Gobal Orthopedic Prosthetics Market - Segmented by Product, Technology, End-user, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global orthopedic prosthetics market is expected to register a good CAGR during the forecast period, 2018 to 2023. Orthopedic Prosthetics is a field concerned with the identification, designing and manufacturing of custom-made artificial limbs in a patient. The devices should be of high strength and low weight. Hence, materials, such as thermoplastics, metals, carbon fiber, EVA (Ethylene-vinyl acetate), or combination of these are commonly used for production. These devices are used to replace a damaged or missing body part caused by trauma, disease, or other medical conditions. In the recent years, the market for orthopedic prosthetics has witnessed significant developments in designing and production technologies. The products have an increased level of comfort, usability and increased resistance to wear and tear. The vast advances in the CAD/CAM technology and material science have helped in the growth of the market.
Increasing Number of Trauma Cases
According to US Department of Health and Human Services, around 8.6 million sports and recreation injuries were reported in 2016. Out of these, 72% were injuries related to lower and upper extremities. The injuries are increasing at a rapid rate and are a major factor for the growth of the orthopedic prosthetics market. Other drivers for this market include the rapid technological developments in prosthetic devices, increasing usage of customized prosthetic devices and increasing osteosarcoma cases.
High Cost of Prosthetic Devices
According to the Bioengineering Institute Center for Neuroprosthetics, at the Worcester Polytechnic Institute, a basic below-the-knee prosthetic that would allow a patient to walk on flat ground costs $5,000-$7,000, while the advanced ones can cost up to $20,000 or more. The high cost of the devices and lack of reimbursement policies are considered as the major restraining factors for the orthopedic prosthetics market. The other factor such regulatory requirements is also hindering the growth of the orthopedic prosthetics market.
US Lead the Market in North America Region
The US orthopedic prosthetics market holds the largest market share in 2017 in North America region due to the presence of high quality healthcare system and presence of large number of trauma cases. In the APAC sector, China and South Korea have been identified as potential emerging markets.
Key Developments in the Market: