An orthopedic prosthetic is a prosthetic limb created to replace a patient’s missing body part. Artificial limbs allow people who have lost a limb or limbs to function effectively. These prosthetics closely mimic real limbs and are worn by users almost exclusively unnoticed. Upper limb prosthetics and lower limb prosthetics are the two primary categories of accessible limb prostheses.
The market worth of orthopedic prosthetics in 2021 was USD 2.09 billion, and it will be worth USD 3.27 billion by 2030, growing at a 5.10% CAGR during the forecast period.
During the forecast period, rising rates of auto accidents are anticipated to fuel market expansion for orthopedic prosthetics. For instance, the World Health Organization (WHO) released a data sheet in June 2022 stating that 20 to 50 million individuals worldwide experience non-fatal injuries each year, with many becoming disabled.
The rise in trauma, accident, and birth defect cases is a significant factor in the expansion of the market. People occasionally lose body parts like elbows, arms, feet, and toes, necessitating prosthetic limbs. Each year, more than 46,000 people lose their lives in car accidents, according to the Annual United States Road Crash Statistics (ASIRT). Road accidents account for about 22% of all lower extremity amputation procedures. Orthopedic prostheses are in greater demand in hospitals, prosthetics clinics, and rehabilitation facilities that treat patients who have lost body parts as a result of trauma, accident cases, and birth defects.
Because fewer orthopedic procedures were performed, the market’s revenue declined. Per a study published in the British Journal of Surgery in May 2020, COVID-19 resulted in the postponement or cancellation of around 6.3 million orthopedic surgeries worldwide. The outbreak decreased the demand for electric prostheses, which had a negative impact on market expansion generally.
Future market players will benefit from an increase in public-private funding for focused research initiatives, growing advances in CAD/CAM technology and material science, a growing geriatric population, product innovations and development due to the surge in R&D activities in the Asia-Pacific countries, and more. Per data from the National Bureau of Statistics, China spent over 2.79 trillion yuan (approximately $441.13 billion) on R&D in 2021, an increase of 14.2 per year.
On the basis of product, the orthopedic prosthetics market is segmented into prosthetics, upper extremity, liners, lower extremity prosthetics, modular components, and sockets. In 2020, lower extremity prosthetics recorded the largest position in the market, with the biggest share. The market will expand at a rapid rate due to technological developments in product design and an increase in product approvals.
On the basis of type, the market is segmented into orthotics and prosthetics. In 2020, the orthotics market sector had the most market share of 72.61%. This is due to an increase in sports injuries, orthopedic technologies, and osteoarthritis prevalence. A research from Johns Hopkins University estimates that 30 million US kids and teenagers participate in organized sports. Due to their many advantages in minimizing discomfort and promoting speedy recovery, upper limb orthotics held the largest proportion of the market.
North America was the largest regional market in 2021. Favorable reimbursement practices, a strong healthcare system, and rising corporate R&D spending contribute to this increase. The rapid development of the Asian region’s healthcare infrastructure and services for orthopedic prosthesis devices is a result of these factors. An increase in diabetes-related amputations, road accidents, and supportive government actions also impacts the Asia Pacific region. 60% of people with diabetes today reside in Asia, according to the Asian Diabetes Prevention Initiative. By 2030, there will be more than 500,000 diabetics living in China and India.
- The Ohio Willow Wood Co
- Blatchford Group
- Touch Bionics Inc
- Fillauer LLC
- Advanced Arm Dynamics, Inc
- Globus Medical Inc
- RTI Surgical Inc
- Exactech, Inc
- Wright Medical Group N.V.
- Johnson & Johnson Services, Inc
- Braun Melsungen AG
- Smith & Nephew plc
- Intellirod Spine
- Hanger Inc
- Zimmer Biomet
- Precision Valve & Automation
- Otto Bock Healthcare GmBH
The market worth of orthopedic prosthetics in 2021 was USD 2.09 billion, and it will be worth USD 3.27 billion by 2030, growing at a 5.10% CAGR during the forecast period. The main drivers of market expansion are rising rates of trauma and accidental injuries, the development of custom-made implant products, favorable reimbursement policies for orthopedic prosthetics, an increase in the prevalence of lifestyle-related illnesses and disorders, and a growing emphasis on controlling healthcare costs and access.