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  • Published In : Apr 2024
  • Code : CMI1150
  • Pages :155
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

Market Size and Trends

The global orthopedic prosthetic market is estimated to be valued at USD 2.46 Bn in 2024 and is expected to reach USD 3.62 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

Orthopedic Prosthetic Market Key Factors

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The global orthopedic prosthetic market is driven by the rising geriatric population and the associated increase in the number of orthopedic diseases, tumors, or bone deformations among the elderly population. The market is also witnessing strong growth due to the increasing sports and road accident-related injuries leading to amputations. Technological advancements in 3D printing and prosthetics design have improved the cosmetic appearance and functionality of prosthetic devices. With growing awareness and availability of specialized prosthetic care, the social acceptance of those living with prosthetics is increasing globally.

Increasing Prevalence of Road Traffic Injuries

The increasing prevalence of road traffic injuries is poised to push growth in the global orthopedic prosthetic market over the coming years. According to data from the World Health Organization, road traffic crashes cause around 1.35 million deaths annually worldwide. While the highest road traffic death rates are seen in low-income countries, even developed nations are witnessing elevated injury rates. For example, reports from the Centers for Disease Control and Prevention showed over 4 million road injuries occurred in the United States in the year 2020 alone.

Increasing prevalence of road traffic injuries is expected to propel the growth of the global orthopedic prosthetic market during the forecast period. For instance, in June 2022, the World Health Organization (WHO) published a fact sheet according to which, every year around 20 to 50 million people suffer from non-fatal injuries, with many incurring a disability.

Market Concentration and Competitive Landscape

Orthopedic Prosthetic Market Concentration By Players

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Increasing Product Launches

Key companies focusing on product launches to advance the development of new technology prosthetics are expected to propel the growth of the global orthopedic prosthetic market during the forecast period. For instance, in September 2022, Ossur, one of the global leaders in the orthotics and prosthetics (O&P) industry, announced the launch of a new POWER KNEE, a bionic technology and a motor prosthesis. The power knee, uses advanced algorithms to detect motion, movement pattern, and adjust the speed of wearer. They are designed to create motion and provide active powered assistance.

Orthopedic Prosthetic Market Key Takeaways From Lead Analyst

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Market Challenges – Irritations with Prosthesis and ill-Fitting Socket

The major factors that hinder the global orthopedic prosthetic market growth include the irritations with prosthesis that cause frustration and ill-fitting socket. For instance, in January 2022, a paper was published by Frontiers in Rehabilitation Sciences, according to which irritation due to prosthesis is not easily solvable due to its make-up and design. As there is continual changes to the user's residual limb, the sockets present in the prosthetic are rigid in nature due to which they cannot change according to users’ limb functioning.

Market Opportunities – Increasing Inorganic Growth Strategies

Increasing adoption of inorganic growth strategies, such as collaborations, is expected to offer lucrative growth opportunities in the market. For instance, in February 2023, MIT’s K. Lisa Yang Center for Bionics entered into a collaboration with the government of Sierra Leone to strengthen the capabilities and services of that country’s orthotic and prosthetic (O&P) sector.

Orthopedic Prosthetic Market By Product Type

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Insights, By Product Type: Higher Incidence of Arm Disabilities is Driving the Demand for Upper Extremity Prosthetics

The product type segment includes upper extremity prosthetics, lower extremity prosthetics, liners, sockets, modular components, and others. The upper extremity prosthetics sub-segment is estimated to hold 38.3% of the market share in 2024 owing to the higher incidence rate of disabilities affecting the arms and hands globally. There are several factors contributing to the growing need for upper body prosthetics. Firstly, industrial and workplace accidents are one of the leading causes of amputations and disabilities affecting the arms worldwide. With increasing industrialization and expansion of manufacturing sector in developing economies, incidents of hands and arms getting severed in machines remain elevated. Secondly, injuries from road accidents are another major driver. Along with legs, arms often bear the brunt of injuries in collisions and accidents. Since road traffic continues to surge across both developing and developed nations, trauma cases requiring upper limb prosthetics remain substantial. In addition, the rising prevalence of congenital disabilities like dysmelia (limb reduction deficiencies) leads to a steady requirement for upper extremity prosthetics. Lastly, the growing armed conflicts and extremism in certain parts of the world also contribute to amputations through bomb explosions and targeted violence, necessitating prosthetic replacements.

