Orthopedic Prosthetics Market to Value Over USD 2.1 Billion by 2026 End

  • 12 Jun 2019

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.  

An orthopedic prosthetic is fundamentally an artificial limb designed to amputate and substitute a body part of a patient. Artificial limbs facilitate efficient bodily movements even after the loss of limbs. Due to improvements in technology, these limbs are almost look-alikes of their natural counterparts and there is no stark difference and thus are not easily identifiable. The rise in demand for orthopedic prosthetics due to the high occurrence of serious injuries are driving the growth of the global orthopedic prosthetics market.
The main focus areas of orthopedic prosthetics are concerning the patient’s identification, designing in the manufacturing of custom-made artificial limbs. These prosthetics take the place of natural limbs and thus should be of low weight but high tenacity and strength. In order to cater to all of this, materials, such as thermoplastics, metals, carbon fibre, EVA (Ethylene-vinyl acetate), or a combination of these are commonly used in production. Having witnessed significant developments in the sphere of design and production technologies, an increased level of comfort and increased usability, and increased resistance to wear and tear has evolved.  The rising number of diabetes-related amputations, and growing prevalence of osteosarcoma; a malignant tumour of bone in which there is a proliferation of osteoblasts, around the world, is expected to aid the global market's growth.
With wide career options and accessibility of sports as a profession, thus encourages a lot of people to opt for it.  This also increases the probability of sport-related injuries thereafter. This further fuels the need for prosthetics and their market thereafter.
The already established firms in the market are acquiring new entrants in order to expand their global reach. In April 2019, Scheck & Siress announces the acquisition of Ballert Orthopedic. Ballert Orthopedic has an 8-decade long history leading in orthotics and prosthetics.  This will enhance Scheck’s ability to expand reach deliver best-in-class, convenient O&P care throughout the Chicago area. Similarly, in March 2019, Exactech, another big firm acquires XpandOrtho. XpandOrtho is a designer of soft tissue balancing instruments for knee replacement surgery. Prime factor behind this acquisition is to support Exactech’s growth strategy and commitment to improving surgeon experience and patient outcomes.

Orthopedic Prosthetics Market: Restraints 
+ Expensive equipment and infrastructure needed
+ Unavailability of skilled personnel 

Orthopedic Prosthetics Market Segmentation
By Type

+ Upper Extremity Prosthetics
+ Lower Extremity Prosthetics
+ Braces
+ Spinal Orthotics
Lower extremity prosthetics product segment is expected to witness a relatively higher growth rate than others in terms of value in the global orthopedic prosthetics market over the forecast period. Spinal Orthotics held the dominant share in the prosthetics and orthotics market in terms of revenue in 2017. Upper extremity prosthetics dominated the market later as these devices enable quick and almost painless recovery. Major firms manufacturing this specific product are Ossur; Zimmer Biomet Holdings Inc.; and Blatchford Inc

By End User
+ Hospital
 + Outpatient Centre
+ Trauma Centres
 + Orthopedic Clinics
Recently observed in 2017, the prosthetic clinic's segment accounts for relatively higher revenue share, followed by hospitals segment. 

By Region
+ North America
+ Latin America
+ Europe
+ Asia Pacific
+ Rest of the World
In terms of revenue, North America was the dominant regional market and is further expected to expand at a high CAGR over the forecast period. Western Europe and the Asia Pacific excluding Japan is expected to be the fastest growing market in terms of revenue growth in the global orthopedic prosthetics market. Events such as the Asian Prosthetic and Orthotics Meeting which took place in November 2018 in Thailand, discussed ongoing and emerging issues related to prosthetics and orthotics, thus giving the APAC market a significant boost.


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  
Few of the major competitors currently working in the orthopedic prosthetics market are Blatchford Group (UK), Touch Bionics Inc. (US), The Ohio Willow Wood Co. (US), Össur (Iceland), Ottobock  (Germany), Fillauer LLC. (US), Advanced Arm Dynamics, Inc. (US) Smith and Nephew (UK), Touch Bionics Inc (US)., Zimmer Boimet Holdings Inc. (US), Stryker Corp (US) DePuy Synthes (US). Blatchford Ortopedi AS (Norway), Exactech, Inc (US) Globus Medical Inc, (US), RTI Surgical Inc (US), Wright Medical Group N.V.,(US), Johnson & Johnson Services, Inc. (the US), Arthrex Inc,(US), AlloSource (US) and others.

Various strategies such as mergers, acquisitions, collaborations, and launch of new products are being adopted by these players to maintain their market share. For instance, in May 2018, Ossur introduced various new products in the market such as Ossur Formfit Pro Line of 3D knitted supports at OTWorld, one of the leading prosthetics and orthotics conference and tradeshow.

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  

 

Get unlimited analyst support and customise this study further to your requirements, contact sales@futurewiseresearch.com