Insights Into The 3D Orthpedics/Prosthetics Market’s Growth Potential 2024-2033
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What Growth Rate is Forecasted for the 3D Orthpedics/Prosthetics Market over the 2024-2033 Period?
The market size of 3D orthopedics/prosthetics has been experiencing solid growth in recent years. The market value is projected to escalate from $0.97 billion in 2023 to $1.04 billion in 2024, yielding a compound annual growth rate (CAGR) of 7.4%. This impressive growth during the past period is due to several reasons, such as rising disability rates, surging demand for orthopedic medical appliances, a higher number of joint replacement surgeries, advancements in technology, increased spending on healthcare, and the emergence of growing markets.
There is an anticipated robust expansion in the 3D orthopedics/prosthetics market in the forthcoming years, with the market size projected to hit $1.38 billion in 2028, growing at a compound annual growth rate (CAGR) of 7.4%. Several factors are seen to contribute to the market’s growth during the predicted period, including the aging population, an increase in diabetes-induced amputations, a rise in road mishaps and sports-related injuries, and a heightened demand for joint reconstruction conditions. Significant trends during this period encompass the adoption of smart wearable devices for accurate prosthesis control, an emphasis on environmentally friendly alternatives, the use of artificial intelligence for patient-specific anatomical comparisons, the application of Internet of Things (IoT) enabled solutions for surgical monitoring and data collection, customization of implants using innovative biomaterials in relation to a patient’s concerns, the development of improved outcome and efficiency technologies, collaborations with other companies to extend market reach, maximize resources, and investments into firms that invent cutting-edge products.
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Which Factors Are Stimulating Growth in the 3d orthpedics/prosthetics Market?
As the number of trauma instances and accidental injuries rise, so does the expansion of the 3D orthopedics/prosthetics market. Orthopedic prosthetics refer to the application of artificial limbs (prostheses) to enhance the way of life and functionality of those who have lost their limbs. The optimal alignment, construction, materials, and design all uniquely blend to cater to the individual’s functional needs within the prosthesis. For example, the US-based firm, Hanger, Inc., providing prosthetic and orthotic care devices, revealed that over 2 million Americans were living with limb loss due to trauma or accidental injuries in April 2021. They predict this number will soar to an astounding 3.6 million by 2050. Hence, the surging number of trauma instances and accidental injuries propels the 3D orthopedics/prosthetics market.
What Are the Main Segments of the 3D Orthpedics/Prosthetics Market?
1) By Product Type: Upper Extremity Orthopedic & Prosthetics, Lower Extremity Orthopedic & Prosthetics, Other Product Type
2) By Technology: Conventional, Electric-powered, Hybrid
3) By End User: Hospitals, Orthopedic And Prosthetic Centers, Rehabilitation Center, Other End-Users
What Innovative Trends Are Redefining the 3D Orthpedics/Prosthetics Landscape?
The 3D orthopedics/prosthetics market is witnessing a surge in the adoption of smart wearables. These innovative wearables employ robotics and artificial intelligence to enable precise control of the prosthesis by decoding electrical signals from the patient’s muscles. To illustrate, Esper Bionics, an engineering start-up from New York, launched a prosthetic arm that uses self-learning technology in February 2022. This new technology surpasses similar prosthetics in terms of anticipated body movement prediction. The Esper Hand operates on a sophisticated brain-computer interface (BCI) that relies on electromyography – a computer-based technology used to gather brain activity data. This allows the user’s brain to transmit signals to specific muscles, triggering them to function when the user wants to use the prosthetic.
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Which Regions Are Key Players in the Growth of the 3D Orthpedics/Prosthetics Market?
North America was the largest region in the 3D orthopedics/prosthetics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the 3d orthpedics/prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The 3D Orthpedics/Prosthetics Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the 3d orthpedics/prosthetics market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The 3D Orthpedics/Prosthetics Market Include
1. 3D Orthpedics/Prosthetics Market Executive Summary
2. 3D Orthpedics/Prosthetics Market Segments
3. 3D Orthpedics/Prosthetics Market Size And Template Market Growth Rate
4. Key 3D Orthpedics/Prosthetics Market Trends
5. Major 3D Orthpedics/Prosthetics Market Drivers
……
25. Key Mergers And Acquisitions In The 3D Orthpedics/Prosthetics Market
26. Top 3D Orthpedics/Prosthetics Companies
27. 3D Orthpedics/Prosthetics Market Opportunities And Strategies
28. 3D Orthpedics/Prosthetics Market, Conclusions And Recommendations
29. Appendix
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