What is the global market size of Orthopedic Prosthetics Market?

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).

Who are the key vendors in the Global Orthopedic Prosthetics Market?

The competitive surroundings of the Orthopedic Prosthetics marketplace is dynamic and is marked by means of the presence of key gamers striving to establish marketplace dominance. Technological innovation is a key competitive element, with businesses that specialize in improvements in substances, layout, and functionality to decorate consumers revel in. Emerging gamers, regularly characterised by way of niche services and innovative technologies, make a contribution to the competitive mix. 'Otto Bock Healthcare GmbH', 'Ossur', 'Zimmer Biomet', 'Stryker', 'Johnson & Johnson Services, Inc.', 'Medtronic', 'The Ohio Willow Wood Company', 'Blatchford Group', 'Touch Bionics Inc.', 'Hanger Inc.', 'Exatech Inc.', 'Arthrex Inc.', 'Smith & Nephew plc', 'DJO Global', 'Globus Medical Inc.', 'Rejoint', 'AlloSource', 'Braun Melsungen AG', '** RTI Surgical Inc.**', 'Wright Medical Group N.V.'

What is the key driver of Global Orthopedic Prosthetics Market?

The aging populace global, coupled with an upward push in musculoskeletal disorders and worrying injuries, fuels the call for orthopedic prosthetics. Advancements in generation, specially the mixing of robotics and 3-d printing, decorate the precision and customization of prosthetic devices, providing advanced functionality and luxury for users.

What is the key market trend for Global Orthopedic Prosthetics Market?

Rising Emphasis On Patient-Centric Design And Customization: The developing emphasis on patient-centric design and customization, driven by technological improvements which include 3-d printing and pc-aided layout. These technologies allow the introduction of personalized prosthetics, enhancing comfort and capability for personal users. Additionally, the mixing of clever and sensor technologies into orthopedic prosthetics is at the upward thrust, providing real-time records comments.

Which region accounted for the largest share in Orthopedic Prosthetics Market?

North America, in particular the USA, is possibly to dominate the orthopedic prosthetics marketplace. The area has a well-hooked up healthcare infrastructure, high healthcare expenditure, and a substantial patient population with orthopedic situations. Continuous improvements in era and a sturdy awareness on research and development make a contribution to the dominance of North America.

Orthopedic Prosthetics Market Size, Share, Growth Analysis, By Product(Upper Extremity, Prosthetics, Lower Extremity Prosthetics, Liners), By Technology(Conventional, Electric Powered, Hybrid Prosthetics), By End user(Hospitals, Prosthetic Clinics, Rehabilitation Centers, Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2801 | Region: Global | Published Date: October, 2024
Pages: 219 | Tables: 69 | Figures: 75

Orthopedic Prosthetics Market Insights

Global Orthopedic Prosthetics Market size was valued at around USD 3.3 billion in 2022 and is expected to rise from USD 3.5 billion in 2023 to reach a value of USD 5.6 billion by 2031, at a CAGR of 6.2% over the forecast period (2024–2031).

Rising incidence of trauma injuries and orthopedic disorders are projected to primarily bolster the demand for orthopedic prosthetics over the coming years. Rapidly expanding geriatric population is also expected to be a major contributor to orthopedic prosthetics market growth going forward. Increasing investments in the development of novel orthopedic prosthetics using advanced manufacturing technologies and materials are also estimated to create new opportunities for orthopedic prosthetics companies in the future. Rising cases of road accidents, advancements in prosthetics technologies, and increasing healthcare expenditure are also estimated to favor sales of orthopedic prosthetics in the long run. On the contrary, high costs of advanced orthopedic prosthetics, challenges in fit and customization, risk of complications, and limited availability of skilled professionals are slated to be major restraints for orthopedic prosthetics companies across the study period and beyond.

Orthopedic Prosthetics Market Report Snapshots

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Developing affordable and advanced orthopedic prosthetics will be the prime focus of new as well as established companies in the future. Orthopedic prosthetics providers should also focus on developing orthopedic prosthetics with the right fit and functionality to maximize their sales potential going forward. Collaborations and partnerships are slated to be essential in fostering product innovation in the long run. 'Blatchford Limited ', 'Fillauer LLC ', 'WillowWood Global LLC ', 'Steeper Inc. ', 'Mobius Bionics ', 'Synergy Prosthetics ', 'Human Technology Inc. ', 'United Prosthetics Inc. ', 'Coapt LLC ', 'Protunix ', 'Össur ', 'Ottobock Inc. ', 'Touch Bionics Inc. ', 'Advanced Arm Dynamics, Inc. ', 'Stryker ', 'Exactech, Inc. ', 'Globus Medical Inc. ', 'RTI Surgical Inc. ', 'Wright Medical Group N.V. ', 'Johnson & Johnson Services, Inc.'

Use of 3D Printing Technology: Orthopedic prosthetics companies can focus on using 3D printing to develop highly customizable orthopedic prosthetics efficiently. High affordability and faster production times for intricate and complex designs are also expected to be key benefits associated with the adoption of this orthopedic prosthetics market trend in the long run.

North America is projected to account for a dominant share of the global orthopedic prosthetics market. The presence of a developed healthcare infrastructure, high availability of advanced prosthetics, and growing spending on healthcare are also estimated to make this a leading region for orthopedic prosthetics suppliers. Canada and the United States are slated to be the top markets for orthopedic prosthetics companies in the North American region through 2031 and beyond. Availability of favorable reimbursement policies and presence of leading orthopedic prosthetics manufacturers are also cementing the dominance of North America in the global orthopedic prosthetics industry.

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Orthopedic Prosthetics Market Insights

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What is the global market size of Orthopedic Prosthetics Market?

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