by The orthopedic prosthetic market consists of prosthetic devices and implants used in orthopedic surgeries for treatment of various musculoskeletal conditions including injuries, arthritis, fractures, among others. Orthopedic prosthetics such as hip implants, knee implants, shoulder implants provide mobility to patients suffering from joint dislocations or fractures by replacing the damaged bones and joints. The rising prevalence of osteoarthritis due to obesity and ageing populations has fueled the demand for joint replacement surgeries globally. According to the American Academy of Orthopaedic Surgeons, each year over 7 million Americans undergo treatment for arthritis. Additionally, increasing incidence of road accidents and trauma injuries worldwide has also propelled the adoption of orthopedic prosthetics. However, high costs associated with orthopedic implants and longer recovery time post-surgery remain a concern for both patients and healthcare providers. 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:
3D printing technologies are gaining increased prominence in the orthopedic prosthetic industry as it offers enhanced customization and reduced risks of revision surgeries. 3D printed implants are created using pre-operative CT or MRI scans of patients which allows designing implants that perfectly fit individual anatomy. Personalized prosthetics facilitate quicker recovery and improves post-operative quality of life. Major players are extensively investing in 3D printing and robotics to develop next generation of customized implants. For instance, in June 2021, Stryker completed acquisition of OMNI Life Science, a leader in 3D printed implants which is expected to aid Stryker expand its product portfolio with personalized solutions. Additionally, growing R&D towards development of biocompatible and biodegradable materials such as PEEK for implants is anticipated to revolutionize the orthopedic prosthetic industry over the forecast period.
Porter’s Analysis
Threat of new entrants: Low. High capital requirements and regulatory compliances make entry difficult for new players.
Bargaining power of buyers: Moderate. Presence of existing alternatives increases buyer options.
Bargaining power of suppliers: Moderate. Suppliers have bargaining power due to specialized components and materials required.
Threat of new substitutes: Low. Few alternative treatment options exist for orthopedic injuries and deformities.
Competitive rivalry: High. Intense competition exists among existing players to gain market share.
Key Takeaways
The global Orthopedic Prosthetic Market Share is expected to witness high growth. Advancements in material sciences and 3D printing technologies are enhancing design and customization capabilities.
The North American region currently dominates the market owing to rising healthcare expenditure and presence of major players. Asia Pacific is expected to be the fastest growing market due to growing geriatric population, developing economies and increasing healthcare investments.
Key players operating in the Orthopedic Prosthetic market are Ward Chemical, Inc. Advancements such as bio-mimetic prosthetics and sensor-enabled devices are expanding product portfolios. Collaborations with hospitals are helping players strengthen distribution networks.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
