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Press Release: Orthopedic Prosthetics Market to Reach US$ 2,872.2 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
An orthopedic prosthetic is an artificial limb designed to substitute a missing body part of a patient. Artificial limbs make it possible for persons who have lost limb/limbs to functions efficiently and these prosthetics resemble original or natural limbs to a considerable extent and are users almost always pass unnoticed.
Statistics:
The global orthopedic prosthetics market is estimated to account for US$ 2,872.2 Mn in terms of value by the end of 2027.
Global Orthopedic Prosthetics Market: Drivers
Increasing geriatric population is expected to propel growth of the global orthopedic prosthetics market over the forecast period. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Moreover, increasing number of accidents is also expected to propel growth of the global orthopedic prosthetics market over the forecast period. For instance, according to the Ministry of Road Transport and Highways, Government of India, in 2018, the number of road accidents increased by 0.46% compared to 2017.
Statistics:
North America held dominant position in the global orthopedic prosthetics market in 2019, accounting for 38.8% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Orthopedic Prosthetics Market Share (%) Value, By Region, 2019
Global Orthopedic Prosthetics Market: Restraints
High cost of prosthetics is expected to hinder growth of the global orthopedic prosthetics market. Serviceable below-the-knee prosthesis that allows the user to stand and walk on level ground costs around US$ 5,000 to US$ 7,000 and price of computer-assisted devices range between US$ 20,000 and US$ 30,000.
Moreover, advancements in vascular surgery may also limit growth of the global orthopedic prosthetics market. Advancements in vascular surgery are compelling doctors to take a second thought before going for amputation.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,940.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.1% | 2027 Value Projection: | US$ 2,872.2 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Ossur hf, Hanger Inc., Otto Bock HealthCare GmbH, Blatchford Ltd., Touch Bionics Inc., The Ohio Willow Wood Co., Fillauer LLC., and Howard Orthopaedics Inc. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Statistics:
The global orthopedic prosthetics market was valued at US$ 1,940.3 Mn in 2019 and is forecast to reach a value of US$ 2,872.2 Mn by 2027 at a CAGR of 5.1% between 2020 and 2027.
Figure 2: Global Orthopedic Prosthetics Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
R&D in prosthetics is expected to propel growth of the global orthopedic prosthetics market. For instance, in August 2019, researchers at Medical University of Vienna in collaboration with Otto Bock Healthcare Products, Alfred Mann Foundation, and Imperial College London developed a prosthetic arm with few built-in electrodes, which makes contact with the patient’s skin and results in opening and closing of the prosthetic arm claw.
Moreover, launch of IoT technologies for prosthetics is also expected to aid in growth of the market. For instance, August 2019, Intellirod Spine launched iLink, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic or prosthetic to measure wearing compliance, upright posture time and mobility daily through a free smartphone app.
Regulations
U.S.
Europe
Global Orthopedic Prosthetics Market: Competitive Landscape
Major players operating in the global orthopedic prosthetics market include, Ossur hf, Hanger Inc., Otto Bock HealthCare GmbH, Blatchford Ltd., Touch Bionics Inc., The Ohio Willow Wood Co., Fillauer LLC. And Howard Orthopaedics Inc.
Global Orthopedic Prosthetics Market: Key Developments
Major players in the global orthopedic prosthetics market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Ottobock SE & Co. KGaA, a provider of prosthetic limbs, orthotic supports, and wheelchairs, received financing of up to US$ 110 million from the European Investment Bank.
Orthopedic prosthetic devices are defined as external medical devices that substitute a missing skeletal part. Orthopedic prosthetics are a vital components for rehabilitation of injured or harmed skeletal system, associated musculature and joints. Increasing number of accidents is also expected to propel growth of the global orthopedic prosthetics market over the forecast period. Moreover, launch of advance prosthetics along with technological advancement in material design for prosthetics is also expected to aid in growth of the market.
Key features of the study:
Detailed Segmentation:
*Browse 22 market data tables and 14 figures on “Orthopedic Prosthetics Market - Global forecast to 2027”.
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