Global Orthopedic Prosthetics Market Report by Product Type (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets, Modular Components) Technology (Conventional, Electric Powered, Hybrid Orthopedic Prosthetics) End User (Research Institutes, Hospitals, Diagnostic Laboratories, Others) Countries and Company Analysis, 2024-2032

Driving forces for Orthopedic Prosthetics Market

Road Traffic Injury Prevalence is on the Rise - In the upcoming years, the worldwide orthopedic prosthetics market is expected to rise as a result of the rising incidence of traffic accidents. The World Health Organization estimates that automobile accidents result in 1.35 million fatalities globally each year. While low-income countries have the greatest incidence of road traffic deaths, even developed countries have significant rates of injuries. For instance, data from the Centers for Disease Control and Prevention indicated that in 2020 alone, there were over 4 million traffic injuries in the US.

Over the course of the forecast period, rising rates of road traffic injuries are anticipated to fuel the expansion of the global orthopedic prosthetics market. For example, the World Health Organization (WHO) released a fact sheet in June 2022 that stated that between 20 and 50 million individuals experience non-fatal injuries year, with many of them resulting in a handicap.

Growing Number of Product Launches - During the forecast period, key businesses that prioritize product launches to promote the development of new technology prostheses are likely to propel the growth of the worldwide orthopedic prosthetic market. For example, one of the world's top companies in the orthotics and prosthetics (O&P) sector, Ossur, announced in September 2022 the introduction of a new bionic technology and motor prosthesis called the POWER KNEE. The power knee adjusts the wearer's speed by using sophisticated algorithms to detect movements and movement patterns. Their purpose is to generate movement and offer active powered support.

North America Orthopedic Prosthetics Market

Despite the fact that orthopedic surgery continued during the pandemic, there were also more occurrences of COVID-19. In response, a number of facilities, like Fourroux Prosthetics, increased safety precautions and adhered to CDC recommendations while offering their services to patients in the US. Therefore, consistent expansion in the market was anticipated following the COVID-19 pandemic as long as hospitals and other facilities offering orthopedic therapy to patients adhered to these rules.

Strong distribution, a well-established healthcare infrastructure, and the direct presence of important regional companies are the main factors propelling the market's expansion in North America. The utilization of novel polymer materials and the creation of prosthetic devices tailored to patients' functional needs are two recent developments in the North American orthopedic prosthetics market.

To meet the needs of consumers, manufacturers are focusing on creating orthopedic prosthetics that are durable but lightweight. For example, In2Bones Global Inc. released the "Avenger Radial Head Prosthesis System" for the US market in February 2020. This product is used to replace the radial head's primary and revision joints. Among the things promoting the market's expansion are the company's entry into the North American market and its novel, cutting-edge items.

Important orthopedic prosthesis firms are executing strategic moves including collaborations and acquisitions, which are boosting the growth of the market in the US. For example, in December 2021, growth-oriented private equity company Blue Sea Capital LLC and WillowWood Global LLC agreed into a strategic collaboration. This collaboration will enable the business to raise capital and produce more cutting-edge goods.

Therefore, the market is anticipated to have significant expansion in the next years due to factors including the development of novel products and strategic alliances among key players.

Orthopedic Prosthetics Company Overview

The leading market players in the Orthopedic Prosthetics market are Johnson & Johnson, Össur hf., Smith & Nephew plc, Stryker Corporation, Braun Melsungen AG, Hanger Inc., Zimmer Biomet.

Orthopedic Prosthetics Company News

• In March 2022, the exclusive Equinoxe Humeral Reconstruction Prosthesis from Exactech, a developer and manufacturer of cutting-edge implants, equipment, and smart technologies for joint replacement surgery, is now accessible for clinical usage in Europe.
• In February 2022, Össur introduced its latest prosthetic knee device, the Power Knee microprocessor. With the help of sophisticated algorithms, the motor-driven "smart" prosthesis can recognize human movement patterns, learn from them, and instantly adapt to the wearer's pace and cadence.

FAQS

Question:    How big is the Orthopedic Prosthetics market?

Answer:     The global Orthopedic Prosthetics market size was estimated to reach USD 3.58 billion in 2032 while it was estimated to reach US$ 2.14 billion by 2023.

Question:    What is the Orthopedic Prosthetics market growth rate?

Answer:     The global Orthopedic Prosthetics market is expected to grow at a compound annual growth rate of 5.88% from 2024 to 2032.

Question:    Who are the key players in Orthopedic Prosthetics market?

Answer:     Some key players operating in the Orthopedic Prosthetics market includes Johnson & Johnson, Össur hf., Smith & Nephew plc, Stryker Corporation, etc.

Question:    What are the factors driving the Orthopedic Prosthetics market?

Answer:     Key factors that are driving the Orthopedic Prosthetics includes Road Traffic Injury Prevalence is on the Rise, Growing Number of Product Launches, etc.

Question:    Which Region held the largest market share in the Orthopedic Prosthetics market?

Answer:     “North America” had the largest share in the Orthopedic Prosthetics Market.

Product Type – Market in 5 Viewpoints –

1. Upper Extremity Prosthetics
2. Lower Extremity Prosthetics
3. Liners
4. Sockets
5. Modular Components

Technology – Market in 3 Viewpoints –

1. Conventional
2. Electric Powered
3. Hybrid Orthopedic Prosthetics

End User – Market in 4 Viewpoints –

1. Research Institutes
2. Hospitals
3. Diagnostic Laboratories
4. Others

Geography – Global Orthopedic Prosthetics Market

North America

1. United States
2. Canada

Europe

1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. Netherlands
8. Turkey

Asia Pacific

1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand

Latin America

1. Brazil
2. Mexico
3. Argentina

Middle East & Africa

1. South Africa
2. Saudi Arabia
3. United Arab Emirates

Company Insights:

• Overviews
• Recent Developments
• Revenue

Company Analysis:

1. Johnson & Johnson
2. Össur hf.
3. Smith & Nephew plc
4. Stryker Corporation
5. Braun Melsungen AG
6. Hanger Inc.
7. Zimmer Biomet

Report Details: