ORTHOPEDIC PROSTHETICS MARKET EXPECTED TO EXPAND AT A STEADY CAGR THROUGH 2026

Posted by Nikita Manwar on October 1st, 2019

GMI Research has published a new study titled “Global Orthopedic Prosthetics Market, By Product Type (Upper Limb, Lower Limb and Others), By Technology Type (Conventional, Electric Powered and Hybrid Prosthetics), By End User Type (Hospitals, Prosthetic Clinics, Rehabilitation Centers, and Others), and Geography – Opportunities & Forecast, 2019-2026”, which orates the future prospects set to strike the Orthopedic Prosthetics Market during the forecast period.

The global Orthopedic prosthetics market was valued at USD 2,949.45 million in 2018, and is projected to reach USD 4,816.2 million by 2026, growing at a CAGR of 6.4% during 2019-2026. The key factors bolstering the market growth are increasing incidence of trauma/accidental injuries, introduction of custom-made implant products, favourable reimbursement for orthopedic prosthetics, rise in prevalence of life-style related diseases and disorders, growing focus on containment of healthcare costs and distribution.

Based on product type, lower limb is anticipated to lead the market during 2019-2026
Lower limb segment is expected to hold maximum share in the market during the forecast period due to innovations and technological advancement in the field of healthcare. However, the highest growth rate is predicted to be exhibited by upper limb segment during the forecast period owing to surging adoption of upper limb orthopedic prosthetics among healthcare professionals and patients due to their characteristics, such as high stability and technological advanced properties. Additionally, wide availability of technically advanced orthopedic prosthetics and rising demand for custom-made orthopedic prosthetics are likely to push the growth of global orthopaedic prosthetics market in the next 8 to 10 years.

Based on technology type, electric powered segment is anticipated to lead the market during 2019-2026
Electric powered technology segment is expected to hold maximum share in the market during the forecast period due to innovations, technological advancement and high stability in the field of medical devices. Hybrid prosthetics segment is predicted to exhibit a high growth rate during the forecast period owing to surging adoption of technology among healthcare professionals.

Based on end user type, prosthetic clinics segment dominates the market, and is projected to grow at the highest rate during 2019-2026
The end-use segment includes, hospitals, prosthetic clinics, rehabilitation centers and others. Technological advancement in healthcare industry along with increasing research & development activities are likely to drive the growth of this segment. Prosthetic devices have been playing a crucial role in the healthcare facilities, especially in hospitals and prosthetic clinics, owing to their various advantages, such as they are user friendly, stable, technological advanced and nearly restores the normal function of the missing body part. The healthcare practitioners are increasingly using technology platforms to serve the growing hospitals and patients’ needs.

Big players are investing a lot in research & development activities. The companies are focusing on product launches for keeping their leadership in global orthopedic prosthetics market.

North America held the largest share in global orthopedic prosthetics market in 2018 owing to increasing government and private funding on healthcare infrastructure, rising medical tourism and growing awareness of technology in healthcare. Asia-Pacific is predicted to be the second most attractive regional market in global orthopedic prosthetics market and is likely to show the maximum growth in the next few years.

Various notable players operating in global orthopedic prosthetics market include, Smith and Nephew plc, Biomet Inc., Johnson & Johnson, Zimmer Holdings Inc., Stryker Corp., Otto Bock HealthCare GmbH, Blatchford Ltd, Touch Bionics Inc., Hanger Inc., and The Ohio Willow Wood Co.

The global orthopedic prosthetics market has been segmented on the basis of product type, technology type, end user type and key geographies. Based on product type, the market comprises of upper limb, lower limb and others (sockets, fingers, etc). The technology type includes conventional, electric powered and hybrid prosthetics. The end user type includes hospitals, prosthetic clinics, rehabilitation centers & others (ASCs, normal clinics).

The research report “Global Orthopedic Prosthetics Market” provides in-depth analysis of the orthopedic prosthetics market, globally, based on product type, technology type, end user type and major geographies for the forecast period from 2019 to 2026. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report provides market size and forecast for orthopedic prosthetics market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

Key questions answered in this research report:
1- At what pace is the orthopedic prosthetics market growing worldwide? What will be the growth trend in future?
2-    What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the coming years?
3-    What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in global orthopedic prosthetics market?
4-    What are the various application areas and how they are poised to grow?

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