Global demand for orthopaedic prosthetics devices market is projected to reach US$ 1.76 Bn in 2017, up from US$ 1.69 Bn in 2016. Demand for orthopaedic prosthetics devices will be fuelled by increasing baby boomers & geriatric population. Availability of advanced prosthetics that offer customisation and enhanced functionality will continue to witness increasing demand in developed markets. However, high cost and lack of favourable reimbursement policies will continue to pose challenges to wider adoption. North America will continue to remain the largest market for orthopaedic prosthetics devices, owing to strong demand in the U.S. Sales of orthopaedic prosthetics devices in the Western Europe – the second largest market globally – will remain concentrated in EU5.
Other key factors expected to fuel demand for orthopaedic prosthetic devices include increase in the number of accidents, higher emphasis on physical sports, and increase in prevalence of conditions that require amputation. Replacement of older prosthetics with lighter, durable materials is also expected to complement demand during the forecast period.
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FMI’s report offers insights on the regulations on orthopaedic prosthetics devices in key markets of the U.S., Europe, Asia Pacific, and Middle East & Africa. In the U.S., orthopaedic prosthetics devices are regulated by U.S. FDA and Centre for Devices and Radiological Health (CDRH). In Europe, a majority of prosthetic and orthotic devices are class I with CE marking.
To provide a detailed analysis on the orthopaedic prosthetic market, FMI’s report offers forecast and analysis on the basis of product type, technology, end-use, and region.
Prosthetics Devices Market Segmentation
By product type, the key segments include lower extremity prosthetics, upper extremity prosthetics, liners, sockets, and modular components. Among these, lower extremity prosthetics account for the highest demand, followed by upper extremity prosthetics. All the aforementioned product types will lose market share to lower extremity prosthetics during the forecast period.
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By technology, electric powered prosthetic devices account for the highest demand and the trend is projected to remain unchanged during the forecast period. Electric powered prosthetic devices are expected to gain 467 BPS during the forecast period and account for over 50% revenue share of the market by 2026. Ease of operation is one of the key factors for high adoption of electric powered prosthetics devices.
By end-use, prosthetic clinics accounted for the highest revenue share of the global market, followed by hospitals and rehabilitation centres. Prosthetic clinics will continue to remain the largest end-user segment during the forecast period, gaining 293 BPS between 2016 and 2026.
North America is the largest market for prosthetics devices market, accounting for a significant share of global revenues. The U.S. is the leading market for prosthetics devices, accounting for over 78% share of the global market in 2016. The U.S. will continue to be the largest market for prosthetics devices during the forecast period.
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Leading players in the global prosthetics devices market include Hanger Inc., Blatchford Ltd., Otto Bock HealthCare GmbH Össur, Touch Bionics Inc., and The Ohio Willow Wood Co.