The global orthopedic prosthetics market size reached US$ 2.21 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.88 Billion by 2028 , exhibiting a growth rate (CAGR) of 4.40% during 2023-2028. The aging population, increasing prevalence of orthopedic disorders and injuries, and growing awareness and acceptance of prosthetic solutions represent some of the key factors driving the market.
|Orthopedic Prosthetics Market Size in 2022
||US$ 2.21 Billion
|Orthopedic Prosthetics Market Forecast in 2028
||US$ 2.88 Billion
|Orthopedic Prosthetics Market Growth Rate 2023-2028
Orthopedic prosthetics refer to the specialized devices designed to replace or augment missing or impaired body parts. These prosthetics are tailored to assist individuals who have suffered limb amputations or congenital limb deficiencies, helping them regain functionality and improve their quality of life. Orthopedic prosthetics are constructed using advanced materials, such as carbon fiber, plastics, and lightweight metals. They are meticulously engineered to mimic the anatomical structure and biomechanics of the missing or affected body part. The primary objective of orthopedic prosthetics is to restore mobility, enhance stability, and support the user. Orthopedic prosthetics are custom-made for each individual, considering their unique requirements, level of amputation, and functional goals. Nowadays, orthopedic prosthetics are vital in helping individuals regain independence, perform daily activities, and participate in physical and recreational pursuits. They also significantly contribute to improving the overall well-being and quality of life of those who have experienced limb loss or impairment.
Orthopedic Prosthetics Market Trends:
One of the primary factors driving the market is the aging population. As people age, the risk of orthopedic disorders, such as osteoarthritis and osteoporosis, increases. These conditions often result in joint degeneration and the need for joint replacement surgeries or prosthetic interventions, resulting in the growing adoption of orthopedic prosthetics. Additionally, the increasing prevalence of orthopedic disorders and injuries, sedentary lifestyles, obesity, sports injuries and road accidents contribute to the rising incidence of musculoskeletal conditions. Orthopedic prosthetics provide effective solutions for individuals with limb loss or impairment, enabling them to regain mobility, independence, and improved quality of life. Other than this, there is growing awareness and acceptance of prosthetic solutions among healthcare professionals and patients, representing another major growth-inducing factor. In line with this, educational campaigns, support groups, and advocacy organizations have played a crucial role in creating awareness among the masses about the benefits of orthopedic prosthetics and reducing the stigma associated with their use. Furthermore, favorable reimbursement policies and initiatives undertaken by governments of various nations to provide financial support to individuals in need of prosthetic devices, making them more accessible and affordable, are providing a positive thrust to the market growth. Moreover, advancements in prosthetic technology by leading manufacturers have made these devices more functional, comfortable, and aesthetically appealing by incorporating sophisticated features like computerized microprocessors, sensors, and artificial intelligence algorithms. These advancements enable better control, increased comfort, and enhanced functionality for prosthetic users, resulting in increased product adoption.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global orthopedic prosthetics market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on the product, technology, and end user.
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Modular Components
The report has provided a detailed breakup and analysis of the orthopedic prosthetics market based on the product. This includes upper extremity prosthetics, lower extremity prosthetics, liners, sockets, and modular components. According to the report, upper extremity prosthetics represented the largest segment.
- Electric Powered
- Hybrid Orthopedic Prosthetics
A detailed breakup and analysis of the orthopedic prosthetics market based on technology has also been provided in the report. This includes conventional, electric powered, and hybrid orthopedic prosthetics. According to the report, conventional accounted for the largest market share.
End User Insights:
- Prosthetics Clinics
- Rehabilitation Center
The report has provided a detailed breakup and analysis of the orthopedic prosthetics market based on the end user. This includes hospitals, prosthetics clinics, rehabilitation center, and others. According to the report, prosthetics clinics represented the largest segment.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for orthopedic prosthetics. Some of the factors driving the North America orthopedic prosthetics market included aging population, advancements in technology, and increasing number of orthopedic injuries and conditions, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the global orthopedic prosthetics market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Blatchford Limited, Fillauer LLC, Hanger Inc., Johnson & Johnson, Ossur hf., Ottobock SE & Co. KGaA, Protunix, Smith & Nephew Plc, Steeper Inc., Stryker Corporation, WillowWood Global LLC, Zimmer Biomet, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets, Modular Components
||Conventional, Electric Powered, Hybrid Orthopedic Prosthetics
|End Users Covered
||Hospitals, Prosthetics Clinics, Rehabilitation Center, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Blatchford Limited, Fillauer LLC, Hanger Inc., Johnson & Johnson, Ossur hf., Ottobock SE & Co. KGaA, Protunix, Smith & Nephew Plc, Steeper Inc., Stryker Corporation, WillowWood Global LLC, Zimmer Biomet, etc.
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Key Questions Answered in This Report:
- How has the global orthopedic prosthetics market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global orthopedic prosthetics market?
- What is the impact of each driver, restraint, and opportunity on the global orthopedic prosthetics market?
- What are the key regional markets?
- Which countries represent the most attractive orthopedic prosthetics market?
- What is the breakup of the market based on the product?
- Which is the most attractive product in the orthopedic prosthetics market?
- What is the breakup of the market based on technology?
- Which is the most attractive technology in the orthopedic prosthetics market?
- What is the breakup of the market based on the end user?
- Which is the most attractive end user in the orthopedic prosthetics market?
- What is the competitive structure of the global orthopedic prosthetics market?
- Who are the key players/companies in the global orthopedic prosthetics market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the orthopedic prosthetics market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global orthopedic prosthetics market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the orthopedic prosthetics industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.