The Orthopedic Prosthetic Devices Market refers to the global industry that deals with the manufacturing and distribution of artificial limbs and orthopedic prosthetic devices used to replace or support missing or impaired body parts. These devices are designed to restore mobility, function, and improve the quality of life for individuals with limb loss or orthopedic disabilities.
External mechanical devices known as orthopaedic prosthetics can replace a missing skeletal system body part. It is employed to protect against or treat skeletal system injuries as well as anomalies in the muscles, joints, and ligaments that are connected to it. A medical device known as an orthopaedic prosthetic employs artificial body elements to support a broken bone or to replace a missing joint or bone.
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Demand for orthopaedic prosthetic devices is anticipated to grow at a 4.7% CAGR over the forecasted period, from US$ 1.9 billion in 2019 to US$ 2.8 billion in 2027. Orthopaedic prosthetic devices are typically utilised to aid in a patient’s recovery following a severe accident, a congenital condition, or a debilitating illness. A person who has had an upper limb or extremity amputated is missing not only a limb but also a complex tool for daily life.
More than 10 million people share homes with amputees. Amputation happens to around one person in every 1000. In the United States, about 185,000 amputations are carried out annually.
Orthopedic Prosthetic Devices Market: Drivers and Restraints:
The global market for orthopaedic prosthetic devices is now being pushed by technical innovation, an increase in the number of disabilities, and an increase in the rate of chronic and lifestyle disease.
The global market for orthopaedic prosthetic devices is being pushed by an increased emphasis on enhancing quality of life, rapid developments in production and modelling technologies, growing awareness of orthopaedic illnesses, and an increase in sports injuries. However, the expanding healthcare budget, inefficient healthcare reimbursement and payment structures, and market leader consolidation all function as important impediments to the market’s expansion.
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Orthopedic Prosthetic Devices Market: Overview:
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.
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.
Key Segments
By Product:
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Sockets
- Other Products
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By Technology:
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
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