ORTHOPEDIC PROSTHETIC MARKET ANALYSIS

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, they are: 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.

Global orthopedic prosthetic market is estimated to be valued at US$ 2,246.7 million in 2022 and is expected to exhibit a CAGR of 5.3% during the forecast period (2022-2030).

Figure 1.Global Orthopedic Prosthetic Market Share (%), by, 2022

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Global Orthopedic Prosthetic Market - Drivers

Increasing prevalence of road traffic injuries is expected to propel growth of the global orthopedic prosthetic market during the forecast period. For instance, in June 2022, 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.

Furthermore, key companies focusing on product approval to advance the development of new technology prosthetics are expected to propel 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 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.

Figure 2. Global Orthopedic Prosthetic Market Share (%), by Region, 2022

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Global Orthopedic Prosthetic – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, manifestation of coronavirus (COVID-19) has resulted in more than 630,601,291 confirmed cases infected by COVID-19 worldwide as of 10th November, 2022.

Furthermore, COVID-19 pandemic has a significance impact on amputation due to increase in prevalence of psychiatric disorders among amputees. For instance, in September 2021, a research paper was published by International Journal of Innovative Research in Technology, an International Open Access, Peer-reviewed, Refereed Journal, according to which limitations in activity and inability to perform anything leads to depression anxiety and associated stress the so the prevalence of psychiatric disorders is found around 32% to 84% in amputees. While, higher levels of pain and anxiety are also risk factors for depression in amputees.

Global Orthopedic Prosthetic Market: Key Developments

In July 2020, Fillauer LLC, one of the global leader in orthotic and prosthetic innovation, in collaboration with FabCo Prosthetic Designs developed FabCo Powered. Moreover, the company engaged in business development strategy such as facility expansion of its upper and lower prosthetic central fabrication (CFab) in Nashville location. This expansion with FabCo will strengthen and maintain the patient-first commitment of Fillauer LLC to offer the right prosthetic solutions for patients.

In December 2022, US. 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.

Global Orthopedic Prosthetic Market: Restraint

The major factors that hinder growth of the global orthopedic prosthetic market 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 Irritations due to prosthesis are not easily solvable due to their 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.

Global Orthopedic Prosthetic market- Key Players

Major players operating in the global orthopedic prosthetic market include Össur, Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica among other prominent players