Global Orthopedic Prosthetics Market: Overview
Orthopedic prosthetics refer to the field concerned with the identification, designing, production, and fitting custom-made artificial limbs in patient with a missing part of limb lost through disease, trauma, or a congenital condition. These custom-made orthopedic prosthetics require a combination of low weight and very high strength. Therefore, materials such as Kevlar, carbon fiber, and titanium are commonly used for production. Vast advances in the field of CAD/CAM technology and material science have helped the global market orthopedic prosthetics develop at an encouraging pace in the past few years.
This report on the global market for orthopedic prosthetics presents a detailed analysis of present growth dynamics and the future growth potential of the market over the period between 2015 and 2023. The report presents a comprehensive analysis of a number of factors affecting the growth dynamics of the market, including growth drivers, restraints, trends, opportunities, and regulatory scenario. Vast projections for future years have also been included in the report. A detailed overview of technological developments, profiles of some of the leading vendors in the market, and a detailed overview of the competitive landscape have also been included in the report.
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Global Orthopedic Prosthetics Market: Drivers and Restraints
The market for orthopedic prosthetics has witnessed significant traction in the past few years owing to significant developments in designing and production technologies, allowing the production of products with an enhanced level of comfort, usability, better fixation, and excellent resistance to wear and tear. The rising population of geriatrics and a vast rise in trauma cases across the globe have also resulted in a significant rise in demand for orthopedic prosthetic products. The market has also benefitted from a continuously rising number of trained professionals and encouraging reimbursement scenarios.
According to the World Health Organization (WHO) report, nearly 50 mn people across the globe are severely injured every year in road accidents, suffering serious injuries to body parts and sometimes also resulting in loss of body parts such as limbs. The number is said to witness an alarming rise of around 65% in the next 20 years. The scenario will lead to a significant rise in demand for orthopedic prosthetic products across the globe.
However, the high costs of products could result in limited demand for advanced products, especially across developing and less developed economies. This could hinder the rate of adoption of products such as robotic prostheses with biosensors across regional markets such as Asia Pacific and Africa.
Global Orthopedic Prosthetics Market: Geographical and Competitive Dynamics
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From a geographical viewpoint, the report covers the markets for orthopedic prosthetics across regions such as North America, Europe, Asia Pacific, and Middle East and Africa. Of these, the North America market is presently the leading contributor to the revenue of the global market owing to high awareness and a high level of affordability. Europe and Asia Pacific are also key regional markets with Europe representing one of the established regional markets while Asia Pacific representing a regional market with the most promising growth opportunities.
The high population and an increased rate of awareness in Asia Pacific are expected to lead to an impressive rise in growth opportunities in the next few years. Rising disposable incomes and rising expenditure on healthcare and wellness will also drive the market for orthopedic prosthetics in Asia Pacific in the near future.
The market for orthopedic prosthetics features a number of established medical devices and surgical instrument companies catering to the varied needs of patients across the globe. Some of the leading contributors to the market are companies such as Smith and Nephew plc, Biomet Inc., DePuy, Inc., Zimmer Holdings Inc., and Stryker Corp.