Orthopedic Prosthetic Devices Market By Product (Upper Extremity Prosthetics ,Lower Extremity Prosthetics, Sockets ,Other Products) By Technology Conventional ,Electric-powered ,Hybrid Orthopedic Prosthetics) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the Report

How are the major segments performing in the Orthopedic Prosthetic Devices market?

• In 2022, the Lower Extremity Prosthetics segment accounted for the largest market share due to increased spinal injuries.
• In 2022, the Electric-powered segment was anticipated to hold a prominent share of the global Orthopedic Prosthetic Devices market due to increased R&D efforts and advancements in electric-powered technologies producing greater functional results.

What is the Market Size of Orthopedic Prosthetic Devices regarding value?

The global Orthopedic Prosthetic Devices market is anticipated to grow at a substantial CAGR of 9.80% in the upcoming years. The global Orthopedic Prosthetic Devices industry was estimated to be worth USD 2.1 billion in 2022 and is expected to be USD 4.04 billion by 2030.

Which Region dominated the Orthopedic Prosthetic Devices market?

The market for orthopedic prosthetic devices worldwide was dominated by North America, with Europe and Asia Pacific coming in second and third. The existence of important regional players, a robust distribution network, and an advanced healthcare infrastructure primarily drives the market for orthopedic prosthetic devices in North America. Recent developments in the North American orthopedic prosthetic devices market include using novel polymer materials and creating prosthetic devices adapted to patients’ functional requirements.

Which are the key countries in the Orthopedic Prosthetic Devices market?

The direct presence of significant regional companies, a robust distribution network, and a well-established healthcare infrastructure are the main drivers of the market’s growth in the United States. Utilizing novel polymer materials and creating prosthetic devices that meet patients’ functional requirements are recent advancements in the orthopedic prosthetics market in the United States. Strategic actions by leading orthopedic prosthesis firms, including collaborations and acquisitions, are accelerating the market’s growth in the United States.

The market for orthopedic prosthetic devices is anticipated to be driven by the rising number of traffic accidents in the UK. Additionally, the business is being helped by the rising disability rates in the world. The orthopedic prosthesis market players in this Region have plenty of prospects thanks to technological advancements resulting in new product development.

How is the economy impacting global Orthopedic Prosthetic Devices growth?

Orthopedic surgeries have been postponed since the beginning of the COVID-19 epidemic, which has decreased prosthesis use. According to information from the University of Birmingham published in the British Journal of Surgery in May 2020, the epidemic caused an estimated 6.3 million orthopedic procedures to be delayed or canceled globally. However, a sudden increase in prostheses can be anticipated with the resuming of activities. Regulatory organizations such as the Centers for Disease Control and Prevention (CDC) offered various suggestions on how to manage surgical procedures during the pandemic. As a result, the pandemic has greatly affected the world market.

What is the competitive environment of the Orthopedic Prosthetic Devices market?

The orthopedic prosthetics market has a few significant competitors and is moderately competitive. The orthopedic prosthetics market has a few significant competitors and is moderately competitive. For instance, ssur introduced their revolutionary Power Knee microprocessor prosthetic knee device in February 2022. Advanced motor-powered “smart” prosthesis algorithms can recognize human movement patterns, learn from them, and instantly adapt to the wearer’s speed and cadence. The Osseoanchored Prostheses for the Rehabilitation of Amputees (OPRA) Implant System, the first implant system marketed in the United States for adults with transfemoral—or above-the-knee—amputations who have or are anticipated to have rehabilitation problems with, or who cannot use a conventional socket prosthesis, received approval from the US Food and Drug Administration in December 2022.

Executive Summary

What are the key trends in the Orthopedic Prosthetic Devices market?

• During the forecast period, rising rates of auto accidents are anticipated to fuel market expansion for orthopedic prosthetics. For instance, the World Health Organization (WHO) released a data sheet in June 2022 stating that 20 to 50 million individuals worldwide experience non-fatal injuries each year, many becoming disabled.
• One of the key factors driving the market’s expansion is the rising rate of obesity on a global scale, which is caused by various causes, including excessive intake of fast food and other bad habits. Obesity directly affects the knees, leading to standing, sitting, and jogging problems.

How are Government Initiatives Affecting the Growth of the Orthopedic Prosthetic Devices Market?

Another significant element promoting the market’s growth is the increased focus on improving healthcare facilities and infrastructure. Increased public-private partnerships and strategic collaborations to fund and implement new and improved Technology are also opening up attractive market prospects.

Which are the key investments by the Orthopedic Prosthetic Devices market players?

