What is the global market size of Orthopaedic Prosthetics Market?

Orthopaedic Prosthetics Market size was valued at USD 2.09 billion in 2021 and is poised to grow from USD 2.20 billion in 2022 to USD 3.27 billion by 2030, growing at a CAGR of 5.1% in the forecast period (2023-2030).

What is the key driver of Global Orthopaedic Prosthetics Market?

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.

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 Dynamics

Orthopaedic Prosthetics Market Drivers

Rising Aging Population

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

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.

Orthopaedic Prosthetics Market Report Snapshots

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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 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. '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)'

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.

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.

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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

Orthopaedic Prosthetics Market Dynamics

Orthopaedic Prosthetics Market Report Snapshots

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What is the global market size of Orthopaedic Prosthetics Market?

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