The global Orthopedic Prosthetic Market Growth Accelerated by Rising Need for Joint Replacement Surgeries

Purvaja

The global Orthopedic Prosthetic Market Growth Accelerated by Rising Need for Joint Replacement Surgeries

Orthopedic prosthetics are artificial body parts implanted to restore the form and function of missing joint or bone. These prosthetics are commonly used in knee replacement, hip replacement, and shoulder replacement. The rising prevalence of osteoporosis, arthritis and trauma injuries has increased the demand for joint replacement surgeries across the globe.

The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The advent of 3D printing technology in orthopedic prosthetics has accelerated the market growth over the forecast period. 3D printing allows for customized prosthetics to be designed as per the anatomy of the patient. This results in a better fit and increases comfort level for the patient. 3D printed prosthetics can be fabricated using patient's medical scans, which ensures optimal precision and alignment. Various industry players are focusing on developing 3D printing capabilities for prosthetics to offer personalized solutions. For instance, Xilloc Medical, a Netherlands based startup develops 3D printed knee replacement implants using patient-specific anatomical data. Such developments are expected to drive the demand for orthopedic prosthetics.

Segment Analysis

The global Orthopedic Prosthetic market is bifurcated into upper limb and lower limb prosthetics. The lower limb prosthetics segment currently dominates the market as lower limb disabilities are more common. The trauma/injury/fracture sub-segment within the lower limb segment accounts for the largest share as road accidents and injuries are a leading cause of lower limb amputations or disabilities globally.

Key Takeaways

The Global Orthopedic Prosthetic Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to be US$ 2365.78 Mn indicating significant opportunities.

Regional analysis: North America currently dominates the global Orthopedic Prosthetic market owing to advanced healthcare infrastructure and rising prevalence of orthopedic diseases in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to rapidly developing medical technology sector, rising healthcare spending and increasing GDP in countries like China and India.

Key players: Key players operating in the Orthopedic Prosthetic market includes Ward Chemical, Inc. The company specializes in developing innovative lower limb prosthetics using lightweight carbon fiber and 3D printing. It has a strong presence across North America. Other prominent players are focused on introducing cutting edge bionic prosthetic technologies for upper limb to improve patient mobility. Strategic collaborations between device manufacturers and research institutes are likely to drive further innovation.

For more insights, Read- https://www.insightprobing.com/orthopedic-prosthetic-market-demand-share-analysis/

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Purvaja

Orthopedic Prosthetic Market Is Estimated To Witness High Growth Owing To Increasing Road Accidents And Trauma Cases

Poonam 2024-01-18

Various types of prosthetics include transradial prosthesis, transhumeral prosthesis, trans femoral prosthesis, knee disarticulation prosthesis, hip disarticulation prosthesis, etc. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365. SWOT Analysis Strength: The global orthopedic prosthetic market has strength in terms of advanced technologies being used in the prosthetic design and development. Key Takeaways The global Orthopedic Prosthetic Market Share is expected to witness high growth. Key players operating in the orthopedic prosthetic market include Ward Chemical, Inc.

Orthopedic Prosthetics Market Poised For Rapid Growth Accelerated By Increasing Prevalence Of Trauma And Amputation Cases

Dhanesha Patil 2024-01-31

The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2725. Leading players are actively focusing on developing 3D printed prosthetics made from durable materials like titanium and carbon fiber. For example, Össur launched PRO-FXTM Genium X3 which is a microprocessor knee featuring 3D printed titanium and stiff, lightweight polymers. Segment AnalysisThe Global Orthopedic Prosthetic Market Analysis is dominated by prosthetics for lower extremities such as legs and feet. Regional analysis: North America is currently the largest as well as the fastest growing regional market for Orthopedic Prosthetics.

Everything You Need to Know About Orthopedic Prosthetic Devices Market

CMI Blogging 2021-06-07

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.

Orthopedic Prosthetic Devices Market is Likely to Witness Steady Growth by 2032

Ganesh Shinde 2023-04-05

The Orthopedic Prosthetic Devices Market is expected to grow at a 4. The orthopedic prosthetic devices global market is expected to have a healthy growth rate in the forecast period (2022 to 2032). 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. com/reports/orthopedic-prosthetic-devices-marketOrthopedic Prosthetic Devices Market: Key Players:Some of the key participating major global players in this market are Hanger Inc.

The Global Orthopedic Prosthetic Market Growth Accelerated By Increasing Incidence Of Musculoskeletal Disorders

Mia Yates 2024-01-08

With advancements in material science and 3D printing technologies, orthopedic prosthetic devices have become highly customized to patient anatomy and movements improving quality of life. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365. 78 Mn in 2023 and is expected to exhibit a CAGR of 3. Rising prevalence of diabetes is another factor contributing to the increasing rates of lower-limb amputations and demand for prosthetic devices. Segment AnalysisThe global orthopedic prosthetic market is segmented by product type, end user, and region. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365. 78 Mn in 2023 and is expected to exhibit a CAGR of 3.

An orthopedic prosthetic is an artificial limb designed to substitute a missing body part of a patient.

Shivani 2021-12-03

An orthopedic prosthetic is an artificial limb designed to substitute a missing body part of a patient. Moreover, orthopedic prosthetic devices help to identify, design, produce and fit custom-made artificial limbs in patients that have a missing part of a limb lost through disease, trauma, and/or congenital condition. These devices are a means of restoring the normal function of the missing body part. A prosthesis is a vital part of a patient's health and recovery, as it can save a patient's life. Others may lose a missing body part as a result of a birth defect.

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