by Orthopedic prosthetic devices provide improved mobility and increased quality of life for patients suffering from musculoskeletal conditions or injuries. Products like joint replacement implants, spinal implants and trauma fixation devices help restore normal function in the affected area.
The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The surge in demand for joint replacement procedures such as knee and hip replacement is driving significant growth of the orthopedic prosthetic market. Rising geriatric population, prevalence of osteoarthritis and other degenerative joint disorders are leading to increasing number of joint replacement surgeries performed worldwide each year. As per data, over 1.2 million knee replacements and over 600,000 hip replacements are performed every year in the United States alone. This rising demand for joint replacements is prompting innovations in prosthetic joint designs to improve patient outcomes and longevity of implants. Advancements in material sciences are also helping develop novel biomaterials for prostheses with enhanced compatibility and durability.
SWOT Analysis
Strength: The orthopedic prosthetic market offers innovative product solutions. Advanced technologies and materials allow for better mobility and comfort.
Weakness: Higher costs of technologically advanced prosthetics limit adoption. Significant research investment required for new product development.
Opportunity: Rising geriatric population drives demand. Developing economies provide scope for market expansion.
Threats: Stringent regulatory approvals and reimbursement policies pose challenges. Threat from alternative treatment options.
Key Takeaways
The Global Orthopedic Prosthetic Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is projected to be US$ 2365.78 Mn, indicating significant opportunities.
Regional analysis: North America dominates currently due to advanced healthcare infrastructure and favorable reimbursement scenario. Asia Pacific shows fastest growth supported by rising medical tourism and improving access.
Key players: Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. Growing investment by major players in innovations will strengthen their position. Collaboration with medical institutions supports product development. Strong distribution networks across regions help achieve scale.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
