The orthopedic prosthetics market is expected to witness a CAGR of 5.4% during the forecast period. Certain factors that are driving the market growth include an increasing number of trauma cases and accidental injuries, technological advancements, and rising prevalence of osteosarcoma.
According to the US Department of Health and Human Services, around 8.7 million sports and recreation injuries were reported in 2018 in the United States. 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.
Increasing incidence of osteosarcoma is also increasing the demand for prosthetics and orthotics products. A report published by the National Cancer Institute estimated around 3,450 new cases of bone and joint cancer in 2018, resulting in 1,590 deaths globally. Children with Cancer UK, a member of the Association of Medical Research Charities (AMRC), reported that osteosarcoma is the most common bone tumor in children, and every year around 30 new children are diagnosed with the disease in the U.K. as of 2018.
However, the high cost of prosthetic devices is expected to hinder the market growth. 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 USD 5,000-7,000, while the advanced ones can cost up to USD 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, which is regulatory requirement is also restraining the growth of the orthopedic prosthetics market.
Key Market Trends
Electric-Powered Prosthetics are Expected to Hold Significant Market Share in the Technology Type
For amputees, being fitted for a limb prosthesis is definitely a significant first footstep to recovery and regaining independence. However, one important decision patients need to make regarding a prosthetic limb is choosing between an electric or body-powered prosthesis. Electric prostheses, also commonly known as myoelectric prostheses, are controlled using electric signals which are actually created by the body muscles. Specifically, these electric-powered prosthetics work by using the user’s existing muscles in the residual limb in order to control the functions of the prosthetic device itself. A sensor present within the device is able to obtain electrical signals from these muscles. Then it translates those signals into movements and executes the demands properly. Hence, these have become a great option for those who want a natural-looking prosthesis that utilizes existing nerves for functional use.
North America Dominates the Market and Expected to do Same in the Forecast Period
The key factors driving the growth of the market in North America include the direct presence of key regional players, strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American orthopedic prosthetics market include the use of new polymer material and development of prosthetic device as per the functional need of patients. Manufacturers are concentrating on developing lightweight, yet highly long-lasting orthopedic prosthetics to satisfy the needs of the users.
The orthopedic prosthetics market is highly competitive and consists of several major players. Companies like Zimmer Biomet Inc., Blatchford Ltd, Bock Healthcare Gmbh, DePuy Synthes, Fillauer LLC, Ohio Willow Wood Co., Smith and Nephew PLC, Stryker Corporation, Touch Bionics Inc., among others, hold the substantial market share in the orthopedic prosthetics market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support