The global orthopedic prosthetics market is on a remarkable growth trajectory, with sales expected to increase from USD 2,399.3 million in 2024 to an impressive USD 3,908.2 million by 2034. This represents a robust compound annual growth rate (CAGR) of 5.0% over the forecast period, highlighting the increasing demand for innovative prosthetic solutions.
Recent industry analysis reveals that the orthopedic prosthetics sector generated USD 2,286.7 million in revenue in 2023, and is projected to exhibit a year-over-year growth of 5.0% in 2024. This growth is driven by several key factors, including technological advancements in prosthetic design and materials, heightened awareness about orthopedic conditions, and a growing geriatric population with a higher incidence of orthopedic disorders.
Furthermore, continuous innovation in the field, such as the development of more functional and comfortable devices, is expected to enhance the market’s expansion. The integration of advanced technologies, including 3D printing and artificial intelligence, is revolutionizing the orthopedic prosthetics landscape, aligning with the growing emphasis on personalized medicine.
“As we look ahead, the orthopedic prosthetics market is poised for transformative growth,” said FMI. “The convergence of technology and healthcare is enabling us to create solutions that not only meet the physical needs of patients but also improve their quality of life.”
This positive outlook underscores the industry’s commitment to enhancing patient care through innovation and personalized solutions, ensuring that individuals with orthopedic conditions have access to the best possible prosthetic options.
Key Takeaways from the Market Study:
- Based on technology, the electric powered segment is expected to hold a market share of 47.5% in 2024.
- China is estimated to register at a CAGR of 7.7% by 2034.
- The United Kingdom experiences significant growth, projected at a CAGR of 5.4% by 2034.
- Based on product, lower extremity prosthetics is anticipated to hold a market share of 63.1% in 2024.
Explore the Growing Demand for Orthopedic Prosthetics: Get All the Insights in Our Comprehensive Report!
Competitive Landscape:
The competitive landscape of the orthopedic prosthetics market is marked by intense innovation and strategic collaborations among key players. Companies strive to enhance prosthetics designs, ensuring superior comfort and mobility for users.
Technological advancements, personalized solutions, and a global market presence characterize the competitive dynamics as industry leaders vie for market share by addressing the evolving needs of a diverse patient population.
Some of the recent developments are:
- In January 2020, Essentium, Inc. and Vorum entered a collaborative venture, merging Essentium’s High-Speed Extrusion (HSE) 3D printing technology with Vorum’s SurePath methodology and CAD/CAM solutions.
In June 2020, REJOINT introduced a groundbreaking approach, integrating artificial intelligence with GE Additive Arcam’s Electron Beam Melting (EBM) technology.
Key Players in Orthopaedic Prosthetics Market:
- Exatech Inc.
- Howard Orthopaedics Inc.
- Hanger Inc.
- Wishbone Medical
- Pega Medical
- OrthoPediatrics
- Arthrex
- Touch Bionics Inc.
- Advanced Arm Dynamics
- Medtronic Spinal
- Integra Lifesciences
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.
Key Segments of Orthopedic Prosthetics Industry
By Product:
In terms of product, the industry is divided into – upper extremity prosthetics (hand prosthetics, elbow prosthetics, shoulder prosthetics). lower extremity prosthetics (foot & ankle prosthetics, knee prosthetics, hip prosthetics). liners, sockets and modular components.
By Technology:
In terms of technology, the industry is segregated into conventional, electric powered and hybrid orthopaedic prosthetics.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East and Africa (MEA) have been covered in the report.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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