USD 8.64 Billion
Orthopaedic Prosthetics Market Size, Share, Growth Analysis, By Product Type(Orthotics (Upper limb, Lower limb, Spinal), Prosthetics (Upper Extremity), By Application(Hospitals, Prosthetic Clinics, Rehabilitation Centers and Others.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2664 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
68
|Figures:
75
Orthopaedic Prosthetics Market Insights
Global Orthopedic Prosthetics Market size was valued at USD 8.64 Billion in 2022 and is poised to grow from USD 9.39 Billion in 2023 to USD 18.21 Billion by 2031, at a CAGR of 8.64% during the forecast period (2024-2031).
The global orthopaedic prosthetics market has witnessed significant growth in recent years due to several factors such as an increasing geriatric population, rising prevalence of orthopaedic disorders and disabilities, advancements in prosthetic technologies, and growing awareness about the benefits of prosthetic devices. This market analysis will provide insights into the current state and future prospects of the global orthopaedic prosthetics market. With aging, the risk of orthopaedic conditions such as osteoarthritis, rheumatoid arthritis, and osteoporosis increases, leading to the need for orthopaedic prosthetic devices. Moreover, advancements in medical treatments and technologies have increased the life expectancy of individuals, resulting in a larger population requiring orthopaedic prosthetics. Additionally, the increasing prevalence of orthopaedic disorders and disabilities, including bone injuries, amputations, and congenital limb deficiencies, has contributed to the growth of the orthopaedic prosthetics market. These conditions often require the use of prosthetic devices to restore mobility and improve the quality of life for individuals. The growing awareness about the benefits of prosthetic devices, coupled with the availability of advanced and customizable prosthetic solutions, has further fueled the market demand.
US Orthopaedic Prosthetics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Lower Extremity Prosthetics
Fastest Growth
Lower Extremity Prosthetics
Growth Rate
8.64% CAGR
Global Orthopedic Prosthetics Market ($ Bn)
Country Share for North America Region (%)
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Orthopaedic Prosthetics Market Segmental Analysis
The global orthopaedic prosthetics market is segmented by product type, application, and region. Based on product type, the market can be segmented into Orthotics (Upper limb, Lower limb, Spinal), Prosthetics (Upper Extremity, Lower Extremity, Liners, Sockets, Modular Components). Based on application, the market is segmented into Hospitals, Prosthetic Clinics, Rehabilitation Centers, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product type
In the global Orthopaedic Prosthetics market, among the types mentioned - Lower Extremity Prosthetics, Upper Extremity Prosthetics, Liners, Modular Components, and Socket - the dominant type is Lower Extremity Prosthetics. Lower extremity prosthetics refer to artificial limbs designed to replace a part or the entire lower limb, including feet, ankles, and legs. They are widely used to restore mobility and functionality for individuals with limb loss or limb impairment.
On the other hand, the fastest-growing type in the global Orthopaedic Prosthetics market is Upper Extremity Prosthetics. Upper extremity prosthetics include artificial limbs designed to replace parts or the entire upper limb, including hands, wrists, and arms. This segment is experiencing significant growth due to advancements in technology and innovations in upper limb prosthetic devices.
Analysis by Application
Among the applications of the global Orthopaedic Prosthetics market, the most dominant category is Hospitals. Hospitals play a crucial role in providing orthopaedic prosthetics to patients in need of such devices. They are equipped with specialised orthopaedic departments and have the necessary infrastructure to diagnose, treat, and rehabilitate patients requiring orthopaedic prosthetics. Therefore, hospitals serve as the primary channel for the procurement and distribution of orthopaedic prosthetics, making them the dominant application segment in the market.
Regarding the fastest-growing application, Rehabilitation Centers have shown significant growth in the global Orthopaedic Prosthetics market. Rehabilitation centres focus on providing comprehensive care and therapy to patients recovering from orthopaedic conditions or surgeries. These centres specialise in offering rehabilitation services, including physical therapy and occupational therapy, to individuals who require orthopaedic prosthetics to regain mobility and functionality. The increasing awareness and emphasis on post-surgical rehabilitation, coupled with advancements in rehabilitation techniques, have contributed to the rapid growth of the Rehabilitation Centers segment in the market.
Analysis by Region
North America's dominance in the orthopaedic prosthetics market is driven by advanced healthcare infrastructure, substantial R&D investments, and high adoption rates of innovative technologies. The region benefits from a strong presence of leading prosthetics manufacturers and favorable reimbursement policies, which collectively enhance access to cutting-edge prosthetic solutions and support market growth.
Asia Pacific is the fastest-growing market for orthopedic prosthetics due to its expanding elderly population, rising incidences of osteoarthritis and diabetes, and increasing healthcare expenditure. Additionally, advancements in medical technology, growing awareness about prosthetic solutions, and supportive government initiatives are driving market growth in the region, making it a lucrative area for orthopedic prosthetics.
