The Global Orthopedic Prosthetics Market accounted to USD 1.9 billion in 2016 growing at a CAGR of 5.4% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
“Global Orthopedic Prosthetics Market”, By Product Type (Upper Extremity Prosthetics (Hand Prosthetics, Elbow Prosthetics, Shoulder Prosthetics), Lower Extremity Prosthetics (Foot & Ankle Prosthetics, Knee Prosthetics, Hip Prosthetics), Liners, Sockets, Modular Components), By Technology (Manual Prosthetics, Electric Powered Prosthetics, Hybrid Prosthetics), By End User (Hospitals, Clinics, Rehabilitation Centers, and Others) By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
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Orthopedic Prosthetics is an artificial replacement or substitute of bones in different parts of the body. The typical orthopedic prosthetic devices are for hip, knee, elbow, ankle, leg among others.
Major market drivers and restraints:
- Rising number of amputations leading to use of orthopedic prosthetic devices
- Technological advancement in developing prosthetic devices
- Weak reimbursement policies
- High cost of devices and hence low adoption rate
Market Segmentation:
By product type the market for Orthopedic Prosthetics is segmented into upper extremity prosthetics, lower extremity prosthetics, liners, sockets, and modular components.
By technology the Orthopedic Prosthetics market is segmented into manual prosthetics, electric powered prosthetics, and hybrid prosthetics.
On the basis of end-users the Orthopedic Prosthetics market is segmented into hospitals, clinics, rehabilitation centers, and others.
On the basis of geography, Orthopedic Prosthetics market report covers data points for 28 countries across multiple geographies such as North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
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Major Market Competitors:
The Orthopedic Prosthetics market is highly fragmented and is based on new product launches and clinical results of products. Hence the major players have used various strategies such as new product launches, clinical trials, market initiatives, high expense on research and development, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of mass spectrometry market for global, Europe, North America, Asia Pacific and South America.
Some of the major players operating in Orthopedic Prosthetics market are Blatchford Ltd., Touch Bionics Inc., The Ohio Willow Wood Co., Össur, Otto Bock HealthCare GmbH, Fillauer, Advanced Arm Dynamics, Smith and Nephew plc, Biomet Inc., Zimmer Holdings Inc., and Stryker Corp. among others
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