There are several types of orthopedic prosthetics that include, upper extremity prosthetics such as hand prosthetics, elbow prosthetics, and shoulder prosthetics; and lower extremity prosthetics such as foot & ankle prosthetics, knee prosthetics, and hip prosthetics. Other products in orthopedic prosthetics include, liners, sockets, and modular components.
The global orthopedic prosthetics market is estimated to account for US$ 1,940.3 Mn in terms of value by the end of 2019.
Global Orthopedic Prosthetics Market: Drivers
Launch of new products is expected to propel growth of the global orthopedic prosthetics market over the forecast period. For instance, in June 2020, Össur launched Balance Foot S and Balance Foot Torsion, Iceross Seal-In X Locking Liner prostheses specifically for less-active people with limb loss and limb difference.
Global Orthopedic Prosthetics Market: Restraints
Requirement of highly trained prosthetists is expected to hinder growth of the global orthopedic prosthetics market.
Moreover, many insurance companies impose low annual cap on coverage. Some insurers will readily reimburse for an amputation and secondary complication, but will limit or refuse to cover a prostheses replacement for an active amputee or a growing child. Such scenario is also expected to limit growth of the global orthopedic prosthetics market.
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. Increasing product approval and launches during the forecast period is expected assist the market growth.
Lower Extremity Prosthetics segment held dominant position in the global orthopedic prosthetics market in 2019, accounting for 61.6% share in terms of value, increasing incidence of lower limb extremities in developed and developing economies is anticipated to assist the segment growth.
R&D in prosthetics is expected to propel growth of the global orthopedic prosthetics market. For instance, in January 2019, researchers in the University of California San Diego School of Medicine and the Institute of Engineering in Medicine, in collaboration, manufactured a 3D printed spinal cord scaffolds, which are filled with neural stem cells.
Major players in the global orthopedic prosthetics market are focused on offering various solutions in response to Covid-19 pandemic. For instance, in April 2020, Ottobock launched free e-learning modules, videos and tutorials for clinical and technical personnel to continue training in orthopedic technology and therapy during the Covid-19 pandemic, through the company’s Ottobock Global Academy.
Middle East & Africa
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 adopting M&A strategies to expand their product portfolio. For instance, in May 2020, Össur acquired the proprietary design and visualization software used in the shape capture, design and manufacture of prosthetics and orthotics from Standard Cyborg Inc., a privately held startup company.
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