Companies in the market are spending much money on R&D-related projects that aid in introducing new items. Through a Series D financing transaction that was oversubscribed, Catalyst OrthoScience raised $12.3 million. A limited launch for the Archer R1 Reverse Shoulder System, FDA 510(k) clearance, and the launch of the Archer 3D Targeting imaging software for the present product offerings will all occur by the end of 2021 for the shoulder replacement manufacturer.

Some major players in the Orthopedic Prosthetic Devices market are 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, and Motorica.

What are the Major Driving Factors for the Orthopedic Prosthetic Devices Market?

Increased incidences of trauma and accidental accidents, technological improvements, and the growing prevalence of osteosarcoma are a few reasons contributing to the market’s expansion. Product releases are important drivers of market expansion. For instance, ssur, a leader in cutting-edge prosthetic and non-invasive orthopedic technologies, introduced three new versions of its renowned Cheetah sports prosthesis in November 2021. These models were created for amputee athletes competing in specific athletic events, such as sprinting, distance running, and long jumping. Such fresh product introductions are greatly boosting market expansion. Another significant element promoting the market’s growth is the increased focus on improving healthcare facilities and infrastructure. Increased public-private partnerships and strategic collaborations to fund and implement new and improved Technology are also opening up attractive market prospects.

What are the Major Risks for the Orthopedic Prosthetic Devices Market?

High costs for research and development, a lack of adequate infrastructure, and a lack of awareness in developing nations are anticipated to restrain market expansion. In addition, low- and middle-income nations’ inadequate infrastructure, unfavorable reimbursement scenarios, limited technology adoption, high prosthesis costs, and all of these factors are anticipated to pose challenges to the market throughout the projection period.

Which is the key Technology in the Orthopedic Prosthetic Devices market?

The Electric-powered is anticipated to grow at the fastest CAGR during the forecast period. Electrical impulses produced by the body’s muscles control electric prostheses, also called myoelectric prostheses. These electric prosthetics use the muscles of the user’s remaining limb to control the prosthetic device’s functionality. The market for electric prostheses is also anticipated to be driven by technological advancements. Around 2,300 road accidents took place in India in 2022, according to data from the Ministry of Road Transport and Highways published in June 2022. Traffic accidents frequently result in serious injuries, which can help explain why electric prostheses are in high demand. As a result, these devices are now a fantastic choice for people who desire a prosthesis that looks natural and makes use of their nerves.

How is the Orthopedic Prosthetic Devices market performing in regions?

Asia-Pacific is anticipated to experience the highest growth rate over the forecast period. The high incidence of peripheral artery disease (PAD) is one of the major drivers of the orthopedic prosthesis devices industry in Asia Pacific. The prevalence of limb amputations linked to osteosarcoma in the area is also a major factor affecting the demand for orthopedic prosthesis.  Amputations caused by diabetes are increasing, traffic accidents are increasing, and government initiatives are boosting the market. According to a report by the Asian Diabetes Prevention Initiative, 60% of the world’s diabetics live in Asia, and by 2030, it is expected that both India and China will have more than 500,000 diabetics.

What is the regulatory landscape for the Orthopedic Prosthetic Devices market?

Most orthotic and prosthetic devices fall into one of three categories: custom-built, Class I devices with a UKCA, CE, or CE UKNI designation, or systems comprising several UKCA, CE, or CE UNKI-marked devices, each of which is used for its original function. These devices should be used exactly as the maker intended. Hardware and a prosthetic socket are the two components that the MHRA views as constituting an external prosthetic device. All the parts of a prosthetic device up to the socket are referred to as the hardware. While some of those components might need a UKCA, CE, or CE UKNI certification, others might be created to order. These multi-part medical devices are categorized as Class I, which is often low-risk and calls for a UKCA, CE, or CE UKNI label. They must be assembled following the manufacturer’s directions and customized for each patient.

What are the major players planning for the future of the Orthopedic Prosthetic Devices market?

The possibility to market gender-specific components, the opportunity to solve long-term biomechanical alignment concerns, and specifically tailored hip cups and balls based on the patient’s demands and capacities are just a few of the development-related issues that recent orthopedic device innovations are addressing. Over the projection period, it is projected that evolutionary development and system growth connected to alignment tools and robotic surgery will increase in addition to the typical joint replacements like hip and knee replacements.

Segmentation of Global Orthopedic Prosthetic Devices Market-

Global Orthopedic Prosthetic Devices Market – By Product

• Upper Extremity Prosthetics
• Lower Extremity Prosthetics
• Sockets
• Other Products

Global Orthopedic Prosthetic Devices Market – By Technology

• Conventional
• Electric-powered
• Hybrid Orthopedic Prosthetics

Global Orthopedic Prosthetic Devices Market – By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa