The Orthopedic Prosthetics Market is projected to grow by USD 871.9 Million (2024-2028), driven by rising trauma cases, accidents, and birth defects, with AI-powered market evolution - Technavio

NEW YORK, Oct. 8, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The Global Orthopedic Prosthetics Market size is estimated to grow by USD 871.9 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.05%  during the forecast period. Growing number of trauma, accident cases, and birth defects is driving market growth, with a trend towards growing focus on customized orthopedic prosthetics. However, high cost of prosthetics  poses a challenge - Key market players include Advanced Arm Dynamics Inc., Arthrex Inc., Artificial Limbs Manufacturing Corp. Of India, B.Braun SE, Blatchford Ltd., Exactech Inc., Fillauer LLC, Globus Medical Inc., Hanger Inc, Johnson and Johnson Services Inc., LeTourneau Prosthetics and Orthotics, Orthotic and Prosthetic Lab Inc, Ossur hf, Ottobock SE and Co. KGaA, RTI Surgical Inc., Smith and Nephew plc, Steeper Inc., Stryker Corp., WillowWood LLC, and Zimmer Biomet Holdings Inc..

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Customized orthopedic prosthetics have gained significant attention in the market due to their superior functionality and increasing demand from end-users, particularly athletes and accident victims. Leading companies like Ossur and Ohio Willow Wood are focusing on providing customized prosthetics using advanced technologies such as CAD/CAM and lasers. These technologies enable vendors to manufacture prosthetics that perfectly match the shape of the amputee's limb, ensuring a better fit and improved performance. Innovations like computer-aided shape modification, 3D scanners, 3D printer integration, and automated carvers further enhance the customization process. Companies such as Vorum offer integrated CAD/CAM solutions to develop customized orthopedic prosthetics, increasing productivity by up to 600%. With over 700 vendors using their CAD/CAM solution, the trend towards customized prosthetics is expected to drive market growth during the forecast period. 

The Orthopedic Prosthetics Market is experiencing significant growth due to increasing trends in accidental injuries and the aging population. Demand for artificial limbs is on the rise as chronic illnesses such as diabetes, osteoarthritis, and obesity become more prevalent. Product innovations in electric prostheses, myoelectric prostheses, and Cheetah sports prosthesis are improving patient comfort and functionality. The burden of osteosarcoma and other bone diseases is driving research and development in material science. Distribution networks are expanding to reach individual patients in remote areas, with public-private funding and regulatory authorities playing crucial roles. Healthcare facilities are integrating Internet of Things technology, including Bluetooth and smartphone connectivity, to enhance patient care and reduce the risk of deep vein thrombosis. However, challenges such as limited infrastructural facilities, hesitation to adopt new technologies, and infection risks remain. The market's economic well-being is influenced by healthcare budgets, per capita expenditure, and the overweight population. Product innovations and regulatory approvals are essential to address the unique needs of the geriatric population. The reimbursement scenario is evolving, with statistics showing a growing number of orthopedic surgeries and road accidents. The market's future looks promising as medical science continues to advance, and the Internet penetration rate increases. 

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• The global orthopedic prosthetics market is experiencing steady growth, yet the high cost of prosthetics poses a significant challenge. A basic prosthetic leg can cost up to USD10,000, with advanced prosthetic legs reaching over USD100,000. Electricity-powered prosthetics range between USD40,000 and USD60,000, making them a significant investment. For instance, the Genium X3 prosthetic leg costs approximately USD120,000, while the Michelangelo electronic hand costs around USD60,000. Some companies offer expensive prosthetics to select patients, such as Ottobock Healthcare's bionic leg for military personnel, priced at USD150,000. Post-surgery care and maintenance, including rehabilitation, further increase the overall cost. Physical therapy sessions cost between USD50 and USD350, while occupational therapy sessions range from USD50 to USD400. The high cost of orthopedic prosthetics can significantly impact the growth of the global market during the forecast period.
• The Orthopedic Prosthetics Market faces several challenges in the healthcare sector. Healthcare budgets and facilities limit the accessibility of prosthetic devices for individual patients. Hesitation and stigma surrounding their use persist. Infections and injuries require continuous innovation in material science, such as the use of polymer materials. Regulatory authorities and public-private funding play a crucial role in the reimbursement scenario. The obesity and overweight population pose challenges due to the increased demand for Lower Extremity Prosthetics. Trauma cases and road accidents lead to a higher usage of orthopedic prosthetic devices. Product innovations, including Myoelectric prostheses and smartphone connectivity, are essential to meet the evolving needs of patients. Limited infrastructural facilities and the Internet penetration rate impact the distribution and availability of medical equipment. Infections and injuries from vehicles add to the market size. Strategic movements by professionals and product innovations are essential to address the challenges posed by the increasing statistics of Osteoarthritis and orthopedic surgeries. The Internet of Things and smartphone connectivity offer opportunities for remote monitoring and upgrading lifestyles. However, concerns regarding the security of data and potential infections remain. The challenges in the orthopedic prosthetics market require continuous innovation and collaboration between medical science, regulatory authorities, and industry professionals.

