|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The orthopedic prosthetics market is expected to register a CAGR of 5.5% over the forecast period 2022-2027.
From the initial period of the COVID-19 pandemic, orthopedic surgeries have been delayed, which led to a decline in the usage of prosthetics. As per data from the University of Birmingham, published in the British Journal of Surgery in May 2020, about 6.3 million orthopedic surgeries were postponed or canceled worldwide due to the pandemic. However, as the activities are resuming now, a sudden upsurge in the consumption of prosthetics can be expected. Regulatory bodies such as the Centers for Disease Control and Prevention (CDC) have provided various guidelines on managing surgical procedures during the pandemic.
Certain factors driving the market growth include increasing trauma cases and accidental injuries, technological advancements, and the rising burden of osteosarcoma. For instance, in Japan, according to a study (Aoki M et al.) in 2019, traffic accidents were the leading cause of trauma (44%). Overall, the in-hospital mortality rate was 3.9%, and the mortality rate in the emergency department was 1.4%. In-hospital mortality rates were 5.3%, 4.7%, 3%, and 4% for individuals in the age groups below one year, 1-5 years, 6 -10 years, and 11-15 years, respectively. This rising burden of injuries is propelling the orthopedic prosthetics market’s growth.
Product launches are key factors boosting the growth of the market. For instance, in October 2020, DePuy Synthes launched its Radial Head Replacement System in the United States, further expanding its offering in extremities. The Radial Head Replacement System is used with patients who have experienced destabilizing radial head fractures that cannot be repaired. Similarly, in February 2020, Reboocon Bionics announced its goal to develop lighter and more powerful prostheses. At REHACARE 2019, the Netherlands-based company unveiled its portfolio for the Chinese market.
However, the high cost of prosthetic devices is expected to hinder the market's growth.
Scope of the Report
Orthopedic prosthetics assist with artificial limbs, bones, and joints. Orthopedic prosthetics involve the use of artificial limbs (prostheses) to enhance the function and lifestyle of persons with limb loss caused by trauma, disease, or other medical conditions. Lower limb prosthetics are used for stability in standing and walking, shock absorption, running, jumping, and other athletic activities. Upper limb prosthetics include artificial limbs used in reaching and grasping and for specific occupational challenges such as hammering, painting, or weight lifting, and activities of daily living such as eating, writing, and dressing. The orthopedic prosthetics market is segmented by product (upper extremity prosthetics, lower extremity prosthetics, sockets, and other products), technology (conventional, electric-powered, and hybrid orthopedic prosthetics), end user (hospitals, prosthetic centers, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (in USD million) for the abovementioned segments.
|Upper Extremity Prosthetics|
|Lower Extremity Prosthetics|
|Hybrid Orthopedic Prosthetics|
|By End User|
|Other End Users|
Key Market Trends
Electric Prostheses Expected to Hold Significant Market Share over the Forecast Period
Electric prostheses, also commonly known as myoelectric prostheses, are controlled using electric signals that are actually created by the body’s muscles. Owing to the COVID-19 pandemic, a major setback was observed in demand for electric prostheses, but definite measures were taken by regulatory authorities. For instance, in March 2020, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) issued an alert that state and local health authorities in the United States should consider orthopedic and prosthetic practices as an essential service that must remain accessible to patients in need of orthopedic and prosthetic care during the pandemic. Post the pandemic, a significant increase in the demand for electric prostheses is likely to be observed.
Specifically, these electric-powered prosthetics work by using the user’s existing muscles in the residual limb to control the functions of the prosthetic device itself. Technological advances in electric prostheses are further expected to drive the market studied. For instance, in June 2020, Unlimited Tomorrow Inc., a medical device company manufacturing accessible prosthetic limbs, announced the launch of TrueLimb, a next-generation prosthetic arm that is available through a completely remote process that amputees can initiate online, broadening access to customized devices like this for the first time. Hence, such innovations in electric prostheses are expected to fuel market growth.
