NEWARK, Del, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The orthopedic prosthetics market is anticipated to reach a valuation of US$ 3,721.6 million in 2024. The industry is projected to be worth US$ 3,909.9 million by 2034, rising at a CAGR of 5% between 2024 and 2034. The escalating global prevalence of obesity, attributed to factors like excessive consumption of junk food and sedentary lifestyles, stands as a pivotal driver for the burgeoning orthopedic prosthetics market.
The adverse effects of obesity, particularly on the knees, contribute to difficulties in mobility, exacerbating the demand for orthopedic prosthetics to address challenges in walking, sitting, and running. Concurrently, a heightened focus on enhancing healthcare facilities and infrastructure amplifies market growth. Collaborations between public and private entities, marked by increased funding and the application of advanced technology, create lucrative opportunities within the market.
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However, impediments to market growth persist, including the high costs associated with research and development, limited infrastructural facilities, and a lack of awareness in economically disadvantaged regions. Challenges arise from an unfavourable reimbursement scenario, limited technology penetration in developing economies, elevated costs of prosthetics, and inadequate infrastructure in low- and middle-income countries.
Overcoming these obstacles necessitates strategic approaches to bridge gaps in awareness, affordability, and technological access. Despite challenges, the market trajectory remains optimistic, driven by a collective commitment to innovation, research collaboration, and a growing understanding of the healthcare needs associated with obesity and mobility impairments globally.
Key Takeaways from the Orthopedic Prosthetics Market Study
- Based on technology, the electric powered segment is expected to hold a market share of 48.1% in 2024.
- China is estimated to register at a CAGR of 7.7% by 2034.
- The United Kingdom experiences significant growth, projected at a CAGR of 5.4% by 2034.
- Based on product, lower extremity prosthetics is anticipated to hold a market share of 63.6% in 2024.
“The escalating global prevalence of obesity, fueled by factors like unhealthy dietary habits and sedentary lifestyles, serves as a significant driver for the orthopedic prosthetics market,” comments Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Competitive Landscape From the Orthopedic Prosthetics Market
The competitive landscape of the orthopedic prosthetics market is marked by intense innovation and strategic collaborations among key players. Companies strive to enhance prosthetics designs, ensuring superior comfort and mobility for users.
Technological advancements, personalized solutions, and a global market presence characterize the competitive dynamics as industry leaders vie for market share by addressing the evolving needs of a diverse patient population.
Some of The Recent Developments Orthopedic Prosthetics Market Are:
- In January 2020, Essentium, Inc. and Vorum entered a collaborative venture, merging Essentium's High-Speed Extrusion (HSE) 3D printing technology with Vorum's SurePath methodology and CAD/CAM solutions.
- In June 2020, REJOINT introduced a groundbreaking approach, integrating artificial intelligence with GE Additive Arcam's Electron Beam Melting (EBM) technology.
Top 11 Key Companies Profiled in the Orthopedic Prosthetics Market
- Exatech Inc.
- Howard Orthopaedics Inc.
- Hanger Inc.
- Wishbone Medical
- Pega Medical
- OrthoPediatrics
- Arthrex
- Touch Bionics Inc.
- Advanced Arm Dynamics
- Medtronic Spinal
- Integra Lifesciences
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Key Segments of Orthopedic Prosthetics Industry Survey
By Product:
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Sockets
- Modular Components
By Technology:
- Conventional
- Electric Powered
- Hybrid Orthopaedic Prosthetics
By End-user:
- Hospitals
- Prosthetics Clinics
- Rehabilitation Center
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About the Healthcare Division at Future Market Insights
The healthcare team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Orthopedic Prosthetics Market:
- Orthopedic Power Tools Market has set a valuation of US$ 2.1 Billlion in 2021, and further, is expected to expand at a CAGR of 4.8% to reach US$ 3.5 Billion by the year 2032.
- Orthopedic Prosthetic Devices Market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 1.9 Billion in 2019 to reach a valuation of US$ 2.8 Billion by 2027.
- Orthotic Devices Orthotic Splints and Orthopedic Braces and Support Market is projected to be worth US$ 7.8 Billion by 2026, exhibiting a CAGR of 4.8% during the forecast period 2022 to 2032.
- Orthopedic Oncology Market is expected to grow at a CAGR of 6.5%. The market value is projected to increase from US$ 1.2 Billion in 2023 to US$ 2.3 Billion by 2033.
- Orthopedic Splints Market projected CAGR of 11.5% for the next ten years, the market is likely to reach a valuation of nearly US$ 4.9 billion by the end of 2032.
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