How Will the Orthopedic Prosthetics Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How has the orthopedic prosthetics market grown over the years?
There has been consistent growth observed in the orthopedic prosthetics market size in the last few years. The market is expected to increase from $1.92 billion in 2024 to $2.01 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.7%. The driving factors behind this growth during the historic period include an aging population, incidents of trauma and injuries, chronic illnesses, as well as rehabilitation and physical therapy needs.
What Is the forecasted market size and growth rate for the orthopedic prosthetics market?
There is a prediction for considerable expansion in the orthopedic prosthetics market size in the upcoming years. The market is projected to ascend to a value of $2.56 billion in 2029, with a compound annual growth rate (CAGR) of 6.3%. The surge during this forecast period is linked to the growth in emerging markets, customized prosthetic solutions, regulatory backing, and reimbursement, along with value-based healthcare. The future trends of the forecast period encompass the use of advanced materials, the integration of sensors, osseointegration, and a user-oriented design approach.
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What are the major factors driving growth in the orthopedic prosthetics market?
The rising incidence of trauma and accidental injuries is propelling the orthopedic prosthetics market forward. These situations arise from a variety of causes including vehicular mishaps, sports-related injuries, miscellaneous medical complications, and occupational accidents. Many of these incidents necessitate amputations and the usage of prosthetic equipment to substitute the missing body part. For example, 2.1 million individuals in the United States currently live with limb loss and this figure is projected to have doubled by 2050. Each year 185,000 individuals in the U.S. undergo amputation. This equates to a daily rate of 300 to 500 amputations. The result of this is a spike in the demand for orthopedic prosthetics, which in turn, stimulates market growth.
What key areas define the segmentation of the global orthopedic prosthetics Market?
The orthopedic prosthetics market covered in this report is segmented –
1) By Product Type: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Other Products
2) By Technology: Conventional orthopedic prosthetics, Electric-powered orthopedic prosthetics, Hybrid orthopedic prosthetics
3) By End Users: Hospitals, Prosthetic Clinics, Rehabilitation Center, Other End Users
Subsegments:
1) By Upper Extremity Prosthetics: Prosthetic Arms, Prosthetic Hands, Prosthetic Shoulders
2) By Lower Extremity Prosthetics: Prosthetic Legs, Prosthetic Knees, Prosthetic Feet
3) By Sockets: Transfemoral Sockets, Transtibial Sockets, Below Knee Sockets, Above Knee Sockets
4) By Other Products: Prosthetic Accessories, Prosthetic Linings
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What are the top market players propelling the growth of the orthopedic prosthetics industry?
Major companies operating in the orthopedic prosthetics market include Otto Bock HealthCare GmbH, Blatchford Ltd., Zimmer Biomet Inc., DePuy Synthes, Stryker Corporation, WillowWood, Smith and Nephew plc, Biomet Inc., Touch Bionics Inc., Fillauer Companies Inc., Advanced Arm Dynamics, Bock Healthcare Gmbh, Medtronic Spine LLC, DJO Global, Integra Lifesciences, NuVasive Inc., Globus Medical, Wright Medical Group Inc., Arthrex Inc., Johnson & Johnson, OrthoPediatrics Corp., WishBone Medical Inc., Hanger Inc., Howard Orthopaedics Inc., Exactech Inc., Ossur hf., B. Braun Melsungen AG, Mobius Bionics LLC, Esper Bionics, ToughWare Prosthetics, Enovis, Argomedical AG, Astrek Innovations Pvt Ltd., Boston Orthotics & Prosthetics, LeTourneau Lifelike Orthotics and Prosthetics Inc., TASKA Prosthetics, Naked Prosthetics, Steeper Inc., medi GmbH & Co. KG, Orthotic & Prosthetic Lab Inc., Trulife Group Limited
What are the key trends shaping the future of the orthopedic prosthetics market?
Companies within the orthopedic prosthetics sector are currently experiencing the rise of 3D printed orthopedic prosthetics. The procedure of 3D printing involves converting a digital model into a solid three-dimensional object. Orthopedic prosthetics fabricated through 3D printing come with benefits such as reduced lead times, diminished costs, and reliable quality. For instance, Zdravprint, a firm based in Russia, is in the process of manufacturing prosthetics for the hand, elbow, and shoulder using 3D printing technology.
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What regions are dominating the orthopedic prosthetics market growth?
North America was the largest region in the global orthopedic prosthetics market in 2023. Western Europe was the second-largest region in the orthopedic prosthetics market. The regions covered in the orthopedic prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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