trauma, disease, or other conditions. They help amputees regain mobility, physically challenged individuals to perform activities of daily living, and arthritis patients to alleviate pain and preserve joint structure. Technological innovations have made today’s prosthetics lighter in weight, more durable, comfortable, and life-like resembling and operating similar to the natural form and function of the replaced anatomy.
Key players operating in the Global Orthopedic Prosthetic Market are Össur, 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.
The growing incidences of amputations, primarily due to diabetes and lifestyle diseases, coupled with road accidents and physical traumas have been fueling the demand for orthopedic prosthetic devices globally. Advancements in material science have enabled production of lightweight, durable and comfortable prosthetics encouraging more individuals to opt for the use of artificial limbs.
Strong distribution networks and manufacturing facilities of leading players across regions including North America, Europe, Asia Pacific and Latin America have enabled wider access and prompt servicing to customers worldwide. Collaborations with healthcare institutions and rehabilitation centers aid continuous product innovation and expansion plans of companies operating in this market.
Market Key Trends
Growing popularity of myoelectric and electronically powered orthopedic prosthetics among younger users is a major trend. Electric components powered by small motors and controlled by electromyography sensors allow finer and more natural control of prosthetic movement compared to traditional body-powered prosthetics. Research ongoing for application of robotics, 3D printing, osseointegration and targeted muscle reinnervation is expected to enhance functional outcomes and user experience over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier of entry as basic prosthetics doesn’t require huge capital investment. However, established players have strong brand name and distribution networks.
Bargaining power of buyers: Moderate as buyers have several options available from both global and local players. Customers bargain for competitive pricing and after-sales services.
Bargaining power of suppliers: Low as raw materials for prosthetics production are commodity and readily available. Supply chain is well established.
Threat of new substitutes: Low as prosthetics don’t have close substitutes and replacement need remains. Technological advancement in material science open new opportunities.
Competitive rivalry: Intense as major players compete on innovation, pricing and service quality. Industry seeing consolidation through mergers and acquisitions.
Geographical Regions
North America holds the largest share of the orthopedic prosthetic market owing to higher healthcare spending and growing geriatric population prone to orthopedic conditions. Presence of major players and frequent product launches further boost the regional market.
Asia Pacific is emerging as the fastest growing regional market driven by rising incidence of orthopedic diseases, growing medical tourism and increasing healthcare expenditure in developing countries. Rapid urbanization and growing obesity rates present high growth potential over the forecast period.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it