Orthopedic Prosthetic Market is Estimated To Witness High Growth Owing To Increasing Number of Joint Replacement Surgeri

Posted by coherent market insights on November 23rd, 2023

The Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Orthopedic prosthetics are artificial body parts such as arms, hands, feet, legs or hips used as a replacement for missing body parts. They are used for patients who have undergone amputations or reconstructive surgeries. Prosthetics provide structural support and restore functionality for individuals. They allow amputees to maintain independent lifestyles and mobility.

Market key trends:
One of the major trends driving the growth of orthopedic prosthetic market is the increasing number of joint replacement surgeries. According to the American Academy of Orthopaedic Surgeons (AAOS), over a million joint replacement surgeries are performed in the U.S. each year, and this number is expected to rise significantly in coming years. Growing geriatric population suffering from arthritis and other bone related issues is a major factor contributing to increase in joint replacement procedures. Additionally, rising obesity rates leading to additional weight load on joints is another factor accelerating wear and tear of joints, thus propelling demand for joint reconstruction surgeries. Furthermore, technological advancements in prosthetics materials such as carbon fiber and 3D printing techniques for customized prosthetics is expected to augment market growth over the forecast period.

Porter’s Analysis
Threat of new entrants: The orthopedic prosthetic market requires high initial capital investments for R&D, manufacturing facilities, and other infrastructure which poses as a barrier for new players.
Bargaining power of buyers: The presence of many established manufacturers reduces the bargaining power of buyers in this market. However, the growing demand provides options to buyers.
Bargaining power of suppliers: Major raw material suppliers have moderate bargaining power due to availability of substitute materials and suppliers.
Threat of new substitutes: Advancements in biomedical technologies and 3D printing offer potential substitutes. However, lack of expertise limits their use currently.
Competitive rivalry: The market comprises large multinational companies and regional players competing on product innovation, quality, and pricing.

SWOT Analysis
Strength: The orthopedic prosthetic market is driven by the rising geriatric population worldwide suffering from bone diseases. Product customization as per patient need is a key strength.
Weakness: High costs of advanced prosthetics remains a barrier in developing nations. Lack of reimbursement policies in some countries is another weakness.
Opportunity: Untapped regions in Asia Pacific and Latin America offer lucrative growth opportunities. Development of smart and customized prosthetics presents opportunities.
Threats: Stringent regulatory approvals and ongoing clinical trials delay market entry of new products. Economic slowdowns impact the discretionary healthcare spending.

Key Takeaways
The global Orthopedic Prosthetics Market Share is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period, due to increasing incidence of bone diseases and road accidents. The number of hip and knee replacement surgeries are on the rise globally.

Regionally, North America is expected dominate the orthopedic prosthetic market owing to presence of major players and technological advancements. Asia Pacific is poised to grow at fastest CAGR during the forecast period supported by growing medical infrastructure and tourism in countries like India, China and Japan.

Key players operating in the orthopedic prosthetic market incorporate Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica. The players are focused on manufacturing customized prosthetics using advanced material, expanding regional presence and strengthening distribution channels globally.

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https://www.newsstatix.com/orthopedic-prosthetic-market-trends-size-and-share-analysis/