Orthopaedic Prosthetics Market Analysis and Opportunity Assessment to 2028
Global orthopedic prosthetics market is projected to expand at a CAGR of5.1% during the forecast period and is expected to be valued at US$ 3,061.1 million by the end of 2028.
Albany, NY -- (SBWire) -- 07/11/2019 --An orthopedic prosthetic is an artificial limb designed to substitute a missing body part of a patient. Artificial limbs make it possible for persons who have lost limb/limbs to function efficiently. These prosthetics resemble original or natural limbs to a considerable extent and its users cannot be identified easily. Increasing demand for orthopedic prosthetics coupled with increasing incidence of trauma/accidental injuries are driving the growth of orthopedic prosthetics market globally.
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Orthopedic prosthetics product types include upper extremity prosthetics, lower extremity prosthetics, liners, sockets and modular components. Upper extremity prosthetics are used to replace body parts that have been amputated from the deltoid region to the hand, including arm, axilla and shoulder. Upper extremity prosthetics can be further divided into: hand prosthetics, elbow prosthetics and shoulder prosthetics. Lower extremity prosthetics is used for amputation of lower region from hip, thigh, leg, ankle and foot. Whereas liners are protective covers made of flexible, cushioning material and worn over the residual limb to reduce movement and chafing between the skin and socket. Liners are designed with specific characteristics to work with different suspension systems. However, socket is a part of a prosthesis, into which the stump of the remaining limb fits. Modern prosthetic sockets are made of plastic that is odorless, lighter and easier to clean than traditional leather sockets. Lower extremity prosthetics are mostly preferred over other orthopedic prosthetics available in the industry.
In terms of revenue, the global orthopedic prosthetics market is projected to expand at a CAGR of5.1% during the forecast period and is expected to be valued at US$ 3,061.1 million by the end of 2028.
Growth of global orthopedic prosthetics market is primarily driven by increasing incidence of trauma/accidental injuries, introduction of custom made implant products, rising demand for advanced orthopedic prosthetics, favorable reimbursement for orthopedic prosthetics, rise in prevalence of life-style related diseases and disorders, growing focus on containment of healthcare costs and distribution & collaboration agreements to increase product reach. However, lack of proper healthcare infrastructure in emerging markets, inadequate reimbursement coverage in developing countries, dearth of trained and skilled specialists and professionals and high cost of products restricting their adoption are some factors expected to hamper the growth of the global orthopedic prosthetics market over the forecast period.
Based on product type, the global orthopedic prosthetics market is segmented into upper extremity prosthetics, lower extremity prosthetics, liners, sockets and modular components.Lower extremity prosthetics product type segment is expected to witness relatively higher growth rate in terms of value in the global orthopedic prosthetics market over the forecast period.
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Based on technology, the global orthopedic prosthetics market is segmented into conventional, electric powered and hybrid orthopedic prosthetics. In terms of revenue share, electric powered orthopedic prosthetics segment dominated the global orthopedic prosthetics market in 2017 and is expected to dominate throughout the forecast period, registering highest CAGR as compared to other segments.
Based on end user, the market is segmented into hospitals, prosthetic clinics, rehabilitation center and others. Currently, prosthetic clinics segment accounts for relatively higher revenue share, followed by hospitals segment in 2017.
The global orthopedic prosthetics market is segmented into seven major regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (Asia-Pacific excluding Japan), Japan and Middle East & Africa (MEA). In terms of value, North America is expected to be the dominant regional market by 2018-end and is expected to expand at a CAGR of 5.6% over the forecast period. Western Europe and Asia Pacific excluding Japan is expected to be the fastest growing market in terms of revenue growth in the global orthopedic prosthetics market, registering a CAGR of 5% and 6.7% over the forecast period.
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