The past decade has witnessed breakthrough innovations in the field of orthopaedics and prosthetics, bringing about a new wave of orthopaedic prosthetics to the market. Driven majorly by innovations, the global market for orthopaedic prosthetics will exhibit a promising growth rate during 2019 - 2029. A new study of Future Market Insights (FMI) expects the market revenues to reach US$ 3 bn by the end of projection period.
As the trend of personalization firms up in the orthopaedic surgery space, manufacturers are targeting fabrication of customized prosthetics, enabling modifications based on the anatomy and functionality of an individual patient. Tailored orthopaedic prosthetics, a recent innovation and a product of pre-operative 3-D imaging software, offers broad range of sizes and lengths. Manufacturers design orthopaedic prosthetics tailored for individual patients that match exactly the essential geometries for adequate fit and comfort of patients. This has triggered tremendous competition in the orthopaedic prosthetics landscape, says the report.
Key Takeaways - Orthopaedic Prosthetics Market Study
- Market share of electric powered orthopaedic prosthetics has increased gradually till the year of 2019 and is evaluated to grow at a significant rate by the end of 2029, leaving the conventional orthopaedic prosthetics far behind.
- Market growth is attributed to the advanced orthopaedic prosthetics technology offering bionic prosthetic that functions like a biological limb, featuring natural-like joints as well as automated grip patterns, stability, mobility, and gesture. It has encouraged an independent lifestyle for users and are anticipated to propel the overall market growth.
- Steady demand for lower extremity prosthetics is likely to experience an upsurge owing to increasing incidences of accidental injuries and amputations of foot, knee and hip.
The demand for orthopaedic prosthetics will grow at a significant rate, least to say. The market is anticipated to witness a tremendous shift towards more consumer-friendly products which enhance quality of life for amputees. Continuous education of orthopaedic surgeons on the unique technological features and product characteristics is essential for companies to navigate an increasingly competitive atmosphere.
Market Remains Highly Consolidated
For More Detailed Insights on Orthopaedic Prosthetics Markets
- The consolidated nature of the orthopaedic prosthetics market has cast a limelight on a select few companies that are at the forefront of cutting edge innovation, whereas emerging companies are left to create their own respective niche
- Bigger companies holding a major market share tend to acquire smaller companies in the business landscape mainly to expand their product portfolio and to incorporate innovation to their own product pipeline.
- Johnson & Johnson, B. Braun Melsungen AG and Zimmer Biomet Holdings Inc. are the leading market players in the orthopaedic prosthetics market, accounting for a prominent market share in 2018.
- In February 2018, Johnson & Johnson Medical Devices Company acquired Orthotaxy to develop next-generation robotic-assisted surgery platform in orthopaedics.
Interested in Detailed Insights?
Orthopaedic Prosthetics Market, a new study from Future Market Insights, opines on the evolution of the orthopaedic prosthetics market from 2014 - 2018 and presents demand projections from 2019 - 2029 on the basis of; product (upper extremity prosthetics, lower extremity prosthetics, sockets, liners and modular components), technology (conventional, hybrid orthopaedic prosthetics and electric powered orthopaedic prosthetics) and end user (prosthetic clinics, hospitals, rehabilitation centre and others) across seven prominent regions.
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About Healthcare division of FMI
The Healthcare team at Future Market Insights has consistently tracked and analyzed rapidly evolving trends and developments in the global healthcare industry, encompassing pharmaceuticals and medical devices markets. The team facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.