The orthopedic prosthetics market is witnessing significant growth driven by advancements in technology, increasing prevalence of musculoskeletal disorders, and a rising aging population. This market encompasses a wide range of artificial limbs and devices designed to enhance mobility and improve the quality of life for individuals with limb loss or limb impairment.
NEWARK, Del, Feb. 02, 2024 (GLOBE NEWSWIRE) — The orthopedic prosthetics market is anticipated to reach a valuation of US$ 3,721.6 million in 2024. The industry is projected to be worth US$ 3,909.9 million by 2034, rising at a CAGR of 5% between 2024 and 2034. The escalating global prevalence of obesity, attributed to factors like excessive consumption of junk food and sedentary lifestyles, stands as a pivotal driver for the burgeoning orthopedic prosthetics market.
The adverse effects of obesity, particularly on the knees, contribute to difficulties in mobility, exacerbating the demand for orthopedic prosthetics to address challenges in walking, sitting, and running. Concurrently, a heightened focus on enhancing healthcare facilities and infrastructure amplifies market growth. Collaborations between public and private entities, marked by increased funding and the application of advanced technology, create lucrative opportunities within the market.
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However, impediments to market growth persist, including the high costs associated with research and development, limited infrastructural facilities, and a lack of awareness in economically disadvantaged regions. Challenges arise from an unfavourable reimbursement scenario, limited technology penetration in developing economies, elevated costs of prosthetics, and inadequate infrastructure in low- and middle-income countries.
Overcoming these obstacles necessitates strategic approaches to bridge gaps in awareness, affordability, and technological access. Despite challenges, the market trajectory remains optimistic, driven by a collective commitment to innovation, research collaboration, and a growing understanding of the healthcare needs associated with obesity and mobility impairments globally.
Key Takeaways from the Orthopedic Prosthetics Market Study
- Based on technology, the electric powered segment is expected to hold a market share of 48.1% in 2024.
- China is estimated to register at a CAGR of 7.7% by 2034.
- The United Kingdom experiences significant growth, projected at a CAGR of 5.4% by 2034.
- Based on product, lower extremity prosthetics is anticipated to hold a market share of 63.6% in 2024.
“The escalating global prevalence of obesity, fueled by factors like unhealthy dietary habits and sedentary lifestyles, serves as a significant driver for the orthopedic prosthetics market,” comments Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape From the Orthopedic Prosthetics Market
The competitive landscape of the orthopedic prosthetics market is marked by intense innovation and strategic collaborations among key players. Companies strive to enhance prosthetics designs, ensuring superior comfort and mobility for users.
Technological advancements, personalized solutions, and a global market presence characterize the competitive dynamics as industry leaders vie for market share by addressing the evolving needs of a diverse patient population.
Some of The Recent Developments Orthopedic Prosthetics Market Are:
- In January 2020, Essentium, Inc. and Vorum entered a collaborative venture, merging Essentium’s High-Speed Extrusion (HSE) 3D printing technology with Vorum’s SurePath methodology and CAD/CAM solutions.
- In June 2020, REJOINT introduced a groundbreaking approach, integrating artificial intelligence with GE Additive Arcam’s Electron Beam Melting (EBM) technology.
Top 11 Key Companies Profiled in the Orthopedic Prosthetics Market
- Exatech Inc.
- Howard Orthopaedics Inc.
- Hanger Inc.
- Wishbone Medical
- Pega Medical
- Touch Bionics Inc.
- Advanced Arm Dynamics
- Medtronic Spinal
- Integra Lifesciences
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Key Segments of Orthopedic Prosthetics Industry Survey
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Modular Components
- Electric Powered
- Hybrid Orthopaedic Prosthetics
- Prosthetics Clinics
- Rehabilitation Center
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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