An orthopedic prosthetic is an artificial limb built to replace a patient’s lost body parts. Artificial limbs allow people that have lost a limb or limbs to function normally, and such prosthetics closely replicate natural or original limbs, and thus users usually go unrecognized.
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Statistics
By the end of 2027, the global orthopedic prosthetics market is expected to be worth US$ 2,872.2 Mn.
Global Orthopedic Prosthetics Market: Drivers
Over the forecast period, the growing elderly population is expected to drive the global orthopedic prosthetics market growth. According to the U.S. Census Bureau, by 2034 the elderly population in the U.S. is expected to surpass 77 million.
Furthermore, an increase in the number of accidents is expected to drive the global orthopedic prosthetics market growth during the forecast period. For instance, according to the Government of India’s Ministry of Road Transport and Highways, the number of road accidents in 2018 grew by 0.46 % as compared to 2017.
Statistics
North America accounted for the largest share in the global orthopedic prosthetics market in 2019, contributing for 38.8 % of the total value, trailed by Europe and the Asia Pacific.
Global Orthopedic Prosthetics Market: Restraints
The high price of prosthetics is expected to restrict the global orthopedic prosthetics market growth. A functional below-the-knee prosthesis that allows patients to stand and walk on level ground costs between US$ 5,000 and US$ 7,000, while computer-assisted devices cost between US$ 20,000 and US$ 30,000.
Furthermore, developments in vascular surgery are expected to hinder the global orthopedic prosthetics market growth over the forecast period. Advances in vascular surgery are prompting surgeons to think twice before performing an amputation.
Statistics:
The global orthopedic prosthetics market was worth US$ 1,940.3 million in 2019 and is expected to reach US$ 2,872.2 million by 2027, growing at a CAGR of 5.1 % during the forecast period 2020-2027.
Market Trends/ Key Takeaways
Prosthetics research and development are expected to drive the global orthopedic prosthetics market growth over the forecast period. For instance, in August 2019, the Medical University of Vienna researchers collaborated with Imperial College London, the Alfred Mann Foundation, and Otto Bock Healthcare Products to develop a prosthetic arm with built-in electrodes that make contact with the body of the patient and result in the prosthetic arm claw opening and closing.
Furthermore, the introduction of IoT technologies for prosthetics is expected to contribute to the global orthopedic prosthetics market growth during the forecast period. For instance, in August 2019, Intellirod Spine developed iLink, a Bluetooth-enabled sensor module that can be connected to any brace, orthotic, or prosthetic to monitor daily wearing compliance, upright posture time, and mobility through a free mobile application.
Regulations
U.S.
According to the U.S. Food and Drug Administration (FDA), most of the prosthetic components and controls are categorized as class 1. Although all class 1 devices are exempted from the U.S. FDA premarket notification although they are also subject to regulations of the U.S. FDA, Center for Devices and Radiological Health (CDRH).
External limb prosthetic parts and accessories are designated as physical medicine devices and are typically classified as Class I devices under 21 CFR Part 812 (Parts 890.3420 and 890.3025) of the U.S. FDA’s Product Classification Listings.
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Europe
The majority of prosthetic and orthotic devices are class I and CE marked. Manufacturers and healthcare facilities that offer medical equipment to be introduced into the market for use or distribution, at an extra expense or for free, will comply with the regulations.
A prosthetic device’s hardware includes all components up to and including the socket. Some of these components could be CE-marked, while others may be custom-made. For instance, a prosthetic socket accessory to medical devices, which is considered a medical device in its own terms, is addressed by the regulations since it would be connected to the constructed hardware and are used as intended.
Global Orthopedic Prosthetics Market: Competitive Landscape
Some of the key players contributing to the global orthopedic prosthetics market are Fillauer LLC., Hanger Inc., Touch Bionics Inc., Otto Bock HealthCare GmbH, Howard Orthopedics Inc., Ossur hf, The Ohio Willow Wood Co., and Blatchford Ltd.
Global Orthopedic Prosthetics Market: Key Developments
Major players in the global orthopedic prosthetics market are concentrating their efforts on raising capital to increase their product range. For instance, Ottobock SE & Co. KGaA, a supplier of orthotic supports, wheelchairs, and prosthetic limbs, secured funding of around US$ 110 million from the European Investment Bank in December 2019.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Markets Snippet, By Technology
- Market Snippet, By End User
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Highlights
- Product launch
- PEST Analysis
- Technological Advancements
- Regulatory Scenario
- Mergers and Acquisitions
- Market Dynamics
- COVID19 Impact on the Market
- Global Orthopedic Prosthetics Market, By Product Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Upper Extremity Prosthetics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Liners
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Sockets
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Modular Components
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Orthopedic Prosthetics Market, By Product Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Conventional
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Electric Powered
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Hybrid Orthopedic Prosthetics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Orthopedic Prosthetics Market, By End User, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Prosthetic Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Rehabilitation Center
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Others
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Orthopedic Prosthetics Market, By Region, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2020 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- North America
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Technology, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- U.S.
- Canada
- Latin America
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Technology, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Technology, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- Germany
- U.K.
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Technology, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- China
- Japan
- India
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Technology, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Technology, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Mn)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
- North Africa
- Central Africa
- South Africa
- Introduction
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