The global “Orthopedic Prosthetics Market: Opportunity Analysis and Future Assessment 2022-2030” issued by Reports and Insights provides authentic and first-hand data, qualitative and quantitative analysis by industry analysts, and inputs from industry experts and stakeholders across the entire chain. The research examines current market trends, macroeconomic factors, regional analysis in-depth, as well as market attractiveness by segment. The market research provides SWOT analysis of competitors comprising extraneous environment assessment and PEST study. In addition, the market analysis offers business approaches for handling with COVID-19 impact on the market.
The global orthopedic prosthetics market in 2022 is estimated for more than US$ 2.3 Bn and expected to reach a value of US$ 3.6 Bn by 2030 with a significant CAGR of 6.0%.
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Orthopedic Prosthetics Introduction
Biological therapeutics is considerably emerging as one of the most opportune treatments for all the orthopedic and other related musculoskeletal problems influencing the geriatric population as well as athletes across the globe.
Noticeably, the rigid amount of research activities around the world aimed towards biologics and synthetic biologic products has increased aggressively which has resulted in propelling the effort to analyze and define the optimal applications for orthobiologics. Likewise, orthopedic prosthetics are an artificial substitute or replacement of bones in various parts of the body.
The most common orthopedic prosthetic tools are for knee, hip, ankle, elbow, leg among many others. These artificial orthopedic prosthetics are made up of materials such as carbon fiber, Kevlar, and titanium, which makes it an ideal combination of high strength and lightweight, which further contributes to its increasing demand in the global market. Owing to which, the global orthopedic prosthetics market is expected to propel swiftly in the coming years.
Orthopedic Prosthetics Market Dynamics
The constantly increasing geriatric population across the world and growing musculoskeletal problems associated with it is majorly projected to give a positive push to the growth of the global orthopedic prosthetics market during the forecast period.
Along with that, the significant revolution in the healthcare industry as well as in medical devices and treatments provided in recent past years is also projected to add to the growing demand of orthopedic prosthetics across the world. Attributing to which, the global orthopedic prosthetics market is expected to witness rapid growth in the near future.
In addition to that, the key market manufacturers of orthopedic prosthetics are also aiming their attention towards making significant advanced changes in their products in order to enhance the level of comfort, better fixation, usability, and superior resistance to wear and tear, thus making it more desirable in the global market. Hence, the global orthopedic prosthetics market is expected to rise higher during the forecast timeframe.
However, the high cost and inadequacy of knowledge regarding orthopedic prosthetics in a few emerging regions may hold back the growth of the global orthopedic prosthetics market in the near future.
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Orthopedic Prosthetics Market Segmentation
The orthopedic prosthetics market is segmented on the basis of product type, end-user, and by region.
On the basis of product type, the orthopedic prosthetics market is segmented into
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
- Braces
- Spinal Orthotics
While on the basis of end-user the market can be segmented into
- Hospital
- Outpatient Centre
- Trauma Centres
- Orthopedic Clinics
On the basis of Region, the orthopedic prosthetics market is segmented into
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Europe (U.K., Germany, Italy, France, Spain, Russia, Poland, BENELUX, NORDIC)
- Asia Pacific (China, India, Japan, Australia and New Zealand, South Korea, ASEAN, Rest of Asia Pacific)
- Middle East (GCC Countries, Israel, Oman, Rest of Middle East)
- Africa (South Africa, Egypt, North Africa, Rest of Africa)
Orthopedic Prosthetics Market Key Players
Some of the key participating players in the orthopedic prosthetics market are Zimmer Biomet, Depuy Synthes, Smith & Nephew, Stryker Corporation, Wright Medical Group, Lima Corporate, JRI companies.
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