Orthopedic prosthetic market is estimated to be valued at USD 2.46 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period (2024-2031). The global orthopedic prosthetic market is witnessing high growth owing to the rapidly aging global population and the increasing incidence of degenerative joint diseases and injuries associated with sports and road accidents. Furthermore, technological advancements in orthopedic prosthetic materials and components allowing for greater mobility and durability is further fueling the market growth.
Market Dynamics:
The growth of the global orthopedic prosthetic market is driven by the rising geriatric population globally and the associated increase in degenerative joint disorders like osteoarthritis. As per estimates, over 60% of the global population aged 65 years and above will need joint replacement procedures by 2030. Additionally, the high incidence of sports injuries globally is another key driver as it is leading to greater demand for prosthetic implants and reconstructive surgeries. The popularity of recreational sports and activities has increased manifold in recent decades. Thus, the need for prosthetics to regain mobility is surging in line with rising sports injuries.
Increasing number of trauma injuries and accidents is driving the global orthopedic prosthetic market growth
One of the major drivers for the growth of the global orthopedic prosthetic market is the rise in the number of road accidents and trauma injuries globally. According to World Health Organization, road accidents cause around 1.35 million deaths annually. The number of injuries due to such accidents is much higher. Many of these accident victims require orthopedic prosthetics like artificial arms, legs, or other body parts to regain mobility. The growing road accident rates, especially in developing countries is directly increasing the demand for orthopedic prosthetics. In addition to road accidents, the rise in work and sports related injuries is another factor fueling the need for orthopedic prosthetics.
Rapid growth in geriatric population is augmenting the market growth
Age-related conditions like osteoarthritis and osteoporosis are common causes of disability and mobility issues in the elderly. As per UN reports, the number of people aged 65 years and above is expected to grow from 703 million in 2019 to 1.5 billion by 2050. With advanced age comes an increased risk of diseases affecting the musculoskeletal system and limbs. This significantly drives the need for orthopedic prosthetics and implants in the aging population. Devices like knee and hip implants see tremendous demand from the geriatric segment.
High cost of advanced prosthetics pose a challenge
One of the major restraints for the global orthopedic prosthetic market is the high cost associated with technologically advanced prosthetics. State-of-the-art prosthetics manufactured using novel materials often have price tags running into thousands of dollars. This makes them unaffordable for a large section of the global population, especially in developing nations. The high costs of custom-made prosthetics and lack of proper reimbursement policies in many countries limit the adoption of new and innovative orthopedic prosthetics devices.
Reimbursement issues in certain countries hamper the market growth
In most countries, the availability and extent of health insurance coverage determines how much a patient needs to pay out-of-pocket for prosthetic devices. In countries with inadequate reimbursement policies, patients have to bear significant expenses, restricting the demand. There is still a pressing need to improve reimbursement frameworks, especially in the Middle Eastern and African markets to boost the sales of orthopedic prosthetics.
Rising preference for minimally invasive surgeries opens new avenues
One key opportunity for market players lies in the rising preference for minimally invasive procedures worldwide. Minimally invasive joint replacement techniques are gaining popularity as they come with benefits like less pain, fewer complications, and faster recovery times. The demand for implants compatible with minimally invasive surgeries is growing at a rapid pace. This presents lucrative business prospects for companies manufacturing advanced prosthetics suitable for such surgeries. It also expands the eligible patient pool globally.
*Link: https://www.coherentmarketinsights.com/market-insight/orthopedic-prosthetic-devices-market-1150
Key Development
- On April 12, 2024, Blatchford Limited, a prosthetics manufacturer, launched Tectus, a slim, lightweight microprocessor controlled orthotic device that enables people with partial lower limb paralysis to walk more easily, naturally, and comfortably with increased confidence and safety
- 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
Key Players: 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