Orthopedic Prosthetics Global Market Report 2023

The global orthopedic prosthetics market will grow from $1.86 billion in 2022 to $1.96 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%.The orthopedic prosthetics market is expected to grow to $2.42 billion in 2027 at a CAGR of 5.4%.

The orthopedic prosthetics market consists of sales of upper extremity prosthetics, lower extremity prosthetics, sockets, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Orthopedic prosthetics are artificial devices that replace a missing body part that may be lost through trauma, disease, surgical removal of body appendage, disabling illness, or congenital conditions.

North America was the largest region in the orthopedic prosthetics market in 2022.Western Europe was the second-largest region in the orthopedic prosthetics market.

The regions covered in the orthopedic prosthetics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The main product types of orthopedic prosthetics are upper extremity prosthetics, lower extremity prosthetics, sockets, and other products. Orthopedic prosthetics are artificial devices used to replace a missing body part lost due to disease, trauma, and surgical removal of body appendage, disabling illness, or congenital conditions.

The technologies involved are conventional orthopedic prosthetics, electric-powered orthopedic prosthetics, and hybrid orthopedic prosthetics. The end-users are hospitals, prosthetic clinics, rehabilitation centres, and others.

An increasing number of trauma cases and accidental injuries are driving the orthopedic prosthetics market. Trauma cases and accidental injuries are caused by numerous factors such as road accidents, sports injuries, other medical complications, and work-related accidents.

Most of these injuries may require amputations and prosthetic devices to replace the lost body part. For instance, 2.1 million people are living with limb loss in the USA, and that number is expected to double by 2050. 185,000 people in the U.S have an amputation each year. This means that 300 to 500 amputations have been performed every day. Therefore, driving the demand for orthopedic prosthetics, thus growth in the orthopedic prosthetics market.

The orthopedic prosthetics market is being restrained by entry barriers due to guidelines by the FDA’s regulatory control over these devices based on the risks associated with them. These devices fall into the class III category as per the FDA, which includes devices involving high risk associated with the usage.

Class III devices are required to undergo a premarket approval application (PMA), which is the FDA process of scientific evaluation for assessing the safety of these devices. Such stringent guidelines associated with these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market.

For more information: Yahoo Finance