Global Orthopedic Prosthetic Market, by Product Type (Upper Extremity Prosthetics (Hand Prosthetics, Elbow Prosthetics, Shoulder Prosthetics), Lower Extremity Prosthetics (Foot & Ankle Prosthetics, Knee Prosthetics, Hip Prosthetics Glass), Liners, Sockets, Modular Components), by Technology (Conventional, Electric Powered, Hybrid Orthopedic Prosthetics), by End User (Hospitals, Prosthetic Clinics, Rehabilitation Center, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The increasing epidemiology of patient with diabetes mellitus and Peripheral artery disease (PAD) is expected to drive the market growth over the forecast period. For instance, in June 2020, an article was published by American Heart Association, a nonprofit organization in the United States that funds cardiovascular medical research, according to which patients with concomitant diabetes mellitus and Peripheral artery disease (PAD) are at high risk for major complications, such as amputation.
Global Orthopedic Prosthetic Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a significant impact on the orthopedic prosthetic market, owing to the cancellation of elective surgeries for orthopedic procedures. For instance, in May 2020, research paper was published by University of Birmingham, according to which orthopedic procedures are most frequently cancelled with 6.3 million orthopedic surgeries cancelled worldwide over a 12-week period.
Global Orthopedic Prosthetic Market: Key Developments
In Aug, 2021, Hanger, Inc., a company providing orthotic and prosthetic (O&P) services and products and Ottobock, one of the leading company offering innovative products in the areas of orthotics and prosthetics, has announced the partnership to conduct a prospective randomized trial of microprocessor-controlled knee (MPK) technologies and collect data to know the health benefits for senior of age 65 and more.
In November 2022, National Health Service (NHS) England, has approved the funding to prescribe microprocessor controlled prosthetic knees (MPKs) for people in England. This will provides eligible amputees with the opportunity to be fitted with a fully funded microprocessor controlled prosthetic knees (MPK) and improve their lives promoting long-term health.
Browse 22 Market Data Tables and 14 Figures spread through 156 Pages and in-depth TOC on “Global Orthopedic Prosthetic Market”- Forecast to 2030, Global Orthopedic Prosthetic Market, by Product Type (Upper Extremity Prosthetics (Hand Prosthetics, Elbow Prosthetics, Shoulder Prosthetics), Lower Extremity Prosthetics (Foot & Ankle Prosthetics, Knee Prosthetics, Hip Prosthetics Glass), Liners, Sockets, Modular Components), by Technology (Conventional, Electric Powered, Hybrid Orthopedic Prosthetics ), by End User (Hospitals, Prosthetic Clinics, Rehabilitation Center, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/orthopedic-prosthetic-devices-market-1150
Moreover, increasing prevalence of below knee-amputation due to road traffic accidents is expected to drive the market growth over the forecast period. For instance, in January 2021, a paper was published by National Center for Biotechnology Information, according to which 4.1% trauma patients underwent amputation among which 32.8% had amputation below the level of the knee joint and road traffic accidents were the most common cause of the amputation.
Key Takeaways of the Global Orthopedic Prosthetic Market:
- The global orthopedic prosthetic market is expected to exhibit a CAGR of 5.3% during the forecast period due to the increasing adoption of strategies such as acquisition by the key players. For instance, in June 2020, WillowWood Global LLC, one of the leading designer and manufacturer of orthotic and prosthetic products, announced the acquisition of MAKstride Prosthetics one of the leader in the prosthetics industry. This acquisition will enhance the designing and manufacturing of prosthetic devices including prosthetic feet, foot shells etc.
- Among Product Type, Upper Extremity Prosthetics segment is estimated to hold a dominant position in the global orthopedic prosthetic market over the forecast period, owing to the increasing expansion and investment for development of artificial upper limbs. For instance, in February, 2021, Motorica, a high-tech Russian company developing functional prosthesis, announced expansion of prosthetic business in European Union, the Middle East and the Far East and invest US$ 3.32 million for research and development of new products including artificial upper limbs with a high-tech twist for persons with finger/ hand/ forearm/ upper arm trauma.
- Among regions, North America is estimated to account for the largest market share in the global orthopedic prosthetic market over the forecast period, owing to establishment by the key players is expected to drive the market growth over the forecast period. For instance, in March, 2021, a North America based company, Hanger, Inc., one of the leading provider of prosthetics and orthotic solutions, announced the establishment of the Hanger Institute for Clinical Research and Education, a collection of resources and experts dedicated to advancing clinical practice, to improve the patient outcome. The formation of the institute will further demonstrate Hanger’s leadership within the orthotics and prosthetics profession.
- 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
