North America is accounted for the high demand for orthopedic prosthetics products due to the presence of a high geriatric population in the region. The region is forecast to dominate the global orthopedic prosthetic devices market in the near future due to the high demand for such products. According to the Urban Institute, the number of Americans ages 65 and older will more than double over the next 40 years, reaching 80 million in 2040. The number of adults ages 85 and older, the group most often needing help with basic personal care, will nearly quadruple between 2000 and 2040.
In September 2019, PSYONIC, an advanced prosthetic device company headquartered in Champaign, Illinois, has announced that it will launch its first product, the Ability Hand™, at the American Orthotic & Prosthetic Association (AOPA) National Assembly. PSYONIC’s Ability Hand is an affordable and accessible prosthesis with unique bionic capabilities
In October 2019, Social Hardware announced the launch of a user-repairable prosthetic hand
In December 2017, DePuy Synthes, a Johnson & Johnson Medical Devices business unit, has launched the knee ATTUNE® prosthetic in Brazil. The system provides a wider range of movement and addresses the feeling of instability experienced by some patients during their daily activities
In December 2019, The European Investment Bank (EIB) has provided financing of up to €100 million to Ottobock SE & Co. KGaA, a manufacturer and supplier of prosthetic limbs, orthotic supports, and wheelchairs
In March 2019, UNYQ, a San-Francisco-based medical 3D printing company, has announced the launch of their 3D printed prosthetic leg socket called UNYQ Socket
The high prevalence of orthopedic& musculoskeletal conditions around the globe is significantly contributing to the growth of the orthopedic prosthetic devices market. According to the World Health Organization, approximately 1.71 billion people have musculoskeletal conditions worldwide. Among musculoskeletal disorders, low back pain causes the highest-burden with a prevalence of 568 million people. An increasing number of road accidents leading to injuries is again supporting the growth of the orthopedic prosthetic devices market.
An orthopedic prosthetic device is often known as a postoperative surgical product. Orthopedic prostates are prosthetic limbs that are custom-made for the treatment and rehabilitation of skeletal conditions, injuries, or disabilities. The prosthetic limbs include various devices such as orthopedic wheels and plates, crutches, canes, scissors, and walking frames. These devices are specially designed to prevent further injury or distress during recovery.
