Technological advancements are driving the growth in Global Orthopedic Prosthetics Market in the forecast period, 2022-2026.
According to TechSci Research report, “Global Orthopedic Prosthetics Market By Product Type (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Liners and Other) By Technology (Conventional, Electric-powered, and Hybrid Orthopedic Prosthetics) By End User (Hospitals, Prosthetic Centers, Rehabilitation Centers and Others) By Region, Competition Forecast & Opportunities, 2026”, the global orthopedic prosthetics market may potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of rising number of osteosarcoma cases and the bone deformities among the world population.
Also, the rising geriatric population of the world is expected to further instigate the market toward the growth. The geriatric population is more susceptible to the bone deformities, bone weakening, weaker statures, and deformities due to prolonged exposure to the incorrect postures. The geriatric population are often in the need of orthopedic prosthesis to decrease the pain and over come the limb movement halts thereby supporting the growth of the market in the upcoming five years.
Also, the rising sports events and the cut-throat competition often leads to the sports injuries that are one of the major factors responsible for the growth of the global orthopedic prosthetics market in the next five years.
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The global orthopedic prosthetics market is segmented by product type, technology, end user, competitional landscape, and regional distribution. Based on technology, conventional, electric-powered, and hybrid orthopedic prosthetics. Electrically powered prosthesis is anticipated to hold the largest revenue shares of the market on the account of rise in the demand of non-invasive, or minimally invasive prostheses treatments for the patients.
These prostheses are also called as myoelectric prostheses and are controlled using electric signals that are actually created by the body muscles. These prostheses use the patient’s existing muscles in the residual limb to control the functions of the device itself. Various technological advancements in the devices are expected to further drive the growth of the market.
Based on product type, the market is further differentiated into upper extremity prosthetics, lower extremity prosthetics, sockets, liners and other. Upper extremity prosthetics are anticipated to hold the largest revenue shares of the market and assert its dominance over the market segment on the account of various advantage of the procedure like reduced pain and rapid recovery and fluid movement of the limbs at earliest.
Lower extremity prosthetics are expected to register fastest growing CAGR growth in the upcoming five years on the grounds of rising number of road accidents and lower limb rupture instances. Moreover, with the advanced technologies, the consumers are also opting for height increasing prosthetics mostly the consumers suffering from bowlegs or short height due to various conditions.
Holding the major shares of the global orthopedic prosthetics market are Globus Medical Inc., Johnson & Johnson, Ossur hf., Ottobock SE & Co. KGaA, Smith & Nephew Plc, Stryker Corp., WillowWood Global LLC, Zimmer Biomet Holdings Inc., among others. Market players are actively involved in the research and technological development in the medical device and testing kit developments. The advanced technology has made it possible for the healthcare industry to provide excellent healthcare services through orthopedic prosthetics.
Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“North America is anticipated to be the leading region in the upcoming five years on the account of well-established healthcare industry in the countries like United States, Canada, in the region. Moreover, with the developing healthcare infrastructure, and enhanced research and development and rising prevalence of osteosarcoma are some of the major factors responsible for the exaggerated growth in the region in upcoming five years. Market players are also in abundance in the region which can be a difficult set for thew new entrants of the market. Although, investment in the research and development of the technologically advanced products is expected to aid the new market players in their brand establishment in the future market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Orthopedic Prosthetics Market By Product Type (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Liners and Other) By Technology (Conventional, Electric-powered, and Hybrid Orthopedic Prosthetics) By End User (Hospitals, Prosthetic Centers, Rehabilitation Centers and Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global orthopedic prosthetics and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global orthopedic prosthetics market.
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