Insights, By Technology: Technological Advancements Propel Electric Powered

The technology segment includes conventional, electric powered, and hybrid orthopedic prosthetics. The electric powered sub-segment is estimated to hold 37.4% of the market share in 2024 due to significant technological advancements. Electric powered varieties offer more intuitive movement control through muscle signals via embedded sensors and microchips. This makes fine motor activities and prehension much more natural compared to body-powered mechanical variants. Additionally, lithium-ion batteries provide longer operation without frequent charging. Hybrid designs leverage the benefits of both myoelectric and body-powered systems through a toggle mechanism. This provides patients an option to choose between muscle-controlled precision grip or harnessing residual limb movement. Such developments have enhanced the functional capabilities and quality of life for amputees. Furthermore, ongoing research seeks to achieve even human-like capabilities through neural interfacing and mind-controlled bionics. Collectively, technological innovations are expanding the frontiers of prosthetics and positively impacting growth in the electric and hybrid segments.

Insights, By End User: Expanding Healthcare Infrastructure is Favoring the Hospitals Segment

The end user segment includes hospitals, prosthetic clinics, rehabilitation center, and others. The hospitals sub-segment is estimated to hold 33.9% of the market share in 2024 due to expanding health infrastructure in developing nations. Post-amputation, several follow-up visits and fittings are required with a prosthetist to achieve effective residual limb care, gait training and device alignment. This rehabilitation process is best supported through in-patient hospital stays assisted by qualified professionals. Additionally, major amputations often require immediate surgical attention and recovery care, establishing the hospital as the primary end user. Furthermore, favorable government policies geared towards strengthening public healthcare networks across emerging economies are positively impacting the segment growth. Large hospitals are procuring the latest prosthetic technologies to offer comprehensive rehabilitation services. The growing medical tourism sector is also contributing as people travel abroad for affordable high-quality care including prosthetics fitting and training

Regional Insights

Orthopedic Prosthetic Market Regional Insights

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North America remains the dominant region in the global orthopedic prosthetic market and is estimated to hold 44.2% of the market share in 2024 owing to increasing product approvals by the U.S. Food and Drug Administration (FDA). For instance, in December 2022, the U.S. Food and Drug Administration approved the Osseoanchored Prostheses for the Rehabilitation of Amputees (OPRA) Implant System, the first implant system marketed in the U.S. for adults who have transfemoral or above-the-knee amputations and who have or are anticipated to have rehabilitation problems with, or cannot use, a conventional socket prosthesis.

The Asia Pacific region has emerged as the fastest growing market for orthopedic prosthetics in recent times. Factors such as the rising geriatric population, improving access to healthcare, and growing medical tourism are aiding the market growth. Countries like China, India, and Japan have witnessed substantial economic development which has enhanced the affordability of orthopedic products. This has opened up the market beyond tertiary cities to tier 2 and tier 3 areas as well. Additionally, regional players are strengthening their manufacturing capabilities to serve the large domestic demands. Some of them are also collaborating with global companies for technical know-how transfer to accelerate product development. This has added competitive pricing dynamics to the region.

Market Report Scope

Orthopedic Prosthetic Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 2.46 Bn
Historical Data for: 2019 To 2023 Forecast Period: 2024 To 2031
Forecast Period 2024 to 2031 CAGR: 5.7% 2031 Value Projection: US$ 3.62 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Product Type: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets, Modular Components, and Others
  • By Technology: Conventional, Electric Powered, and Hybrid Orthopedic Prosthetics
  • By End User: Hospitals, Prosthetic Clinics, Rehabilitation Center, and Others 
Companies covered:

Ottobock, Össur, Hanger Inc., Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., Open Bionics, SYNERGY PROSTHETICS, Fillauer LLC, OrthoPediatrics Corp., and Proteor 

Growth Drivers:
  • Increasing Prevalence of Road Traffic Injuries
  • Increasing Product Launch
Restraints & Challenges:
  • Irritations with Prosthesis and ill-Fitting Socket
  • High Costs Associated with Orthopedic Prosthetics

