The Orthopedic Prosthetic Market is Enabling Recovery through Technologies

The Orthopedic Prosthetic Market is Enabling Recovery through Technologies

The orthopedic prosthetic market offers a wide range of products including upper and lower extremity prosthetics, implants, and spinal disc replacement products to enable recovery from bone and joint injuries or conditions. From ceramic-on-ceramic joints to computer-controlled prosthetic limbs, advanced materials and digital technologies are revolutionizing mobility care.

The Global Orthopedic Prosthetic Market is estimated to be valued at US$ 10.79 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the orthopedic prosthetic market are Broadcom Inc., Sicoya GMBH,

GlobalFoundries Inc., Intel Corporation, Juniper Networks Inc., Cisco Systems Inc., IBM Corporation, and NeoPhotonics Corporation. The Orthopedic Prosthetic Market size is driven by leading manufacturers offering lightweight and durable implants, as well as smart devices with advanced sensors and connectivity. The growing prevalence of orthopedic diseases and injuries, coupled with increasing investments in medical technology R&D, is fueling demand for new and improved orthopedic solutions. Manufacturers are also expanding their presence in emerging markets to tap the large patient populations and take advantage of favorable regulations.

Market key trends

The growing application of 3D printing in prosthetics is one of the key trends in the orthopedic prosthetic market. 3D printing technologies enable customized prosthetics to be fabricated based on a patient’s anatomical measurements, facilitating a perfect fit. Other emerging trends include the integration of myoelectric sensors in prosthetic hands and limbs for more intuitive control. With ongoing advances, prosthetics are becoming almost indistinguishable from natural physiology, helping restore near-normal movement capabilities.

Porter’s Analysis

Threat of new entrants: High capital requirements and established brand recognition create significant barriers for new entrants.

Bargaining power of buyers: Individual consumers have low bargaining power whereas larger hospitals and healthcare systems have moderate bargaining power due to volume purchases.

Bargaining power of suppliers: Orthopedic Prosthetic Market Challenges and Opportunities arise as a few large companies dominate the supply of raw materials and components, giving them strong bargaining power over prosthetic manufacturers.

Threat of new substitutes: Technological advancements may lead to new bioengineered limbs and implant materials in the future posing a threat.

Competitive rivalry: The market is highly consolidated with a few large players dominating the market. Intense competition on product design, pricing and brand recognition.

North America currently dominates the orthopedic prosthetic market, accounting for over 40% of global market value, driven by rising incidence of amputations due to lifestyle diseases and aging population. The availability of advanced prosthetics and presence of key manufacturers in the US and Canada have further contributed to North America’s large market share.

Asia Pacific is poised to be the fastest growing regional market, expanding at a CAGR of over 7.5% till 2031. Rapid economic development, growing medical infrastructure and rising medical tourism are improving access to prosthetics in countries such as China and India. In addition, a large geriatric population base prone to mobility issues will drive the demand for orthopedic prosthetics in the Asia Pacific region.

Identify the language that you favor.

French German Italian Russian Japanese Chinese Korean Portuguese

About Author:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. (LinkedIn: https://www.linkedin.com/in/vaagisha-singh-8080b91)