NEW YORK, March 31, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has recently published a new comprehensive report on the global orthopedic prosthetics market, providing valuable insights and forecasts until 2030. The report is available for purchase on the IndexBox website at https://www.indexbox.io. Interested parties can also access a trial version of the market data on the IndexBox platform.
According to the report, the global orthopedic prosthetics market is expected to witness significant growth through 2030, driven by factors such as an aging population, technological advancements, and increasing prevalence of chronic diseases like diabetes and osteoarthritis. The market is also propelled by improvements in healthcare infrastructure, government initiatives, and a growing demand for customized prosthetics.
However, the market faces challenges such as high costs of prosthetic devices and stringent regulatory requirements. The demand for orthopedic prosthetics is influenced by factors like reimbursement policies, patients' economic conditions, and the adoption of advanced technologies in developing countries.
The global orthopedic prosthetics market can be segmented based on product type, technology, and material.
Product Type:
- Upper Extremity Prosthetics: These include prosthetics for the hand, wrist, elbow, and shoulder.
- Lower Extremity Prosthetics: This segment comprises prosthetics for the foot, ankle, knee, and hip.
- Modular Components: This segment includes various connectors, adapters, and other components used in assembling prosthetic devices.
Technology:
- Conventional Prosthetics: These are traditional prosthetics, which primarily rely on passive mechanical components.
- Electric-Powered Prosthetics: These prosthetic devices use electric motors to provide movement and better control.
- Hybrid Prosthetics: This segment combines the features of conventional and electric-powered prosthetics, offering an optimal balance between functionality and cost.
Material:
- Metals: This segment includes the use of materials such as stainless steel, aluminum, and titanium for manufacturing prosthetic devices.
- Polymers: This category covers the use of various types of plastics and other polymer materials in prosthetic devices.
- Composites: This segment refers to the use of composite materials, such as carbon fiber and glass fiber, in orthopedic prosthetics.
End-User. The global orthopedic prosthetics market is divided into the following end-user segments:
- Hospitals and Clinics: These are the largest end-users of orthopedic prosthetics, providing patients with prosthetic devices and related services.
- Rehabilitation Centers: These facilities focus on helping patients regain mobility and functionality after amputation or injury, making them significant consumers of orthopedic prosthetics.
- Sports and Athletics: Athletes and sports enthusiasts who require prosthetic devices for training and competition contribute to the demand in this segment.
- Military and Defense: This segment includes the use of orthopedic prosthetics for injured military personnel and veterans, ensuring their rehabilitation and improving their quality of life.
Region. The global orthopedic prosthetics market can be analyzed by the following regions:
- North America: The largest market share, driven by advanced healthcare infrastructure, technological innovations, and favorable government policies.
- Europe: A significant market player, with a focus on research and development, quality healthcare, and the presence of leading prosthetic manufacturers.
- Asia-Pacific: This region is projected to witness the highest growth rate during the forecast period due to the growing geriatric population, rising disposable income, and improving healthcare infrastructure.
- Latin America: The market in this region is anticipated to grow steadily, driven by increasing healthcare expenditure, growing awareness about prosthetics, and better access to healthcare services.
- Middle East and Africa: Although currently a smaller market, the potential for growth in this region exists due to the rising healthcare investments and the untapped market opportunities.
The largest manufacturers in the industry include Otto Bock HealthCare, Össur, Blatchford, Fillauer, and WillowWood Global.
Aleksandr Romanenko, CEO of IndexBox, commented, "The orthopedic prosthetics market is poised for substantial growth in the coming years, fueled by technological advancements, increasing demand for customized prosthetics, and the growing prevalence of chronic diseases. Companies in this industry need to focus on innovation and strategic partnerships to capitalize on these growth opportunities."
For more information, please visit the IndexBox website https://www.indexbox.io/
Keywords: Orthopedic Prosthetics, Healthcare, Market Research, Prosthetic Devices, Market Forecast
