The global orthopedic prosthetics market was valued at USD 2,759.6 million in 2017, and is projected to reach USD 4,158.2 million by 2025, growing at a CAGR of 5.3% during 2018–2025. The key factors boosting growth of the market are increasing incidence of trauma/accidental injuries, innovations and technological advancement in orthopedic prosthetics technology and introduction of custom-made implant products.
Furthermore, increasing adoption of orthopedic prosthetic products at prosthetic clinics, rising technological advancement and spending on healthcare facilities across the globe have led to burgeoning market growth of orthopedic prosthetics market.
Lower limb product type segment is expected to dominate global orthopedic prosthetics market during the forecast period. In 2017, more than half of the market share was held by the lower limb segment. However, the highest growth rate is expected to be witnessed by the upper limb segment during the forecast period owing to growing adoption of upper limb prosthetics among healthcare professionals and patients due to their characteristics of high stability and advanced properties.
Technological advancements in orthopedic prosthetics industry and increasing research & development activities are likely to drive the growth of global orthopedic prosthetics market in near future. Hybrid prosthetics technology in the orthopedic prosthetics market is the upcoming technology to look forward to.
“The companies are focussing on partnership with firms, mergers & acquisitions and investment in research & development activities to keep leadership in the competitive orthopedic prosthetics market. For example: On March, 2016, Zimmer Biomet announced the acquisition of Ortho Transmission and its technology, developed by a US military surgeon, which may improve mobility for amputees.”
Based on geography, North America held the largest share in the market in 2017 because of large adoption rate of orthopedic prosthetics, high volume of clinical procedures and growth in medical tourism. In addition, there has been a rise in incidence of trauma injuries. Asia-Pacific holds the third largest share in global orthopedic prosthetics market and is expected to grow at a moderate rate during the forecast period.
Key takeaways/key essentials:
• In 2017, the prosthetic clinics end user type held more than three forth of the market share.
• Biomet Inc., Johnson & Johnson, and Stryker Corp. are the leading players holding approximately around one third of the market share.
• The hybrid prosthetics technology type is anticipated to grow at the highest rate during the forecast period from 2018 to 2025.
• Hybrid prosthetics is the emerging prosthetic technology in the orthopedic prosthetics field, which is intended to cater to the unmet needs of the prosthetic market.
• North America region occupied maximum revenue share in global orthopedic prosthetics market in 2017.
Some of the key players operating in global orthopedic prosthetics market include, Smith and Nephew plc, Biomet Inc., Johnson & Johnson, Stryker Corp., Otto Bock HealthCare GmbH, Blatchford Ltd, Touch Bionics Inc., Hanger Inc., Fillauer LLC and The Ohio Willow Wood Co.
The global orthopedic prosthetics market has been segmented on the basis of product type, technology type, end user type and key geographies. Based on product type, the market comprises of upper limb, lower limb and others (sockets, fingers, etc).
The technology type comprises of conventional, electric powered and hybrid prosthetics. The end user type comprises of prosthetic clinics, hospitals, rehabilitation centers and others (ASCs, normal clinics, etc).
The research report “global orthopedic prosthetics market” provides in-depth analysis of orthopedic prosthetics market, globally, based on product type, technology type, end user type and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for orthopedic prosthetics market. The report also analyzes the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-orthopedic-prosthetics-market-by-product-type/
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