by Orthopedic prosthetics are artificial devices used as replacements for missing body parts, such as legs, hands, hips, knees, shoulders and arms. They improve mobility and quality of life for patients suffering from bone deformities or musculoskeletal disorders. The global demand for orthopedic prosthetics is driven by a rapidly growing geriatric population, rising prevalence of arthritis and accidents, and availability of advanced prosthetic devices.
The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 million in 2023 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:
Synthetic bone grafts emerged as an effective alternative to conventional bone grafting techniques and have thus been witnessing growing demand. These grafts mimic natural bone and help in bone fusion post trauma or surgery. Technological advancements have enhanced the biological properties of these grafts, making them better substitutes for autografts. This has propelled the demand for synthetic bone grafts in orthopedic procedures. Their ability to reduce donor site morbidity associated with autografting and lower risk of disease transmission is driving their adoption.
SWOT Analysis
Strength: The orthopedic prosthetic market has advanced technologies like osseointegration that allow better mobility for patients. It provides an alternative to patients who cannot undergo surgery.
Weakness: High costs of advanced prosthetics limit their adoption. Developing customized prosthetics for each patient is a long and expensive process.
Opportunity: Rising incidence of amputations due to diabetes, accidents, and age-related issues are increasing the demand for prosthetics. 3D printing technologies can help reduce costs of production.
Threats: Presence of local manufacturers providing low-cost alternatives. Stringent regulations for new product approval can delay market entry.
Key Takeaways
The Global Orthopedic Prosthetic Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 million in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.
The North American region currently dominates the market owing to rapid adoption of advanced technologies and presence of major players. Growing geriatric population susceptible to mobility issues is also driving the demand. Stringent regulatory approvals can be a challenge for new entrants. Local manufacturers especially in developing Asia Pacific and Latin American regions provide affordable alternatives but comprise on quality somewhat. Overall, technological advancements are expected to support market growth over the coming years.
Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. Major players are focusing on launching new 3D printed prosthetics to cater to customized needs while reducing costs. Partnerships with clinical experts allow incorporating latest design techniques for improved functionality.
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Source: Coherent Market Insights, Public sources, Desk research
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