Global Orthopedic Prosthetics Market By Technology
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Orthopaedic Prosthetics Market Regional Insights
In the global Orthopaedic Prosthetics market, the most dominant region is North America. North America has a well-established healthcare infrastructure, advanced technology adoption, and high healthcare expenditure, which contribute to its dominance in the market. Additionally, factors such as a large patient pool, favourable reimbursement policies, and increasing awareness about advanced prosthetic solutions drive the growth of the Orthopaedic Prosthetics market in this region.
Regarding the fastest-growing region, Asia Pacific is witnessing rapid growth in the global orthopaedic prosthetics market. The region is experiencing significant economic growth, along with improvements in healthcare infrastructure. Factors such as a large population base, rising prevalence of chronic diseases and disabilities, and increasing healthcare expenditure contribute to the market's growth in Asia Pacific. Additionally, technological advancements, the availability of cost-effective prosthetic solutions, and government initiatives to improve healthcare accessibility further drive the market's expansion in this region.
Global Orthopedic Prosthetics Market By Geography
- Largest
- Fastest
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Orthopaedic Prosthetics Market Dynamics
Orthopaedic Prosthetics Market Drivers
Rising Aging Population
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The global population is experiencing a rise in the number of elderly individuals, leading to a higher prevalence of orthopaedic conditions such as osteoarthritis, osteoporosis, and limb loss. As older adults aim to maintain an active lifestyle, there is a growing demand for orthopaedic prosthetics. The expanding geriatric population is a significant driving factor for market growth.
Restraints
Technical Challenges and Fit Issues
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Despite the continuous advancements in technology, orthopaedic prosthetics still encounter certain technical complexities. Achieving the proper fit, comfort, and alignment for individuals can be a complex process, often requiring multiple fittings and adjustments. These technical challenges and fit issues can impact patient satisfaction and pose limitations to the market's growth.
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Orthopaedic Prosthetics Market Competitive Landscape
The global orthopaedic prosthetics market is characterised by intense competition among various players operating in the industry. This market encompasses the production and distribution of prosthetic devices used to replace or support missing or damaged body parts, particularly in the field of orthopaedics. The competitive landscape of this market is shaped by several factors, including technological advancements, product innovation, strategic partnerships, and extensive research and development activities.
Orthopaedic Prosthetics Market Top Player’s Company Profiles
- Össur (Iceland)
- Johnson & Johnson (US)
- Zimmer Biomet Holdings Inc. (US)
- Stryker Corporation (US)
- Ottobock (Germany)
- Blatchford Group (UK)
- Hanger Inc. (US)
- Fillauer LLC (US)
- WillowWood (US)
- College Park Industries (US)
- Össur Americas (US)
- Touch Bionics (UK)
- Proteor (France)
- Ottobock Healthcare (Germany)
- Endolite (UK)
- BiOM, Inc. (US)
- Trulife (Ireland)
- SPS (US)
- Freedom Innovations (US)
- Steeper Group (UK)
Orthopaedic Prosthetics Market Recent Developments
- In May 2023, Hanger Inc. announced the launch of a new prosthetic knee called the Hanger X3 Knee. The new knee is designed to provide more natural movement and stability than traditional prosthetic knees.
- In April 2023, Otto Bock HealthCare GmbH announced the launch of a new prosthetic hand called the Otto Bock Michelangelo Hand. The new hand is designed to be more lifelike and functional than traditional prosthetic hands.
- In March 2023, Zimmer Biomet Holdings Inc. announced the launch of a new prosthetic ankle called the Zimmer Biomet iWalk Ankle. The new ankle is designed to be more lightweight and portable than traditional prosthetic ankles.
Orthopaedic Prosthetics Key Market Trends
- Growing Adoption of Advanced Technologies and Materials: Rapid advancements in technology and materials have significantly improved the design, functionality, and comfort of orthopaedic prosthetic devices. The introduction of lightweight and durable materials, such as carbon fibre composites and titanium alloys, has revolutionised the field by offering prosthetics that are not only more natural-looking but also provide enhanced mobility and functionality for individuals with limb loss or limb impairment.
Orthopaedic Prosthetics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global orthopaedic prosthetics market analysis, it highlights the market's significant growth potential, driven by factors such as the aging population, the increasing incidence of orthopaedic disorders, and the growing number of road accidents and sports injuries. The rising awareness about the benefits of orthopaedic prosthetics, coupled with improving healthcare infrastructure in emerging economies, is expected to further propel market growth. The competitive landscape analysis outlines the key players operating in the market, highlighting their market shares, product portfolios, and strategic initiatives. The report also identifies collaborations, partnerships, and mergers and acquisitions as prevalent strategies adopted by these companies to strengthen their market presence and expand their customer base. Geographically, the report provides a regional analysis, covering major regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 8.64 Billion |
| Market size value in 2031 | USD 18.21 Billion |
| Growth Rate | 8.64% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Orthopaedic Prosthetics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Orthopaedic Prosthetics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Orthopaedic Prosthetics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Orthopaedic Prosthetics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Orthopaedic Prosthetics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Orthopaedic Prosthetics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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