Orthopedic Prosthetics Market Scope
Increasing incidences of trauma cases or accidental injuries are the primary factor responsible for the robust the growth of orthopedic prosthetics market over the forecast period. According to the Association for Safe International Road Travel (ASIRT), approximately 20-50 million people are injured or disabled owing to road accidents. Orthopedic Prosthesis is an artificial device that replaces a missing body part that may be lost through trauma, injuries, disease, or congenital conditions. The introduction of custom-made implant products and rising demand for advanced orthopedic prosthetics will upsurge the growth of the market.
The Global Orthopedic Prosthetics market is fragmented with several market players who are competing with each other based on new and improved product launches with strategic collaborations. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Orthopedic Prosthetics market throughout the predicted period.
Otto Bock (Germany), Johnson & Johnson (United States), Arthrex (United States), Touch Bionics (United Kingdom), Endolite (India), The Ohio Willow Wood (United States), MatOrtho (United Kingdom), Stryker (United States), Ossur (Iceland), Corin (United Kingdom), Zimmer Biomet (United States) and Fillauer (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Medtronic (United States) and AAP Implantate (Germany).
Segmentation Overview
The study have segmented the market of Global Orthopedic Prosthetics market by Type (Upper Extremity Prosthetics (Hand Prosthetics, Elbow Prosthetics, Shoulder Prosthetics), Lower Extremity Prosthetics (Foot & Ankle Prosthetics, Knee Prosthetics, Hip Prosthetics), Liners and Sockets), by Application (Disabled Children and Disabled Adult) and Region with country level break-up.
On the basis of geography, the market of Orthopedic Prosthetics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Rising Research and Development Activities related to Orthopedic Prosthetics
Market Growth Drivers:
Increasing Incidence of Trauma/Accidental Injuries and Growth in Geriatric Population and Rising Demand for Joint Replacement Surgeries
Challenges:
Inadequate Reimbursement Coverage Policies and Dearth of Skilled Professional & Specialists
Restraints:
High Costs of Orthopedic Prosthetics Procedure
Opportunities:
Increasing Spending in Healthcare Infrastructure & Medical Devices and Rising Demand for Orthopedic Prosthetics Globally
Market Leaders and their Expansionary Development Strategies
In June 2020, Ossur, Iceland based company has announced its acquisition with College Park. As part of this transaction, College Park’s Espire Elbow series has been purchased by Steeper Group. The acquisition has completed under the presence of three major parties and the federal trade commission.
In October 2023 Johnson & Johnson MedTech* recently launched on the European market the VELYS™ Robotic-Assisted Solution from DePuy Synthes**, the Orthopaedics Company of Johnson & Johnson. The VELYS™ Robotic-Assisted Solution was used for the successful completion of Total Knee surgeries in Germany, Belgium, and Switzerland. With this launch, DePuy Synthes** enriches its Digital Surgery Platform of connected technologies to address outstanding needs left unfulfilled by previous generation orthopaedic robotics.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.