The orthopaedic prosthetic devices market is expected to grow at a 4.7% CAGR during the forecast period, from US$ 1.9 billion in 2019 to US$ 2.8 billion by 2027.
Orthopedic Prosthetics are an external mechanical devices that replaces a missing body part in the skeletal system. Its acts as a prevention or correction of injuries or disorders of the skeletal system and associated muscles, joints and ligaments. An orthopedic prosthetic devices are medical devices manufactured to replace a missing joint or bone or to support a damaged bone by the help of artificial body parts.
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The orthopedic prosthetic devices are mainly used to overcome from the traumatic injury, congenital condition or disabling illness. This devices helps the individuals who experience an upper limb/extremity amputation, are missing not only a limb, but also a sophisticated tool for daily living.
More than 10 million people are living with amputees. Incidence of amputation is around 1.5 per 1000 population. Approximately 185,000 amputations occur in the United States each year.
Orthopedic Prosthetic Devices Market: Drivers and Restraints:
Presently, orthopedic prosthetic devices global market is driven by technological advancement, increasing in the number of incidence of disabilities, growing rate of chronic and lifestyle disease.
Orthopedic prosthetic devices global market is driven by the increased focus on improving quality of life, rapid innovations in production and modeling technologies, growing awareness towards orthopedic ailments and rise in sports injuries. However, growing healthcare budget, poor healthcare reimbursement and payment models, and consolidation of market leaders act as a major barrier for the growth of this market.
Orthopedic Prosthetic Devices Market:
With rapid innovations in production and modeling technologies and growing awareness towards orthopedic ailments and rise in sports injuries. The orthopedic prosthetic devices global market is expected to have a healthy growth rate in the forecast period (2015-2025).
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Orthopedic Prosthetic Devices Market: Region-wise Outlook:
Depending on geographic region, global orthopedic prosthetic devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
North America held largest share in the global orthopedic prosthetic devices market followed by Europe and Asia Pacific. The developing nations in Asia pacific, Middle East and Africa hold huge potential for growth in the global orthopedic prosthetic devices market, owing to developing economies and technological advances.
Orthopedic Prosthetic Devices Market: Key Players:
Some of the key participating major global players in this market are Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., Touch Bionics Inc., Ossur hf., The Ohio Willow Wood Co., Fillauer LLC., Howard Orthopedics Inc., and others.
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Other Products
- Hybrid Orthopedic Prosthetics
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