Orthopedic prosthetics are artificial medical devices used as a replacement or support for injured or deformed bones and joints. Orthopedic prosthetics include products like artificial legs, arms, hips, knees, shoulders and spine. The increasing prevalence of road accidents, sports injuries and disorders like arthritis are leading to rise in the number of bone injuries and disorders globally. As per World Health Organization, over 50 million people suffer accidental injuries annually requiring orthopedic treatment. Orthopedic prosthetics help mobility for people suffering from these conditions.

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 Opportunity:
Increasing cases of bone injuries represents a major market opportunity for growth of the orthopedic prosthetic market. It is estimated that road accidents claim lives of over 1.3 million people annually across the globe. Developing regions like Asia Pacific and Latin America are witnessing high incidence of road accidents due to increasing motorization. Prosthetic devices can help restore mobility for people suffering bone injuries in accidents. The growingBone injuries are expected to drive demand for orthopedic prosthetics for replacement of defective body parts. Advancements in material science, 3D printing and robotics are further helping development of next generation bionic prosthetics with better functionality. This will significantly boost the market during the forecast period.

Porter’s Analysis

Threat of new entrants: The orthopedic prosthetic market has moderate threat of new entrants due to high requirement of capital and technological expertise. However, new participants can leverage technologies to be competitive.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products. However, customized solutions increase switching costs.

Bargaining power of suppliers: A few major suppliers exist dominating sourcing of raw materials which increases their bargaining power.

Threat of new substitutes: Low threat of substitutes exists as prosthetics are necessity goods for mobility and rehabilitation.

Competitive rivalry: The market has few large players intensifying competition on pricing and innovation.

SWOT Analysis

Strength: Strong distribution network of key players and rising healthcare expenditure on chronic conditions aids growth. Customized solutions improve patient outcomes.

Weakness: High prosthetic costs in some regions restrict access and compliance. Lack of reimbursement and affordability in developing regions.

Opportunity: Untapped regions with disability population and focus on healthcare modernization presents opportunities. Digitization and advanced materials to boost customization.

Threats: Limited awareness and social stigma impacts acceptance. Stringent regulations delay product approvals.

Key Takeaways

The Global Orthopedic Prosthetic Market Size is expected to witness high growth driven by aging population and rising incidence of accidents and musculoskeletal conditions. The market size for 2024 is estimated at US$ 2365.78 Mn and forecast to grow at a CAGR of 3.8% during 2023-2030.

North America dominates the market currently owing to favorable reimbursement policies and healthcare expenditure. However, Asia Pacific is poised to grow the fastest due to disability population, medical tourism and focus on accessibility aid.

Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. They focus on developing innovative materials and digitally designed solutions to enhance patient outcomes. Collaboration with healthcare providers aids market penetration.

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