Key Developments

  • On March 7, 2024, Proteor, a prosthetic and orthotic device company, announced the launch of the SYNSYS microprocessor full-leg system that provides triple flexion movements. The SYNSYS system is designed to offer an entirely new angle on prosthetic performance for amputees with low to moderate K3 activity levels.
  • On January 8, 2024, OrthoPediatrics Corp., a company focused exclusively on advancing the field of pediatric orthopedics, announced that it has acquired Boston Orthotics & Prosthetics (“Boston O&P”), a leader in pediatric orthotic management. The acquisition expands specialty bracing division with pediatric orthotic management business offering leading technology and pediatric care through dedicated clinics.
  • In November 2021, Össur, a manufacturer of non-invasive equipment for orthopedics, announced that it had launched three new models of its iconic Cheetah sports prosthesis, which have been designed for amputee athletes who are participating in specific athletic applications, including sprinting, distance running, and long jumping.
  • In November 2022, the United Nations Development Programme (UNDP) in Rwanda, in partnership with Swiss Limbs, Non-profit organization in Bellinzona, Switzerland and Home de la Vierge des Pauvres (HVP) Gatagara, a center for medical care, launched a 3D computer-Aided Design and Manufacturing of orthotics and prosthetics. The novel technology will help to improve the efficiency and quality of the limbs produced
  • In March 2022, Exactech, a developer and producer of innovative implants, instrumentation and smart technologies for joint replacement surgery, announced the launch of Equinoxe Humeral Reconstruction Prosthesis in Europe. It is designed for intraoperative flexibility and patient-specific sizing.
  • In July 2020, Fillauer LLC, one of the global leaders in orthotic and prosthetic innovation, in collaboration with FabCo Prosthetic Designs, provider of fabrication services to prosthetic clinics nationwide, developed FabCo Powered. Moreover, the company is engaged in business development strategy such as facility expansion of its upper and lower prosthetic central fabrication (CFab) in the Tennessee, U.S. This expansion with FabCo Prosthetic Designs will strengthen and maintain the patient-first commitment of Fillauer LLC to offer the right prosthetic solutions for patients.

*Definition: 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. There are mainly two types of limb prosthetics available, upper limb prosthetics and lower limb prosthetics. Prostheses (artificial legs and hands) enables people with physical impairments to live normal, healthy and independent life and the use of prosthetics can reduce the need of support services and caregivers to the physically impaired person.

Market Segmentation

  •  Product Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Upper Extremity Prosthetics
    • Lower Extremity Prosthetics
    • Liners
    • Sockets
    • Modular Components
    • Others
  •  Technology Insights (Revenue, USD Bn, 2019 - 2031)
    • Conventional
    • Electric Powered
    • Hybrid Orthopedic Prosthetics
  •  End User Insights (Revenue, USD Bn, 2019 - 2031)
    • Hospitals
    • Prosthetic Clinics
    • Rehabilitation Center
    • Others
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East
      • GCC Countries
      • Israel
      • Rest of Middle East
    • Africa
      • South Africa
      • North Africa
      • Central Africa
  • Key Players Insights
    • Ottobock
    • Össur
    • Hanger Inc.
    • Blatchford Limited
    • WillowWood Global LLC
    • Fillauer LLC
    • Howard Orthopaedics Inc.
    • Aether Biomedical
    • United Prosthetics
    • Advanced Arm Dynamic
    • TASKA Prosthetics

Frequently Asked Questions

The CAGR of the orthopedic prosthetic market is projected to be 5.7% from 2024 to 2031.

Increasing prevalence of road traffic injuries and increasing product launches are the major factors driving the growth of the orthopedic prosthetic market.

Irritations with prosthesis and ill-fitting socket and high costs associated with orthopedic prosthetics are the major factors hampering the growth of the orthopedic prosthetic market.

In terms of product type, upper extremity prosthetics is estimated to dominate the market revenue share in 2024.

Ottobock, Össur, Hanger Inc., Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., Open Bionics, SYNERGY PROSTHETICS, Fillauer LLC, OrthoPediatrics Corp., and Proteor are the major players.

North America is expected to lead the orthopedic prosthetic market.

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