Orthopedic Prosthetics Market Report to 2030 size estimated at nearly USD 2.10 billion in 2021 and anticipated reaching a value of USD 3.3 billion by 2030

SANDY, UTAH, UNITED STATES, August 18, 2022 /EINPresswire.com/ -- The global “Orthopedic Prosthetics Market to 2030” size was estimated at nearly USD 2.10 billion in 2021. As per our study, the market is anticipated to reach a value of USD 3.3 billion by 2030 showing a CAGR of 5%. Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Orthopedic Prosthetics market. These comprehensive insights are included in our market search report as a key market contributor.

Orthopedic Prosthetics Market: Overview

An orthopedic prosthetic comprises an artificial device, which acts as a substitute for missing body parts. These artificial limbs help the patients/users with lost body parts (limbs) to efficiently function and resemble the natural limbs. The lost parts could be a result of diseases, surgical removal, congenital conditions, trauma, or disabling illness.

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Growth in healthcare infrastructure spending

The rising number of accidental injuries and trauma cases are the major factors bolstering the growth of Orthopedic Prosthetics. The accidental injuries and trauma cases can be the results of factors, including sports injuries, medical complications, road accidents, and work-related injuries.

A majority of these accidents require prosthetics or amputations device as a replacement for the lost body part. For example, around 2.1 million people in the US are living with limb loss, and it is anticipated that the number will be doubled by 2050. Also, on a yearly average, nearly 185,000 of the US population have an amputation, resulting in 300 to 500 amputations/day. This is boosting the growth of the Orthopedic Prosthetics market.

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Growth in healthcare infrastructure spending

The rising number of accidental injuries and trauma cases are the major factors bolstering the growth of Orthopedic Prosthetics. The accidental injuries and trauma cases can be the results of factors, including sports injuries, medical complications, road accidents, and work-related injuries.

A majority of these accidents require prosthetics or amputations device as a replacement for the lost body part. For example, around 2.1 million people in the US are living with limb loss, and it is anticipated that the number will be doubled by 2050. Also, on a yearly average, nearly 185,000 of the US population have an amputation, resulting in 300 to 500 amputations/day. This is boosting the growth of the Orthopedic Prosthetics market.

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Key Players Insights

The major players in the Orthopedic Prosthetics market are focused on the introduction of advanced medical devices offering improved efficiency as well as patient compliance, expanding their portfolio and attaining a competitive edge. Additionally, the surging awareness concerning the advantages of advanced Orthopedic Prosthetics devices, for instance, the use of 3-D printing for designing devices compared to conventional methods, is boosting the growth of the market.

Also, partnerships and cooperation are chosen as feasible growth strategies by key participants to maintain their competitive edge in the market. Players are involved in strategic agreements worldwide.

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Some of the prominent players

Ossur
Braun Melsungen AG
Smith & Nephew
Johnson & Johnson
Exatech Inc.
Hanger Inc.
Touch Bionics Inc.
Howard Orthopaedics Inc.
Medtronic Spinal
Globus Medical
Wishbone Medical
OrthoPediatrics
Arthrex
Pega Medical
Integra Lifesciences
Advanced Arm Dynamics
DJO Global
The global orthopedic prosthetics market is segmented as follows:

By Type

Lower Extremity Prosthetics
Upper Extremity Prosthetics
Sockets
Others
By Technology

Conventional
Electric-Powered
Hybrid
By End User

Research Institutes
Hospitals
Diagnostic Laboratories
Others
Key Players Insights

The major players in the Orthopedic Prosthetics market are focused on the introduction of advanced medical devices offering improved efficiency as well as patient compliance, expanding their portfolio and attaining a competitive edge. Additionally, the surging awareness concerning the advantages of advanced Orthopedic Prosthetics devices, for instance, the use of 3-D printing for designing devices compared to conventional methods, is boosting the growth of the market.

Also, partnerships and cooperation are chosen as feasible growth strategies by key participants to maintain their competitive edge in the market. Players are involved in strategic agreements worldwide.

Some of the prominent players

Ossur
Braun Melsungen AG
Smith & Nephew
Johnson & Johnson
Exatech Inc.
Hanger Inc.
Touch Bionics Inc.
Howard Orthopaedics Inc.
Medtronic Spinal
Globus Medical
Wishbone Medical
OrthoPediatrics
Arthrex
Pega Medical
Integra Lifesciences
Advanced Arm Dynamics
DJO Global
The global orthopedic prosthetics market is segmented as follows:

By Type

Lower Extremity Prosthetics
Upper Extremity Prosthetics
Sockets
Others
By Technology

Conventional
Electric-Powered
Hybrid
By End User

Research Institutes
Hospitals
Diagnostic Laboratories
Others

By Geography

North America
The U.S.
Canada
Mexico

Europe
France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America
Brazil
Argentina
Rest of Latin America

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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

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Custom Market Insights
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