Orthopedic Prosthetics is fastest growing segment fueling the growth of Orthopedic Prosthetic Market

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Orthopedic Prosthetics is fastest growing segment fueling the growth of Orthopedic Prosthetic Market

Orthopedic prosthetics are artificial body parts made to replace missing human joints or bones following conditions like amputations, injuries, and

The global 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.

Orthopedic prosthetics are artificial body parts made to replace missing human joints or bones following conditions like amputations, injuries, and birth defects. They provide movement, support, and functionality that closely mimics natural body parts.

Market Overview:
Orthopedic prosthetics include products like artificial leg, artificial arm, elbow & shoulder prosthetics, artificial hips, artificial knees, ankle & foot prosthetics. They aim to restore movement and enable patients to resume normal activities of daily living. Advancements in materials and designs help improve comfort, strength, and durability.

Market key trends:
The global orthopedic prosthetic market is driven by rising incidence of trauma injuries and accidents, growing prevalence of osteoarthritis and other bone diseases along with an aging population susceptible to physical disabilities. 3D printing technologies are gaining popularity for customized prosthetics with intricate designs meeting patient-specific anatomical requirements. Lightweight materials like carbon fiber and high-performance polymers provide prosthetics with enhanced structural integrity and biomechanical performance. Growing awareness about treatment options and new product launches catering to specialized orthopedic needs are expanding the market growth opportunities.
Segment Analysis
The orthopedic prosthetic market is dominated by lower extremity prosthetics segment, accounting for over 60% share of the global market. This is due to high occurrence of lower limb disabilities and amputations globally. Within this segment, prosthetic legs and feet account for the largest share owing to the growing geriatric population who are prone to leg injuries and amputations.

Key Takeaways
The global Orthopedic Prosthetics Market Share is expected to witness high growth, exhibiting a CAGR of 5.3% over the forecast period, due to increasing incidence of limb disabilities due to various factors such as accidents, aging population, andsports injuries.

Regional analysis
North America dominates the global orthopedic prosthetic market with over 30% share. This is attributed to growing geriatric population in the US and Canada who are more prone to orthopedic disabilities. Europe is the second largest market for orthopedic prosthetics due to availability of advanced treatment options and supporting reimbursement policies in the region.

Key players
Key players operating in the orthopedic prosthetic market are 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.