Orthopedic prosthetics refer to artificial body parts that replace missing limb or bones. These prosthetics are used for patients suffering from musculoskeletal conditions including orthopedic trauma, osteoarthritis, rheumatoid arthritis and various bone deformities. There has been a significant rise in the number of musculoskeletal conditions globally which is increasing the demand for orthopedic prosthetics. As per the Arthritis Foundation, over 54 million US adults have been reported to have doctor-diagnosed arthritis while over 300,000 knee and hip replacement surgeries are performed annually in the United States. Orthopedic prosthetics help restore an individual’s abilities to function effectively in daily activities. Advancements in materials and designs have enabled prosthetics to mimic natural movement better and provide enhanced comfort. 3D printing technologies are also being used to custom-design prosthetics for each patient based on their anatomy.
The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn 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 witnessed in the Orthopedic Prosthetic Market includes the growing adoption of 3D printed prosthetics. 3D printing allows prosthetics to be customized as per the individual’s physiology and lifestyle needs which enhances comfort and functioning. Major industry players are investing in developing advanced 3D printing technologies to produce prosthetics with integrated sensors and biomechanical designs mimicking natural joints. Another trend is the rising popularity of myoelectric prosthetics which are controlled by electrical signals from muscles. These provide more dexterity and functionality compared to passive prosthetics. Myoelectric hands and arms are revolutionizing prosthetics.
Porter’s Analysis
Threat of new entrants: Low barrier for new entrants. However, it requires a lot of capital to establish brand recognition in the global orthopedic market.
Bargaining power of buyers: High due to availability of substitutes and inexpensive generic products. Consumers can switch to alternatives easily.
Bargaining power of suppliers: Moderate as suppliers have bargaining power due to consolidation of manufacturers.
Threat of new substitutes: High threat from bioengineered materials, stem cell therapy and 3D printing technology.
Competitive rivalry: High rivalry exists among leading players to gain market share through innovation.
Key Takeaways
The Global Orthopedic Prosthetic Market Size is expected to witness high growth. The market size reached US$ 2365.78 Mn in 2024 and is forecast to grow at a CAGR of 3.8% during 2023 to 2030.
Regional analysis: North America dominates the global market due to advanced healthcare infrastructure and availability of skilled professionals. Asia Pacific is the fastest growing market on account of increasing healthcare expenditure and road accidents.
Key players: Key players operating in the Orthopedic Prosthetic market are Ward Chemical, Inc. Consolidation among manufacturers has increased their bargaining power over suppliers. Companies are investing in R&D to develop innovative products using 3D printing technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
