Global Orthopedic
Prosthetics Market: Overview
Orthopedic prosthetics refer to the field concerned
with the identification, designing, production, and fitting custom-made
artificial limbs in patient with a missing part of limb lost through disease,
trauma, or a congenital condition. These custom-made orthopedic prosthetics
require a combination of low weight and very high strength. Therefore,
materials such as Kevlar, carbon fiber, and titanium are commonly used for
production. Vast advances in the field of CAD/CAM technology and material
science have helped the global market orthopedic prosthetics develop at an
encouraging pace in the past few years.
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This report on the global market for orthopedic
prosthetics presents a detailed analysis of present growth dynamics and the
future growth potential of the market over the period between 2015 and 2023.
The report presents a comprehensive analysis of a number of factors affecting
the growth dynamics of the market, including growth drivers, restraints,
trends, opportunities, and regulatory scenario. Vast projections for future
years have also been included in the report. A detailed overview of
technological developments, profiles of some of the leading vendors in the
market, and a detailed overview of the competitive landscape have also been
included in the report.
Global Orthopedic
Prosthetics Market: Drivers and Restraints
The market for orthopedic prosthetics has
witnessed significant traction in the past few years owing to significant
developments in designing and production technologies, allowing the production
of products with an enhanced level of comfort, usability, better fixation, and
excellent resistance to wear and tear. The rising population of geriatrics and
a vast rise in trauma cases across the globe have also resulted in a significant
rise in demand for orthopedic prosthetic products. The market has also
benefitted from a continuously rising number of trained professionals and
encouraging reimbursement scenarios.
According to the World Health Organization (WHO)
report, nearly 50 mn people across the globe are severely injured every year in
road accidents, suffering serious injuries to body parts and sometimes also
resulting in loss of body parts such as limbs. The number is said to witness an
alarming rise of around 65% in the next 20 years. The scenario will lead to a
significant rise in demand for orthopedic prosthetic products across the
globe.
However, the high costs of products could result in
limited demand for advanced products, especially across developing and less
developed economies. This could hinder the rate of adoption of products such as
robotic prostheses with biosensors across regional markets such as Asia Pacific
and Africa.
Global Orthopedic
Prosthetics Market: Geographical and Competitive Dynamics
From a geographical viewpoint, the report covers the
markets for orthopedic prosthetics across regions such as North America,
Europe, Asia Pacific, and Middle East and Africa. Of these, the North America
market is presently the leading contributor to the revenue of the global market
owing to high awareness and a high level of affordability. Europe and Asia
Pacific are also key regional markets with Europe representing one of the
established regional markets while Asia Pacific representing a regional market
with the most promising growth opportunities.
The high population and an increased rate of
awareness in Asia Pacific are expected to lead to an impressive rise in growth
opportunities in the next few years. Rising disposable incomes and rising
expenditure on healthcare and wellness will also drive the market for
orthopedic prosthetics in Asia Pacific in the near future.
The market for orthopedic prosthetics features a
number of established medical devices and surgical instrument companies
catering to the varied needs of patients across the globe. Some of the leading
contributors to the market are companies such as Smith and Nephew plc, Biomet
Inc., DePuy, Inc., Zimmer Holdings Inc., and Stryker Corp.