The Demand for Orthopedic Prosthetic Devices arises as orthopedic prosthetic devices help many from traumatic injury, congenital condition or disabling illness.
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The Orthopedic Prosthetic Devices Market Size is expected to grow at a 4.7% CAGR during the forecast period, rising from US$ 1.9 Bn in 2019 to US$ 2.8 Bn by 2027.
This device caters to individuals who have had an extremity amputation and are missing not only a limb but also a sophisticated tool for daily living, emphasising the need for it and thus increasing sales of orthopaedic prosthetic devices.
The report sheds light on the factors boosting orthopaedic prosthetic device sales. However, the orthopaedic prosthetic devices market faces some challenges that may limit the market share of orthopaedic prosthetic devices.
More than 10 million people are limbless, which bodes well for the demand for orthopaedic prosthetic devices and sales of orthopaedic prosthetic devices.
During the forecast period, sales of orthopaedic prosthetic devices are expected to increase as the number of accidents increases.
The introduction of Internet of Things (IoT) technologies for prosthetics is expected to boost the growth and market share of orthopaedic prosthetic devices.
Intellirod Spine has introduced iLink, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic, or prosthetic and used in conjunction with a free smartphone app to track daily wearing compliance, upright posture time, and mobility.
Furthermore, demand for orthopaedic prosthetic devices is increasing due to advances in R&D.
For example, researchers at the Medical University of Vienna collaborated with Otto Bock Healthcare Products, the Alfred Mann Foundation, and Imperial College London to create a prosthetic arm with a few built-in electrodes that make contact with the patient’s skin, causing the prosthetic arm claw to open and close.
The increasing acceptance of upper limb orthopaedic prosthetics among healthcare professionals and patients, owing to features such as high firmness and technologically innovative properties, is likely to fuel demand for orthopaedic prosthetic devices.
Furthermore, the spiking demand for orthopedic prosthetic devices (custom-made) will continue to elicit profitable opportunities for market players to augment their orthopedic prosthetic devices market share.
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What Factors are Influencing the Orthopedic Prosthetic Devices Market?
Currently, demand for orthopaedic prosthetic devices is being driven by technological advancement, an increase in the number of disabilities, and an increase in the rate of chronic and lifestyle diseases.
The global market for orthotic prosthetic devices is being influenced positively by an increased emphasis on improving quality of life, as well as rapid innovations in manufacturing and modelling technologies.
Growing awareness of orthopaedic ailments, as well as an increase in sports injuries, accelerates demand for orthopaedic prosthetic devices, boosting sales of orthopaedic prosthetic devices.
However, the growing healthcare budget, as well as poor healthcare reimbursement and payment models, are impeding global demand for orthopaedic prosthetic devices.
The consolidation of market leaders impedes sales of orthopaedic prosthetic devices, which also acts as a major barrier to the growth of the orthopaedic prosthetic devices market.
Sales of orthopaedic prosthetic devices are expected to increase as rapid innovations in manufacturing and modelling emerge.
An increase in sports injuries fuels demand for orthopaedic prosthetic devices. As a result, sales of orthopaedic prosthetic devices are expected to skyrocket over the forecast period.
What is the Region-wise Outlook of the Orthopedic Prosthetic Devices Market?
The global orthopaedic prosthetic devices market is divided into seven key regions based on geography: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and the Middle East and Africa.
North America led the global market for orthopaedic prosthetic devices, followed by Europe and Asia Pacific.
Among the key factors driving demand for orthopaedic prosthetic devices in North America are the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure.
Two recent trends in the North American orthopaedic prosthetic devices market are the use of new polymer materials and the development of prosthetic devices tailored to patients’ functional needs.
These new trends are expected to significantly boost the sales of orthopaedic prosthetic devices in the region.
Manufacturers are focusing on developing lightweight yet long-lasting orthopaedic prosthetics to meet user needs, thereby increasing their orthopaedic prosthetic devices market share.
Because of their developing economies and technological advances, developing nations in Asia Pacific, the Middle East, and Africa have a huge potential for sales of orthopaedic prosthetic devices.
How Strong is the Competition in the Orthopedic Prosthetic Devices Market?
The orthopaedic prosthetic devices market is moderately competitive, with several major players.
Fillauer LLC, Willow Wood Global LLC, Ossur, Mobius Bionics, and Blatchford Ltd, among others, dominate the orthopaedic prosthetic devices market.
Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., Touch Bionics Inc., Ossur hf., and Howard Orthopedics Inc. are some other key global players in the orthopaedic prosthetic devices market.
Companies are forming strategic alliances such as acquisitions and collaborations to secure a position in the global competitive market, thereby consolidating their market position by augmenting the orthopaedic prosthetic devices market share.
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Recent developments in the Orthopedic Prosthetic Devices Market are:
- Hero Arm, a developed version of Open Bionics’ existing product, was unveiled. The metal gear solid bionic/prosthetic version was created with the goal of making prosthetics more affordable.
- The “Avenger Radial Head Prosthesis System” was introduced in the United States market by In2Bones Global Inc. This product is used to replace the radial head’s primary and revision joints.
Key Segments
By Product:
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Sockets
- Other Products
By Technology:
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
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