Global Orthopedic Prosthetics Market Set for Significant Growth, Projected to Reach USD 3,908.2 Million by 2034 Expanding at a 5% CAGR
The global orthopedic prosthetics market is on a remarkable growth trajectory, with sales expected to increase from USD 2,399.3 million in 2024 to an impressive USD 3,908.2 million by 2034. This represents a robust compound annual growth rate (CAGR) of 5.0% over the forecast period, highlighting the increasing demand for innovative prosthetic solutions.
Recent industry analysis reveals that the orthopedic prosthetics sector generated USD 2,286.7 million in revenue in 2023, and is projected to exhibit a year-over-year growth of 5.0% in 2024. This growth is driven by several key factors, including technological advancements in prosthetic design and materials, heightened awareness about orthopedic conditions, and a growing geriatric population with a higher incidence of orthopedic disorders.
Furthermore, continuous innovation in the field, such as the development of more functional and comfortable devices, is expected to enhance the market's expansion. The integration of advanced technologies, including 3D printing and artificial intelligence, is revolutionizing the orthopedic prosthetics landscape, aligning with the growing emphasis on personalized medicine.
This positive outlook underscores the industry's commitment to enhancing patient care through innovation and personalized solutions, ensuring that individuals with orthopedic conditions have access to the best possible prosthetic options.
Key Takeaways from the Market Study:
• Based on technology, the electric powered segment is expected to hold a market share of 47.5% in 2024.
• China is estimated to register at a CAGR of 7.7% by 2034.
• The United Kingdom experiences significant growth, projected at a CAGR of 5.4% by 2034.
• Based on product, lower extremity prosthetics is anticipated to hold a market share of 63.1% in 2024.
"As we look ahead, the orthopedic prosthetics market is poised for a dynamic period of growth," said FMI. "Our commitment to enhancing the quality of life for individuals with orthopedic needs is driving us to continually improve and innovate in this space."
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Competitive Landscape:
The competitive landscape of the orthopedic prosthetics market is marked by intense innovation and strategic collaborations among key players. Companies strive to enhance prosthetics designs, ensuring superior comfort and mobility for users.
Technological advancements, personalized solutions, and a global market presence characterize the competitive dynamics as industry leaders vie for market share by addressing the evolving needs of a diverse patient population.
Some of the recent developments are:
• In January 2020, Essentium, Inc. and Vorum entered a collaborative venture, merging Essentium's High-Speed Extrusion (HSE) 3D printing technology with Vorum's SurePath methodology and CAD/CAM solutions.
In June 2020, REJOINT introduced a groundbreaking approach, integrating artificial intelligence with GE Additive Arcam's Electron Beam Melting (EBM) technology.
Key Players in Orthopaedic Prosthetics Market:
• Exatech Inc.
• Howard Orthopaedics Inc.
• Hanger Inc.
• Wishbone Medical
• Pega Medical
• OrthoPediatrics
• Arthrex
• Touch Bionics Inc.
• Advanced Arm Dynamics
• Medtronic Spinal
• Integra Lifesciences
The global orthopaedic prosthetics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
Key Segments of Orthopedic Prosthetics Industry
By Product:
In terms of product, the industry is divided into - upper extremity prosthetics (hand prosthetics, elbow prosthetics, shoulder prosthetics). lower extremity prosthetics (foot & ankle prosthetics, knee prosthetics, hip prosthetics). liners, sockets and modular components.
By Technology:
In terms of technology, the industry is segregated into conventional, electric powered and hybrid orthopaedic prosthetics.
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East and Africa (MEA) have been covered in the report.
