Orthopedic Prosthetics Market: Industry Trends, Share, Size and Forecast Report

Overview

Orthopedic Prosthetics Market Introduction

The global orthopedic prosthetics market is expected to value over US$ 2.1 billion by the end of 2026 and growing at a CAGR of over 5% during the forecast period, 2019 to 2026.

Orthopaedic prosthetics is to identify, design and manufacture customised artificial limbs for a patient. The should be light in weight but durable. Therefore, materials like carbon fibre, Ethylene Vinyl Acetate (EVA), metals, thermoplastics or a blend of these are generally used for prosthetic production. They are used for replacement of a missing or damaged body part caused by a disease, trauma or any other medical condition.

Orthopedic Prosthetics Market Overview

According to the Arthritis Foundation, arthritis affects 54 million of America and it is the leading cause of disability. It is estimated that arthritis is going to affect 78 million by 2040 in the US. Rising prevalence of arthritis and osteoporosis in the geriatric population is expected to fuel the growth of the market. Further, the growing geriatric population is one of the major factors for market growth and arthritis pose a significant burden on healthcare bodies. Because of the rising burden, the healthcare system is more focused on better management of arthritis in early stages. Along with this, rising awareness of prosthesis is expected to boost the growth. The orthopedic prosthesis is one of the best methods for arthritis management compared to pharmacological therapies and it is proven effective over the alternative methods. Further, the increasing importance of quality of life and life expectancy led to the robust growth of the market.

Global market is dominated by North America due to high awareness and established healthcare system. It is followed by European countries due to the high spending capacity of the patient population. They are both are expected to remain same throughout forecast period. High prevalence of arthritis in developed economies like Asia Pacific and Latin America is expected to create new opportunities to manufacturers. Further, it is augmented by rising awareness in patient population and they are expected to remain as fast growing regions during forecast period. Even though Rest of the World is expected to account small fraction of market, but is expected to grow fast in later phase of forecast period.

Orthopedic Prosthetics market players include Zimmer Biomet, Depuy Synthes, Smith & Nephew, Stryker Corporation, Wright medical Group, Lima Corporate, JRI companies, and others

Orthopedic Prosthetics Market Segmentation

By Type

+ Upper Extremity Prosthetics

+ Lower Extremity Prosthetics

+ Braces

+ Spinal Orthotics

By End User

+ Hospital

+ Outpatient Centre

+ Trauma Centres

+ Orthopedic Clinics

By Region

+ North America

+ Latin America

+ Europe

+ Asia Pacific

+ Rest of the World

Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants

FutureWise Key Takeaways
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth

Objectives of the Study:

• To provide with an exhaustive analysis on the global Orthopedic Prosthetics Market by Type, by End-User, and by Region

• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies