Orthopedic Prosthetic Market

Orthopedic Prosthetic Devices is the largest segment driving the growth of Orthopedic Prosthetic Market

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The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn or Million in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Orthopedic prosthetic products include artificial body parts such as knees, hips, arms etc. used as a substitute for missing body parts. These products help patients in improving their mobility and independence.

Market key trends:
The rising geriatric population is one of the major driver of the orthopedic prosthetic market. According to the United Nations report, by 2050 around 16.9% of the world’s population will be over 65 years of age. Growing number of amputations due to diabetes, accidents or sports related injuries is also fueling the demand for orthopedic prosthetic products. Furthermore, technological advancements in 3D printing and use of lightweight materials is enabling the production of customized and comfortable prosthetics.
Market key trends:
One key trend in the orthopedic prosthetic market is the growing demand for microprocessor knees. These knees use advanced sensors and microprocessors to better simulate natural knee motion. They can automatically adjust the resistance of the knee based on activity like walking up or down stairs. This provides greater comfort and mobility for patients. Manufacturers are increasingly developing microprocessor knees that are lighter, more durable, and customizable based on the patients’ needs and lifestyle.

SWOT Analysis
Strengths: Highly specialized products, growing aging population in need of prosthetics, reimbursement for prosthetic devices in developed nations
Weaknesses: High costs, limited functionality compared to natural body parts, lack of reimbursement in some developing countries
Opportunities: Development of 3D printed and myoelectric prosthetics, expanding into emerging markets, customization using AI and big data
Threats: Stringent regulatory approval process, patent disputes between manufacturers, reimbursement policy changes

Key Takeaways

Market size: The global Orthopedic Prosthetics Market Share was valued at US$ 2365.78 Mn in 2023 and is expected to reach over US$ 4000 Mn by 2030, growing at a CAGR of 5.3% during the forecast period.

Regional analysis: North America currently dominates the market due to rapid adoption of advanced prosthetics and favorable reimbursement policies in countries like the US and Canada. Asia Pacific is expected to exhibit the fastest growth over the next few years driven by rising healthcare expenditures, growing medical tourism, and increasing prevalence of orthopedic diseases.

Key players: Some of the leading players operating in the orthopedic prosthetic market are Ossur, Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamics, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica among others.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it