Orthopedic Prosthetics Market Report to 2030 size estimated at nearly USD 2.10 billion in 2021 and anticipated reaching a value of USD 3.3 billion by 2030
The “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
Orthopedists engage wide-ranging orthopedic prosthetic implants that replace missing bones or joints for supporting the damaged bone. Common prostheses used by orthopedics include hip and knee prostheses, as they enable patients to recover their complete motion in a short period.
As per the National Center for Biotechnology Information, orthopedic disease condition accounts for around 70% of lower limb amputations, which are mostly caused by diabetes or vascular disease. Other causes for lower limb amputations include malignancy, trauma, and congenital deformity. Various Orthopedic Prosthetics types include Upper Limb Prosthetics, Lower Limb Prosthetics, Microprocessor controlled prosthetics, and prosthetics for children. Further, CPO prosthetics used methods such as Rotationplasty, Osseointegration, and robotic surgery.
Orthopedic Prosthetics Market: COVID – 19Impact Analysis
The COVID-19 pandemic had a negative impact on the orthopedic prosthetic market, attributed to the decline in prosthetics consumption. A number of prosthetics surgeries were delayed during the pandemic owing to the non-availability of doctors as well as postponing surgeries to curb the spread of the virus.
This resulted in a loss of revenue. For instance, according to the British Journal of Surgery’s report, nearly 6.3 million surgeries worldwide concerning orthopedics were cancelled or postponed owing to COVID-19. The outbreak of COVID-19 resulted in decreased demand for electric prostheses. However, orthopedic clinics started providing online video consulting appointments. With the relaxation and growing vaccination drive, the number of COVID patients declined and hospital operations came back to normal. A gradual recovery was noticed during Q1 of 2021, and it is expected to further experience growth during the coming years.
Orthopedic Prosthetics Market: Segmentation Analysis
The Orthopedic Prosthetics markets are segmented into product, technology, and end user. By product, the lower extremity prosthetics segment is expected to hold over 50% of the total market.
The dominance of the segment is attributed to rising incidences of medical ailments, such as diabetes, which can result in lower body issues. Additionally, several foot and ankle-related disorders require surgical interventions. On the other hand, upper extremity prosthetics are majorly required in case of sports injuries. Based on technology, the market is classified into electric-powered, conventional, and hybrid. The electric-powered segment is projected to witness a high CAGR during 2022-2030.
The developments in electric-powered technology, owing to rising R&D activities, have better functional outcomes.
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Orthopedic Prosthetics Market: Key Players Insights
The major players in the Orthopedic Prosthetics market are focused on the introduction of advanced medical devices offering improved efficiency as well as patient compliance, expanding their portfolio and attaining a competitive edge. Additionally, the surging awareness concerning the advantages of advanced Orthopedic Prosthetics devices, for instance, the use of 3-D printing for designing devices compared to conventional methods, is boosting the growth of the market.
Also, partnerships and cooperation are chosen as feasible growth strategies by key participants to maintain their competitive edge in the market. Players are involved in strategic agreements worldwide.
Orthopedic Prosthetics Market: Some of the prominent players
Braun Melsungen AG
Smith & Nephew
Johnson & Johnson
Touch Bionics Inc.
Howard Orthopaedics Inc.
Advanced Arm Dynamics
The global orthopedic prosthetics market is segmented as follows:
Lower Extremity Prosthetics
Upper Extremity Prosthetics
By End User
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