Orthopedic Prosthetic refer to artificial devices used to replace missing body parts such as hips, knees, shoulders, and elbows due to orthopedic diseases or injuries. They improve the quality of life by restoring normal functioning and mobility. The rising prevalence of orthopedic diseases such as osteoarthritis, trauma, and bone cancer cases are driving the demand for orthopedic Prosthetics. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trend accelerating the growth of the Orthopedic Prosthetic market is the increasing research and development activities focused on developing 3D printed prosthetics. 3D printing technology helps in printing prosthetics with intricate anatomical shapes and details. It reduces manufacturing time and cost compared to traditional techniques. This technology is being widely adopted by manufacturers to develop customizable prosthetics matching patients' complex anatomical structures. Apart from this, advanced materials such as carbon fiber, titanium, and polymer-based composites are being used to develop lightweight and durable prosthetics with lifelike functionalities and appearances.
Segment Analysis
Orthopedic Prosthetic market comprises of various segments like Upper Extremity Prosthetics, Lower Extremity Prosthetics, Liners, Sockets and Modular Components. Among these, Lower extremity prosthetics dominates the market as the demand for hip and knee replacements is significantly higher owing to aging population and high rate of orthopedic diseases and injuries like arthritis.
Key Takeaways
The global Orthopedic Prosthetic Market Share is expected to witness high growth.
Regional Analysis: The growth of orthopaedic prosthetic market is highest in Asia Pacific region owing to rapidly growing geriatric population, increasing healthcare expenditure and rising number of road accidents.
Key players operating in the Orthopedic Prosthetic market are Ward Chemical, Inc. Ward Chemical, Inc. is one of the leading players offering wide range of prosthetic components and liners for lower and upper extremities.
For more insights, read- https://www.ukwebwire.com/orthopedic-prosthetic-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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