Orthopedic Prosthetics Market at a CAGR of over 5.3% during the forecast period
Posted by Nikita Manwar on October 9th, 2019
The global Orthopedic prosthetics market attained revenues of USD 2,949.4 million in 2018, and is expected to reach USD 4,816.2 million by 2026, growing at a CAGR of 6.4% during 2019-2026. The market is primarily driven by factors such as increasing incidence of trauma/accidental injuries, innovations and technological advancement in orthopedic prosthetics technology and introduction of custom-made implant products.
Furthermore, increasing adoption of orthopedic prosthetics products at prosthetic clinic, rising technological advancement and spending on healthcare facilities across the globe have led to burgeoning market growth of orthopedic prosthetics market.
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Lower limb product type segment is expected to dominate global orthopedic prosthetics market during the forecast period. In 2018, more than half of the market share was held by the lower limb segment. However, the highest growth rate is expected to be witnessed by the upper limb segment during the forecast period owing to growing adoption of upper limb prosthetics among healthcare professionals and patients due to their characteristics of high stability and advanced properties.
Technological advancements in orthopedic prosthetics industry and increasing research & development activities are likely to drive the growth of global orthopedic prosthetics market in near future. Hybrid prosthetics technology in the orthopedic prosthetics market is the upcoming technology to look forward to.
“The companies are focussing on partnership, mergers & acquisitions and increasing investment in research & development activities maintain their leadership position in the competitive orthopedic prosthetics market. For example: On March, 2016, Zimmer Biomet announced the acquisition of Ortho Transmission and its technology, developed by a U.S. military surgeon, which may improve mobility for amputees.—-GMI Research
Based on geography, North America held the largest share in the market in 2018 because of higher adoption rate of orthopedic prosthetics, high volume of clinical procedures and growth in medical tourism. In addition, there has been a rise in incidence of trauma injuries. Asia Pacific region is growing at a steady rate and [Please rephrase]the similar growth trend is expected to follow during the forecast period till 2026.
Key takeaways/key essentials:
Some of the key 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 report on global orthopedic prosthetics market includes global market analysis. The report is segmented into product type, the market comprises of upper limb, lower limb and others (sockets, fingers, etc). Technology market scope covers conventional, electric powered and hybrid prosthetics. The end user type comprises of prosthetic clinics, hospitals, rehabilitation centers and others (ASCs, normal clinics, etc).
The research report “Global Orthopedic Prosthetics Market” provides in-depth analysis of 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 also 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.
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About the AuthorNikita Manwar
Joined: September 10th, 2019
Articles Posted: 80
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