Global Orthopedic Prosthetic Market Share Is Expected To Grow At A CAGR Of 5.31% By 2030

12-Apr-2023 | Facts and Factors

According to the Facts & Factors report, the global orthopedic prosthetic market size was worth around USD 2.3 billion in 2022 and is predicted to grow to around USD 3.4 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.31% between 2023 and 2030

Orthopedic prosthetic devices are medical pieces of equipment that are designed to manage or prevent any form of musculoskeletal problems. These devices are artificially created by licensed providers and are used to replace any damaged musculoskeletal body part.

People who have suffered physical trauma causing loss of limbs, the elderly population, or people suffering from joint issues, along with any other reason that has led to body musculoskeletal anatomy deviating from normal function can undergo orthopedic prosthetic surgeries. Several factors are responsible for the growth of the industry but it also deals with multiple challenges and restraints. In the coming years, the industry players can expect more opportunities for further expansion.

Browse the full “ Orthopedic Prosthetic Market Size, Share, Growth Analysis Report By Technology (Hybrid Orthopedic Prosthetics, Electric Orthopedic Prosthetics, and Conventional Orthopedic Prosthetics), By Product Type (Sockets, Liners, Modular Components, Upper Extremity, and Lower Extremity), By End-User (Prosthetic Clinics, Rehabilitation Centers, Hospitals, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/orthopedic-prosthetic-market

The global orthopedic prosthetic market is projected to grow owing to the increasing investments in healthcare infrastructure across the globe including in developed, developing, or under-developed countries. Healthcare is a crucial industry that directly reflects the economic growth of a nation. It is also one of the primary deliverables of country leaders where they are required to ensure that there are sufficient investments in the medical state of the region. With the rise in healthcare expenditure, the market is expected to grow in the coming years.

Furthermore, the increasing number of people suffering from various types of musculoskeletal medical conditions could act as a major growth propeller. Some of the most common issues are carpal tunnel syndrome, tendinitis, gout, arthritis, scoliosis, and osteoporosis to name a few. These conditions may deteriorate the quality of life with every passing year.

Most of these conditions cannot be cured and the final treatment plan requires the use of orthopedic prosthetics for complete relief. This demographic concern is crucial to industry growth since the dependence of the geriatric population on orthopedic prosthetics increases with age. Additional growth factors for the market are active lifestyle trends causing physical injury, technological advancements, and a rise in the elderly population.

Along with these aspects, the industry also faces certain growth restrictions. For instance, the existence of critical regulatory challenges is causing severe loss of revenue in the industry. The regulatory measures surrounding the production and distribution of orthopedic prosthetics are extremely complex and the industry is frequently plagued with growing product recall incidents. Furthermore, the absence of skilled labor that can design and manufacture specialized equipment is another reason for the CAGR to dip during the forecast period.

Ongoing research & development may provide excellent growth opportunities while the growing number of product recalls acts as a major challenge.

Segmental Overview:

The global orthopedic prosthetic market is segmented based on technology, product type, end-user, and region

Based on technology, the global market divisions are hybrid orthopedic prosthetics, electric orthopedic prosthetics, and conventional orthopedic prosthetics.

Based on product type, the global market is divided into sockets, liners, modular components, upper extremity, and lower extremity.

• The industry witnessed the highest growth in the lower extremity segment in 2022
• These devices include limbs for the lower part of the body including hips ankle, foot, and knee
• The segment is one of the most established and largest contributors for the industry
• Growing demand for leg prosthetics amongst people with limb abnormalities along with a large-scale existing focus on the development of the segment are the top reasons for the segmental growth
• As per estimated, currently, there are more than 2.12 million people in the US with lost of limb

Based on end-user, the global market is divided into prosthetic clinics, rehabilitation centers, hospitals, and others.2022 witnessed the highest CAGR in the hospitals segment followed by rehabilitation centers

• The high segmental CAGR was driven by the high number of surgeries conducted across government and private hospitals across the globe
• These units are well-equipped to handle minor cases along with major trauma incidents
• Furthermore, prosthetic clinics are generally more expensive than hospitals making them the last resort for many patients
• As per statistics by the International Osteoporosis Foundation, 1 in every 5 men and 1 in every 3 women, above the age of 50, are likely to fracture some part of the body

Regional Overview:

North America is anticipated to lead the global orthopedic prosthetic market mainly driven by the growing and already well-established access network for prosthetic devices and associated surgeries. The excellent medical infrastructure of the US and Canada are responsible for conducting millions of orthopedic prosthetic surgeries annually.

Europe is expected to grow at a significant CAGR owing to the growing number of product approvals to be used for clinical purposes along with rising investments in further research & development. The presence of crucial players is another important regional market growth contributor. In Asia-Pacific, the expansion can be attributed to the rising number of people undergoing orthopedic surgeries requiring musculoskeletal part replacement.

Report Scope

Competitive Landscape:

The global orthopedic prosthetic market is led by players like Mathys AG Bettlach, Aesculap Implant Systems LLC, Stryker Corporation, Exactech Inc., Smith & Nephew plc, Zimmer Biomet Holdings Inc., Integra LifeSciences Corporation, Johnson & Johnson (DePuy Synthes), DJO Global Inc., Össur hf., LimaCorporate S.p.A., Otto Bock HealthCare GmbH, MicroPort Scientific Corporation, B. Braun Melsungen AG, Wright Medical Group N.V., Globus Medical Inc., Colfax Corporation, Medtronic plc, Arthrex Inc., and ConforMIS Inc.

Recent Developments:

• In July 2022, Hanger, a prosthetics maker and New York Stock Exchange traded company, announced that it will become private once again after a buyout from a healthcare investment company. The deal was worth USD 1.2 billion
• In February 2023, the Ministry of Health for Sierra Leone and the K. Lisa Yang Center for Bionics from MIT joined hands to develop a new collaborative approach for the expansion and development of the prosthetic sector in the African country
• In April 2022, Phantom Neuro and Blackrock Neurotech entered a research partnership for the development of prosthetics that copies human movement occurring in real life

The global orthopedic prosthetic market is segmented based on:

By Technology

• Hybrid Orthopedic Prosthetics
• Electric Orthopedic Prosthetics
• Conventional Orthopedic Prosthetics

By Product Type

• Sockets
• Liners
• Modular Components
• Upper Extremity
• Lower Extremity

By End-User

• Prosthetic Clinics
• Rehabilitation Centers
• Hospitals
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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