The Orthopedic Prosthetic Market Will Grow At Highest Pace Owing To Rising Geriatric Population

The orthopedic prosthetic market comprises prosthetic devices including upper and lower extremities which are used as a substitute for damaged or missing body parts. These prosthetic devices mimic the function and movements of limbs and help in mobility and performing daily activities. Technological advancements have led to the development of lightweight, durable and modular prosthetics that provide improved comfort and functionality. Various components are used in orthopedic prosthetics including sockets, liners, knee joints, foot accessories and more.

The global orthopedic prosthetics market is estimated to be valued at US$ 2725.38 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2030.

Key players operating in the orthopedic prosthetic market are Össur, Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, Motorica.

The demand for Global Orthopedic Prosthetic Market has been increasing significantly owing to rising incidence of trauma injuries, tissue loss, bone fractures and amputations. Technological advancements in orthopedic prosthetics such as usage of lightweight materials, innovative designs and powered devices are enhancing the mobility and functional abilities of amputees.

Market Trends

1. 3D Printing Technology: 3D printing offers customized solutions for prosthetic devices without the need for extensive castings or fittings. It decreases production time and costs. Major players are increasingly adopting 3D printing for developing innovative prosthetics.

2. Myoelectric and Electronically Powered Prosthetics: Powered devices with sensors and electronic components provide more natural motion and functionality than passive prosthetics. The ability to control prosthetic joints through muscle signals or remote controls is a key trend.

Market Opportunities

1. Rising Geriatric Population: The risk of limb amputation and need for prosthetic replacement increases with age. The growing geriatric demography worldwide will drive the orthopedic prosthetics market.

2. Developing Markets: Countries in Asia Pacific and Latin America offer lucrative opportunities owing to growing medical infrastructure, increasing healthcare expenditure and rising incidence of accidents and injuries.

Impact of COVID-19 on Orthopedic Prosthetic Market Growth
The COVID-19 pandemic has significantly impacted the growth of the orthopedic prosthetic market. During the initial lockdown phases in 2020, elective surgeries including joint replacements were postponed to avoid exposure to COVID infected patients and preserve medical resources for critical cases. This led to a decline in demand for orthopedic prosthetics during this period. However, as lockdowns eased in 2021, the demand started recovering steadily as postponed surgeries resumed. The pandemic also highlighted the importance of developing advanced prosthetics that improve mobility and help in reducing the burden on overstressed healthcare systems. This has accelerated R&D activities of key players to develop technologically advanced prosthetics that enhance user experience and functional abilities. Going forward, post COVID, the market is expected to witness strong growth driven by factors like the aging population, rise in accidents, increasing incidence of diabetes and obesity leading to amputations, and growing acceptance of bionic prosthetics. Manufacturers will need to focus on product launches catering to the evolving needs in the post pandemic world, strengthening distribution networks globally, and enhancing customer engagement through digital platforms.

United States Concentration of Orthopedic Prosthetic Market by Value
By value, the United States accounts for the major share of the global orthopedic prosthetic market currently. The country has a highly developed healthcare system and rising healthcare spending. It is also home to some of the major players operating in the orthopedic prosthetics space. The growing prevalence of lifestyle diseases leading to joint issues like arthritis and favorable reimbursement policies are driving the demand for knee and hip replacements in the country. In addition, a growing number of veterans have helped boost the market for limb prosthetics. However, other regions like China, Japan and certain European countries are witnessing faster market growth attributed to their large geriatric population base and improving economic conditions.

Fastest Growing Region for Orthopedic Prosthetic Market
Asia Pacific region is poised to be the fastest growing regional market for orthopedic prosthetics during the forecast period. This growth can be attributed to factors like rapidly rising geriatric population, growing incidence of osteoarthritis and other joint conditions owing to changing lifestyle habits in emerging economies, increasing healthcare spending, growing medical tourism sector and expanding network of key manufacturers in the region. In particular, China and India will be the major revenue generators, supported by improving access to healthcare and rising affordability of prosthetic procedures in these densely populated nations.