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This orthopedic prosthetics market report extensively covers market segmentation by  

1. Product 
• 1.1 Lower extremity orthopedic prosthetics
• 1.2 Upper extremity orthopedic prosthetics
2. Technology 
• 2.1 Conventional
• 2.2 Electric-powered
• 2.3 Hybrid
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Lower extremity orthopedic prosthetics-  The Orthopedic Prosthetics Market refers to the industry that produces and distributes artificial limbs and other orthopedic devices. These products cater to individuals with limb loss or limb differences due to various reasons such as trauma, birth defects, or diseases. The market is growing due to an aging population, increasing road accidents, and advancements in technology leading to improved functionality and design of prosthetics. Key players in this market include Otto Bock Healthcare, Hanger Inc., and Ossur. Companies focus on research and development to offer innovative solutions, enhancing user experience and mobility.

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The Orthopedic Prosthetics Market encompasses the production and distribution of orthopedic prosthetic devices, including artificial limbs, used to replace missing body parts due to various conditions such as Orthopedic surgeries, trauma cases from road accidents or vehicle incidents, and accidental injuries. The burden of diseases like osteosarcoma and osteoarthritis fuels the demand for these devices. The usage of prosthetics is increasingly common among individual patients, especially in the aging population and those with low bone density, diabetes, or obesity. Medical science continues to advance, leading to innovations like Cheetah sports prosthesis and electric prostheses. The world population's increasing size and the resulting rise in the number of patients needing prosthetic devices further boost market growth. Lower Extremity Prosthetics, a significant segment, is expected to witness significant demand due to the high prevalence of injuries affecting the lower limbs.

The Orthopedic Prosthetics Market encompasses the production, distribution, and usage of artificial limbs and orthopedic devices designed to replace or support missing or damaged body parts. Factors driving market growth include the increasing burden of chronic illnesses such as diabetes, osteoarthritis, and obesity, as well as accidental injuries and road accidents. The geriatric population and the overweight population are also significant contributors, with the aging population experiencing age-related conditions like bone density loss and the need for orthopedic surgeries. Product innovations in material science, including the use of polymer materials and Bluetooth and smartphone connectivity, are enhancing the comfort and functionality of orthopedic prosthetics. However, challenges such as limited infrastructural facilities, regulatory hurdles, and the stigma surrounding prosthetics usage remain. Market growth is also influenced by economic well-being, healthcare budgets, and the distribution network, with public-private funding playing a crucial role in expanding access to these essential medical devices. The market includes various types of prosthetics, including Lower Extremity Prosthetics, Myoelectric prostheses, and Electric prostheses, catering to individual patient needs. Strategic movements by professionals and regulatory authorities, as well as the impact of healthcare facilities and reimbursement scenarios, are shaping the market landscape. The usage of prosthetics is also influenced by factors such as deep vein thrombosis, infections, and upgrading lifestyles. The Internet of Things and Internet penetration rate are also transforming the market, with Cheetah sports prosthesis and other smart prosthetics offering enhanced functionality and convenience. Despite these opportunities, challenges such as hesitation and the burden of osteosarcoma remain. Overall, the Orthopedic Prosthetics Market is poised for significant growth, driven by the increasing need for these devices to improve patient health and enhance mobility.

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Lower Extremity Orthopedic Prosthetics
• Upper Extremity Orthopedic Prosthetics
• Technology
• Conventional
• Electric-powered
• Hybrid
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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