The Orthopedic Prosthetic Devices Market is expected to grow at a 4.7% CAGR during the forecast period, from US$ 1.9 billion in 2019 to US$ 2.8 billion by 2027.
Orthopedic prostheses are external mechanical devices that replace a skeletal system body part that has been lost. It is used to prevent or treat injuries or abnormalities of the skeletal system, including the muscles, joints, and ligaments that support it. A medical device that employs artificial body parts to replace a missing joint or bone or to support a damaged bone is known as an orthopaedic prosthetic device.
Orthopedic prosthetic devices are primarily used to aid in the recovery of patients who have suffered a traumatic injury, a congenital problem, or a crippling sickness. People who have lost an upper limb or extremity are missing not simply a limb, but also a sophisticated instrument for daily existence.
Amputees affect almost 10 million people. Amputation occurs around once every 1000 people. In the United States, roughly 185,000 amputations are performed each year.
Orthopedic Prosthetic Devices Market:
Overview:
With rapid innovations in production and modeling technologies and growing awareness towards orthopedic ailments and rise in sports injuries. The orthopedic prosthetic devices global market is expected to have a healthy growth rate in the forecast period (2022 to 2032).
Orthopedic Prosthetic Devices Market: Region-wise Outlook:
The global orthopaedic prosthetic devices market is divided into seven primary regions based on geography: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and the Middle East and Africa.
North America led the global market for orthopaedic prosthetic devices, followed by Europe and Asia Pacific. Because of their rising economies and technological improvements, developing nations in Asia Pacific, the Middle East, and Africa have enormous potential for growth in the worldwide orthopaedic prosthetic devices market.
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Orthopedic Prosthetic Devices Market: Key Players:
Some of the key participating major global players in this market are Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., Touch Bionics Inc., Ossur hf., The Ohio Willow Wood Co., Fillauer LLC., Howard Orthopedics Inc., and others.
Key Segments
By Product:
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Sockets
- Other Products
By Technology:
- Conventional
- Electric-powered
- Hybrid Orthopedic Prosthetics
Expanding instances of sports wounds and street mishaps, the rising number of diabetes-related removals, and the developing commonness of osteosarcoma throughout the planet are ready to drive the worldwide market.
For instance, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) composed an open letter to all state lead representatives dated March 19, 2020, looking for continuation of Prosthetic and Orthotic Care administrations as a component of fundamental medical advantages that patients should approach during the pandemic.
According to the American Physical Therapy Association (APTA), the yearly games injury rate in the U.S. was around 8.7 million out of 2018.
This factor is expected to drive the interest, helping market development over the gauge time frame.
A disturbing ascent in the recurrence of street mishaps is one of the main sources of expanded instances of removal.
As indicated by the Association for Safe International Road Travel (ASIRT), around 20-50 million individuals across the globe were harmed or debilitated inferable from street mishaps in 2018.
