The total orthopedic prosthetic market plays a crucial role in alleviating pain and restoring mobility to patients suffering from degenerative joint disease, wear and tear arthritis, or chronic knee injuries. Knee replacements are prosthetic implants that are surgically inserted into the knee joint once the damaged cartilage can no longer support regular functionality. They help reduce joint pain and stiffness, allowing patients to resume daily activities more comfortably. The implants replicate the natural knee joint by resurfacing the diseased ends of the bones that form the knee joint – the femur, tibia, and patella. Made from durable, biocompatible materials like titanium and polyethylene, knee replacement implants can last 15-20 years with proper care and wear differently for different patients.
The global total orthopedic prosthetic market is estimated to be valued at US$ 2725.38 million in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the total orthopedic prosthetic market is the rise of minimally invasive surgical techniques. Rather than making large incisions, minimally invasive procedures involve smaller incisions and specialized surgical tools to minimize tissue damage and blood loss. This results in less postoperative pain, quicker recovery times, and smaller scars for patients. Robotic-assisted surgery is another emerging trend, with advanced systems helping surgeons perform more precise cuts to correctly align and balance the new knee joint. 3D printing technologies are also being explored to create patient-matched implants with optimized fit and function. As innovations continue, knee replacements are becoming more effective and less invasive, improving patient outcomes and driving higher demand.
Porter’s Analysis
Threat of new entrants: Low cost of production and strong brand loyalty create barriers for new entrants.
Bargaining power of buyers: Large customer base and availability of substitutes increase buyer power.
Bargaining power of suppliers: Specialized components and patented technologies decrease supplier power.
Threat of new substitutes: Advancements in 3D printing and bionics pose potential threats.
Competitive rivalry: Competition intense due to established players and me-too products.
Key Takeaways
The Global Orthopedic Prosthetic Market Growth is expected to witness high. Regional analysis indicates that North America dominates currently due to supportive reimbursement policies and availability of advanced healthcare facilities. However, Asia Pacific is expected to show fastest growth due to rising healthcare spending and increasing number of trauma/accident cases.
Regional analysis indicates that North America dominates currently due to supportive reimbursement policies and availability of advanced healthcare facilities. Asia Pacific market is expected to grow at a rapid pace owing to rising healthcare expenditure, growing population and geriatric base, and increasing occurrence of trauma/accident cases. Accidents and trauma cases represent the largest application area for orthopedic prosthetics in the region.
Key players operating in the 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, Motorica. Major players are focusing on new product launches, expansion strategies and partnerships to gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it