The global “Orthopedic Prosthetics Market to 2030” size was estimated at nearly USD 2.10 billion in 2021. As per our study, the market is anticipated to reach a value of USD 3.3 billion by 2030 showing a CAGR of 5%. Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Orthopedic Prosthetics market. These comprehensive insights are included in our market search report as a key market contributor.
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Orthopedic Prosthetics Market: Overview
An orthopedic prosthetic comprises an artificial device, which acts as a substitute for missing body parts. These artificial limbs help the patients/users with lost body parts (limbs) to efficiently function and resemble the natural limbs. The lost parts could be a result of diseases, surgical removal, congenital conditions, trauma, or disabling illness.
Growth in healthcare infrastructure spending
The rising number of accidental injuries and trauma cases are the major factors bolstering the growth of Orthopedic Prosthetics. The accidental injuries and trauma cases can be the results of factors, including sports injuries, medical complications, road accidents, and work-related injuries.
A majority of these accidents require prosthetics or amputations device as a replacement for the lost body part. For example, around 2.1 million people in the US are living with limb loss, and it is anticipated that the number will be doubled by 2050. Also, on a yearly average, nearly 185,000 of the US population have an amputation, resulting in 300 to 500 amputations/day. This is boosting the growth of the Orthopedic Prosthetics market.
The rising number of road accidents worldwide is also expected to drive the Orthopedic Prosthetics market. Further, the increasing disability rates worldwide are also boosting the market. Advancements in technology leading to new product launches are offering prosperous opportunities to the orthopedic prosthetic market players. Although, the high cost of these devices is anticipated to be the restraining factor to the growth of the Orthopedic Prosthetics market.
The Orthopedic Prosthetics market is segmented into product, technique, and end user. HoverboardTypes Based on product, the market is categorized into lower extremity prosthetics, upper extremity prosthetics, sockets, and other products. The lower extremity prosthetics segment is expected to maintain its dominance throughout 2022-2030. Also, the demand for upper extremist prosthetics is increasing owing to the rising number of spinal injuries.
The rising number of diabetes patients across the globe, coupled with increasing obese populations is resulting in increased demand for lower extremity prosthetics. Based on technique, the electric-powered segment is noticed to witness exponential growth during 2022-2030. By end user, the hospital’s segment is expected to witness high CAGR during the forecast period.
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The Asia Pacific to exhibit noteworthy growth in the Orthopedic Prosthetics market
North America dominated the Orthopedic Prosthetics market, accounting for over 35% in 2021, and is projected to continue its dominance throughout 2022-2030. The region has the presence of major players operating in the Orthopedic Prosthetics market, together with significant investment in the R&D, rising healthcare spending, and supportive reimbursement policies laid by the federal government.
Additionally, the increasing incidences of sports injuries and rising occurrence of osteosarcoma are anticipated to drive the demand for Orthopedic Prosthetics. The US healthcare system also focuses on providing high-quality care along with value-added services, which is expected to accelerate the demand in the near future.
The Orthopedic Prosthetics market in the Asia Pacific region is experiencing tremendous growth. The factors driving the market include rising diabetes cases, increasing road accidents, as well as favorable government initiatives in various economies. For instance, in 2018, Asian Prosthetic and Orthotics Meeting were held in Thailand. The meeting was organized to encourage cooperation among Asian economies and discuss the relevant issues concerning prosthetics and orthotics.