In 2022, it is expected that the Orthopaedic Prosthetics Market would be worth more than US$2.33 billion. By 2032, it is anticipated that the orthopaedic prosthetics industry will reach US$3.62 billion. Until 2032, the market for orthopaedic prosthetics is anticipated to expand at a 4.5% CAGR. By 2030, the global Orthopaedic Prosthetics Market will be worth US$3.22 billion and grow at a CAGR of more than 4.5%. Since a few years ago, orthopaedic prosthetics have seen individualised revolutionary innovations. Customized prosthetics are now available on the market, allowing for adjustments based on the functionality and anatomy of the relevant patient.
According to FMI, customised orthopaedic prosthetics come in a range of lengths and sizes as a result of 3D imaging software. Throughout the anticipated time, this innovation is projected to propel the orthopaedic prosthetics market. Lower limb reconstruction or amputation can be difficult for both medical professionals and patients because it heavily depends on the viability and characteristics of the damaged limb.
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However, improvements in orthopaedic prosthesis have opened up a wide range of possibilities that can be taken into account when deciding between limb amputation and reconstruction. By redistributing compressive force during weight bearing, well fitting prostheses prevent the deterioration of the rest of the soft tissue, decreasing force on skin. This convenience raises the bar for orthopaedic lower extremity prosthesis in the coming years.
The future of the orthopaedic prosthetics market is digitally enabled devices, at least in terms of technology. These gadgets allow for remote monitoring in addition to (via the application of AI) anticipating patients’ actions. Orthopaedic prosthetics with digital power are expected to change the market both now and in the future.
As was already said, digitization also makes it easier to trace products, which simplifies the approach to product customisation. Moreover, 3D imaging enables the patient to choose their preferred implant options by allowing them to see where their new limbs will be placed in advance. Although the majority of revenues are generated in North America and Europe, prospects in Asia Pacific are expanding. The GDP contributions to healthcare in nations like India, China, Thailand, and Saudi Arabia are about to rise.
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As Asia Pacific is home to majority of those suffering from diabetic ailments, the orthopaedic prosthetics market set to catch up herein. On the other hand, the consistency shown by North America and Europe could be attributed to increasing incidences of peripheral vascular diseases concerned with limbs coupled with injuries related to sports.
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Orthopaedic Prosthetics Market, a new study from Future Market Insights, opines on the evolution of the orthopaedic prosthetics market from 2014 – 2018 and presents demand projections from 2020 – 2030 on the basis of; product (upper extremity prosthetics, lower extremity prosthetics, sockets, liners and modular components), technology (conventional, hybrid orthopaedic prosthetics and electric powered orthopaedic prosthetics) and end user (prosthetic clinics, hospitals, rehabilitation centre and others) across seven prominent regions.
Key Players in Orthopaedic Prosthetics Market
- The global orthopaedic prosthetics market is pretty competitive. The four players contributing to more than 50% of market share include Ossur, Johnson & Johnson, B. Braun Melsungen AG, Smith & Nephew plc. As such, they are termed as “Tier I” players.
The global orthopaedic prosthetics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
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Product
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Sockets
- Modular Components
Technology
- Conventional
- Electric Powered
- Hybrid Orthopaedic Prosthetics
End User
- Hospitals
- Prosthetic Clinics
- Rehabilitation Center
- Others
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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