Burlingame, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global orthopedic prosthetic market is estimated to be valued at US$ 2,246.7 million in 2022 and is expected to exhibit a CAGR of 5.3% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Orthopedic Prosthetic Market:
Major players operating in the market are focusing on adopting strategies such as facility expansion, which is expected to drive the market growth over the forecast period. For instance, in September 2021, Open Bionics, UK-based Company that develops low-cost, 3D printed bionic arms for amputees with below elbow amputations, announced the launched of their first clinic in the UK to deliver 3D printed bionic arms for amputees.
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Key Market Takeaways:
The global orthopedic prosthetic market is expected to exhibit a CAGR of 5.3% during the forecast period due to increasing funding by various research institutes. For instance, January, 2022, U.S. Department of Defense funded US$ 1.97 million grant to Benjamin Darter’s project, a project focused on ways for improving the understanding of a prosthesis user’s mobility. This project will implement a newly developed measure of prosthesis awareness to explain the clinical benefits of microprocessor-controlled knees.
Among Product Type, Upper Extremity Prosthetics is expected to hold a dominant position over the forecast period, owing to announcing the clinical practice guidelines by the key players. For instance, in September, 2022, Hanger, Inc., one of the global leader in manufacturing of prosthetic and orthotic services and products, announced the clinical practice guidelines for the prosthetic rehabilitation of those with upper limb amputations. The guidelines will help to improve healthcare for this specialized patient population.
On the basis of region, North America segment is expected to hold a dominant position over the forecast period, owing to receiving an Innovative Technology contract for post-amputation limb protector. For instance, in March, 2022, a company based in Texas, North America, Hanger Inc., received an Innovative Technology contract from Vizient, Inc., healthcare performance Improvement Company for AmpuShield limb protector. AmpuShield is a post-amputation residual limb protector clinically proven to optimize patient outcomes.
Competitive Landscape:
Key players operating in the global orthopedic prosthetic market include Össur, Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica among others
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Market Segmentation:
- Global Orthopedic Prosthetic Market, By Product Type:
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics Glass
- Liners
- Sockets
- Modular Components
- Upper Extremity Prosthetics
- Global Orthopedic Prosthetic Market, By Technology:
- Conventional
- Electric Powered
- Hybrid Orthopedic Prosthetics
- Global Orthopedic Prosthetic Market, By End User:
- Hospitals
- Prosthetic Clinics
- Rehabilitation Center
- Others
- Global Orthopedic Prosthetic Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
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