Orthopedic Prosthetic Devices Market

Orthopedic Prosthetic Devices Market Overview

The orthopedic prosthetic devices market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 1.9 Bn in 2019 to reach a valuation of US$ 2.8 Bn by 2027. 

The demand for orthopedic prosthetic devices arises as orthopedic prosthetic devices help many from traumatic injury, congenital condition or disabling illness.

This device caters to individuals who experience an extremity amputation, are missing not only a limb but also a sophisticated tool for daily living which emphasizes its need thereby scaling up the sales of orthopedic prosthetic devices.

The report sheds light on the factors improving the sales of orthopedic prosthetic devices. However, the orthopedic prosthetic devices market also faces some challenges, which might limit the orthopedic prosthetic devices market share.

More than 10 million people are living with limb loss which augurs well in regard to the demand for orthopedic prosthetic devices as well as sales of orthopedic prosthetic devices.

Sales of orthopedic prosthetic devices are expected to rise as the number of accidents increase during the forecast period

The Introduction of Internet of Things (IoT) technologies for prosthetics is expected to boost the orthopedic prosthetic devices market growth and the orthopedic prosthetic devices market share.

Intellirod Spine released iLink, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic, or prosthetic and used with a free smartphone app to track daily wearing compliance, upright posture time, and mobility.

In addition to this, demand for orthopedic prosthetic devices is surging on account of prosthetics in R&D.

For example, Medical University of Vienna researchers collaborated with Otto Bock Healthcare Products, Alfred Mann Foundation, and Imperial College London to develop a prosthetic arm with a few built-in electrodes that contact with the skin of the patient thereby causing the prosthetic arm claw to open and close.

The growing acceptance of upper limb orthopedic prosthetics among healthcare professionals and patients due to features such as high firmness and technical innovative properties likely fuels the demand for orthopedic prosthetic devices.

Furthermore, the spiking demand for orthopedic prosthetic devices (custom-made) will continue to elicit profitable opportunities for market players to augment their orthopedic prosthetic devices market share.

What Factors are Influencing the Orthopedic Prosthetic Devices Market?

Presently, demand for orthopedic prosthetic devices is driven by technological advancement, increasing in the number of incidence of disabilities, and growth rate of chronic and lifestyle diseases.

Orthopedic prosthetic devices global market is positively influenced by the increased focus on improving quality of life, rapid innovations in production and modelling technologies.

Growing awareness towards orthopedic ailments and the rise in sports injuries also acts as an accelerator to the demand for orthopedic prosthetic devices, in turn augmenting the sales of orthopedic prosthetic devices.

However, the growing healthcare budget, poor healthcare reimbursement, and payment models hinder the demand for orthopedic prosthetic devices globally.

Sales of orthopedic prosthetic devices is impeded by the consolidation of market leaders which also act as a major barrier for the growth of the orthopedic prosthetic devices market.

Sales of orthopedic prosthetic devices are anticipated to go up as rapid innovations in production and modelling emerge.

A rise in sports injuries also adds fuel to the demand for orthopedic prosthetic devices. As a result, the sales of orthopedic prosthetic devices are expected to have a huge rise during the forecast period.

Sabyasachi Ghosh

Principal Consultant

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What is the Region-wise Outlook of the Orthopedic Prosthetic Devices Market?

Depending on geographic region, global orthopedic prosthetic devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.

North America held the largest share in the global orthopedic prosthetic devices market followed by Europe and Asia Pacific.

The direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure are among the key factors driving the demand for orthopedic prosthetic devices in North America.

The use of new polymer materials and the development of prosthetic devices tailored to the functional needs of patients are two recent trends in the North American orthopedic prosthetic devices market.

These new trends are expected to propel the sales of orthopedic prosthetic devices market in the region to a considerable extent.

To meet the needs of users, manufacturers are concentrating on developing lightweight yet long-lasting orthopedic prosthetics, in turn enlarging their orthopedic prosthetic devices market share.

The developing nations in the Asia Pacific, the Middle East, and Africa hold huge potential for sales of orthopedic prosthetic devices, owing to developing economies and technological advances.

How Strong is the Competition in the Orthopedic Prosthetic Devices Market? 

There are several major players in the orthopedic prosthetic devices market, which is moderately competitive.

The orthopedic prosthetic devices market is dominated by companies like Fillauer LLC, Willow Wood Global LLC, Ossur, Mobius Bionics, and Blatchford Ltd, among others.

Some other key global players in the orthopedic prosthetic devices market are Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., Touch Bionics Inc., Ossur hf., Howard Orthopedics Inc.

To secure a position in the global competitive market, the companies are forming strategic alliances such as acquisitions & collaborations, thereby consolidating their market position by augmenting the orthopedic prosthetic devices market share.

Recent developments in the orthopedic prosthetic devices market are:

• Hero Arm, a developed version of Open Bionics' existing product, was unveiled. The metal gear solid bionic/prosthetic version was created with the goal of making prosthetics more affordable.
• The "Avenger Radial Head Prosthesis System" was introduced in the United States market by In2Bones Global Inc. This product is used to replace the radial head's primary and revision joints.

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