The Orthopedic Prosthetic Devices Market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 1.9 Billion in 2019 to reach a valuation of US$ 2.8 Billion by 2027.
Orthopedic prosthetics are external mechanical devices that replace a missing skeletal system body part. It is used to prevent or treat injuries or disorders of the skeletal system and its associated muscles, joints, and ligaments. An orthopaedic prosthetic device is a medical device that uses artificial body parts to replace a missing joint or bone or to support a damaged bone.
Orthopedic prosthetic devices are primarily used to help people recover from a traumatic injury, a congenital condition, or a disabling illness. Individuals who have had an upper limb/extremity amputation are missing not only a limb, but also a sophisticated tool for daily living.
Over ten million people live with amputees. Amputation occurs about once in every 1000 people. Each year, approximately 185,000 amputations are performed in the United States.
Orthopedic Prosthetic Devices Market: Drivers and Restraints:
Presently, orthopedic prosthetic devices global market is driven by technological advancement, increasing in the number of incidence of disabilities, growing rate of chronic and lifestyle disease.
Orthopedic prosthetic devices global market is driven by the increased focus on improving quality of life, rapid innovations in production and modeling technologies, growing awareness towards orthopedic ailments and rise in sports injuries. However, growing healthcare budget, poor healthcare reimbursement and payment models, and consolidation of market leaders act as a major barrier for the growth of this market.
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 (2015-2025).
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Orthopedic Prosthetic Devices Market: Region-wise Outlook:
Depending on geographic region, global orthopedic prosthetic devices market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.
North America held largest share in the global orthopedic prosthetic devices market followed by Europe and Asia Pacific. The developing nations in Asia pacific, Middle East and Africa hold huge potential for growth in the global orthopedic prosthetic devices market, owing to developing economies and technological advances.
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.
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.
