Orthopaedic Prosthetics Market will witness a CAGR of over 4.5% forecast period by 2030
As per Future Market Insights (FMI) – an ESOMAR-certified market research firm, global orthopaedic prosthetics market will be worth US$ 3.22 Bn by 2030.
Orthopaedic prosthetics have been witnessing personalized breakthrough innovations since the last few years. The market is witnessing customized prosthetics that enable modifications on the basis of functionality and anatomy of the respective patient.
According to FMI, tailored orthopaedic prosthetics, an outcome of 3D imaging software, is available in various lengths and sizes. This innovation is likely to drive the orthopaedic prosthetics market during the forecast period.
“The market is expected to witness a paradigm shift. Emphasis is being laid on consumer-friendly products, so as to simplify the lives of amputees”, says an FMI analyst.
Reconstructing or amputating of lower limb proves to be challenging for both – practitioners as well as patients as it largely depends on the affected limb’s viability and characteristics.
However, advances with respect to orthopaedic prostheses have paved the way for loads of options to be considered while choosing between limb amputation and reconstruction.
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As such, the well-fitting prostheses avert the rest of the soft tissue’s breakdown by redistribution of compressive force at the time of weight bearing, thereby minimizing force on skin. This convenience holds the flag for lower extremity orthopaedic prosthetics high in the forecast period.
As far as technology is concerned, digitally empowered devices are the future of orthopaedic prosthetics market. Along with anticipating patients’ actions (through the use of AI), these devices enable remote monitoring.
Digitally powered orthopaedic prosthetics are all set to revolutionize the market at present and also in the forecast period.
Also, as mentioned above, personalization of products gets a simplified approach with digitization, as traceability becomes easy. Also, 3D imaging helps the patient visualize the placement of limbs well in advance, thereby voicing his/her choice with regards to implants.
Though North America and Europe account for leading revenue share, opportunities in Asia Pacific are growing. The countries like India, China, Thailand, Saudi Arabia are on the verge of increasing the contribution of their GDP towards healthcare.
As Asia Pacific is home to majority of those suffering from diabetic ailments, the orthopaedic prosthetics market set to catch up herein. On the other hand, the consistency shown by North America and Europe could be attributed to increasing incidences of peripheral vascular diseases concerned with limbs coupled with injuries related to sports.
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Orthopaedic Prosthetics Market, a new study from Future Market Insights, opines on the evolution of the orthopaedic prosthetics market from 2014 – 2018 and presents demand projections from 2020 – 2030 on the basis of; product (upper extremity prosthetics, lower extremity prosthetics, sockets, liners and modular components), technology (conventional, hybrid orthopaedic prosthetics and electric powered orthopaedic prosthetics) and end user (prosthetic clinics, hospitals, rehabilitation centre and others) across seven prominent regions.
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ORTHOPAEDIC PROSTHETICS MARKETS TAXONOMY
The global orthopaedic prosthetics market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- Upper Extremity Prosthetics
- Hand Prosthetics
- Elbow Prosthetics
- Shoulder Prosthetics
- Lower Extremity Prosthetics
- Foot & Ankle Prosthetics
- Knee Prosthetics
- Hip Prosthetics
- Modular Components
- Electric Powered
- Hybrid Orthopaedic Prosthetics
- Prosthetic Clinics
- Rehabilitation Center
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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