Market Size of Orthopedic Prosthetics Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 5.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Orthopedic Prosthetics Market Analysis
The Orthopedic Prosthetics Market is expected to register a CAGR of 5.5% during the forecast period.
From the initial period of the COVID-19 pandemic, orthopedic surgeries have been delayed, leading 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, with the resumption of activities, a sudden upsurge in the consumption of prosthetics can be expected. Regulatory bodies such as the Centers for Disease Control and Prevention (CDC) provided various guidelines on managing surgical procedures during the pandemic. Therefore, the pandemic has had a significant impact on the market globally.
Certain factors driving the market's growth include increasing trauma cases and accidental injuries, technological advancements, and the rising burden of osteosarcoma. According to the statistics of the Arthritis Foundation, in 2021, more than 350 million people had arthritis globally. While the same data revealed that an estimated 30.8 million adults were found to be suffering from arthritis, and 14 million individuals in the United States were suffering from symptomatic knee osteoarthritis. By 2050, the number of adults in the United States with doctor-diagnosed osteoarthritis is projected to increase by 49% to 78.4 million, accounting for 25.9% of the total population. The number of adults reporting activity limitations due to arthritis will increase by 52%, to 34.6 million, by 2040. Therefore, owing to the high numbe of people suffering from orthopedic conditions, the market is expected to witnss strong growth in the coming years.
Product launches are key factors boosting the growth of the market. For instance, in November 2021, Össur, a global leader in innovative prosthetic and non-invasive orthopedic technologies, launched three new models of its iconic Cheetah sports prosthesis, which have been designed for amputee athletes participating in specific athletic applications, including sprinting, distance running, and long jumping. Such new launches in the market are contributing significantly to the market's growth.
However, the high cost of prosthetic devices is expected to hinder the market's growth in the future.