Furthermore, as per data from the Organization for Economic Co-operation and Development, in 2019, the number of traffic accidents amounted to about 51.9 per 100,000 individuals in Canada and around 52.6 per 100,000 individuals in Italy. Traffic accidents often lead to severe injuries and are expected to support the demand for electric prostheses. Hence, these have become a great option for those who want a natural-looking prosthesis that utilizes the existing nerves for functional use.
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North America Expected to Continue Market Dominance over the Forecast Period
Even though the surgical procedures associated with orthopedics have resumed, the number of cases of COVID-19 has also increased. In response to this, many centers such as Fourroux Prosthetics are following the guidelines of the Centers for Disease Control and Prevention and adding safety measures while providing services to patients in the United States. Thus, with these guidelines being followed by hospitals and other centers to provide orthopedic treatment to patients, steady market growth can be expected post the COVID-19 pandemic.
The key factors driving the market’s growth in North America include the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American orthopedic prosthetics market include the use of new polymer materials and the development of prosthetic devices as per the functional needs of patients. Manufacturers are concentrating on developing lightweight yet long-lasting orthopedic prosthetics to satisfy users’ needs. For instance, in February 2020, In2Bones Global Inc. introduced the ''Avenger Radial Head Prosthesis System'' in the US market. This product is used for primary and revision joint replacement of the radial head. Expansion of the company in the North American market and its providing new innovative products are among the factors aiding the growth of the market. For instance, in August 2019, biomedical startup Adapttech expanded its presence in the United States. Adapttech’s unique technology for improving the fitting of lower limb prostheses has also been declared a Class I medical device by the US Food and Drug Administration.
Hence, the introduction of novel products in the United States is expected to drive the market studied.
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The orthopedic prosthetics market is moderately competitive and consists of several major players. Companies like Fillauer LLC, Willow Wood Global LLC, Ossur, Mobius Bionics, and Blatchford Ltd, among others, hold substantial shares in the orthopedic prosthetics market. The companies are involved in strategic alliances such as acquisitions and collaborations to secure their position in a globally competitive market.
In February 2022, Össur launched its new Power Knee microprocessor prosthetic knee system. The motor-powered “smart” prosthesis has advanced algorithms for detecting human movement patterns, learning, and adjusting to the wearer’s speed and cadence in real-time.
In December 2021, WillowWood Global LLC entered a strategic partnership with Blue Sea Capital LLC, a growth-oriented private equity firm. This partnership will increase funding for the company and help it create more innovative products.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Trauma Cases and Accidental Injuries
4.2.2 Technological Advancements
4.2.3 Rising Prevalence of Osteosarcoma
4.3 Market Restraints
4.3.1 Lack of Proper Reimbursement Policies
4.3.2 High Cost of Prosthetic Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD million)
5.1 By Product
5.1.1 Upper Extremity Prosthetics
5.1.2 Lower Extremity Prosthetics
5.1.4 Other Products
5.2 By Technology
5.2.3 Hybrid Orthopedic Prosthetics
5.3 By End User
5.3.2 Prosthetic Centers
5.3.3 Other End Users
5.4.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle-East and Africa
5.4.5 South America
22.214.171.124 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Blatchford Ltd
6.1.2 Bock Healthcare GmbH
6.1.3 Fillauer LLC
6.1.4 Willow Wood Global LLC
6.1.5 Shadow Robot Company
6.1.6 Steeper Inc.
6.1.7 Mobius Bionics
6.1.8 Synergy Prosthetics
6.1.9 Human Technology Inc.
6.1.10 United Prosthetics
6.1.11 Coapt LLC
6.1.14 Ortho Europe
6.1.15 Ottobock Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Orthopedic Prosthetics Market market is studied from 2019 - 2027.
What is the growth rate of Orthopedic Prosthetics Market?
The Orthopedic Prosthetics Market is growing at a CAGR of 5.5% over the next 5 years.
Which region has highest growth rate in Orthopedic Prosthetics Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Orthopedic Prosthetics Market?
North America holds highest share in 2021.
Who are the key players in Orthopedic Prosthetics Market?
Blatchford Ltd, Fillauer LLC, Willow Wood Global LLC, Ossur, Mobius Bionics are the major companies operating in Orthopedic Prosthetics Market.