The global orthopedic prosthetic device market is on a promising trajectory, with expectations to reach a market valuation of USD 2,348.4 million in 2024. This growth is forecasted to continue at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2034, with the market projected to expand to USD 3,753.1 million by the end of the forecast period.
This upward trend is driven by the growing incidence of chronic conditions, such as diabetes and arthritis, which often lead to the need for prosthetic devices. Additionally, rising cases of amputations due to accidents, injuries, and medical conditions are contributing significantly to the increasing demand for orthopedic prosthetic solutions.
“As the prevalence of chronic diseases and trauma-related amputations rises, there is a clear demand for innovative orthopedic prosthetics that offer improved functionality and comfort,” said FMI. “Advances in prosthetic technology are helping to address the needs of patients and provide them with a better quality of life.”
Despite the positive market outlook, challenges remain. The risk of side effects following orthopedic procedures continues to discourage some patients from opting for prosthetic solutions. Furthermore, cuts in government healthcare budgets and limited reimbursement policies are affecting accessibility and hindering broader market expansion.
Looking ahead, stakeholders in the orthopedic prosthetics industry are focused on enhancing device reliability and reducing costs to mitigate these challenges. As new technologies and materials are introduced to improve prosthetic performance, the market is set to continue evolving and addressing the needs of an expanding patient population.
Key Takeaways from the Orthopedic Prosthetic Device Market:
- The orthopedic prosthetic device market is expected to be USD 2,348.4 million in size in 2024.
- Electric-powered is the top type of technology in the market. Sales of electric-powered orthopedic prosthetic devices are expected to account for 47.4% of the market.
- Orthopedic prosthetic devices are most commonly used in prosthetic clinics. In 2024, the prosthetic clinic segment is expected to account for 41.4% of the market.
- India is expected to be a promising country in terms of market progress. The country is forecasted to register a CAGR of 6.5% from 2024 to 2034.
- Germany and Spain are poised to be promising countries in the market. Over the forecast period, the CAGRs for the markets in Germany and Spain are predicted to be 5.7% and 5.9%, respectively.
- The market in Canada is expected to progress at a CAGR of 5.2% through 2034.
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Competition Analysis of the Orthopedic Prosthetic Device Market:
Market players are looking at investment avenues to increase their research and development capabilities. The market is highly competitive, with start-ups and new entrants having the opportunity to thrive. Some of the prominent companies in the market include Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., and Touch Bionics Inc.
Recent Developments in the Orthopedic Prosthetic Device Market:
- In January 2023, Embody Inc. was acquired by Zimmer Biomet.
- In September 2022, the Stryker Corporation introduced the Gamma4 Hip Fracture Nailing System.
Key Companies in the Orthopedic Prosthetic Device Market:
- Blatchford Group
- Touch Bionics Inc.
- The Ohio Willow Wood Co
- Össur hf.
- Fillauer LLC
- Advanced Arm Dynamics, Inc.
- Stryker Corporation
- Exactech, Inc.
- Globus Medical Inc.
- RTI Surgical Inc.
- Wright Medical Group N.V.
- Johnson & Johnson Services, Inc.
- Arthrex Inc.
- AlloSource
- Braun Melsungen AG
- Smith & Nephew plc
- Zimmer Biomet
- Hanger Inc.
- Otto Bock Healthcare GmBH
- Endolite Ltd.
- Howard Orthopedics Inc.
Key Market Segmentation:
By Product:
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Sockets
- Modular Components
By Technology:
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
By End User:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Centers
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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