Sandy, Utah, USA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Orthopedic Prosthetic Devices Market Size, Share, Growth Analysis Report By Type (Lower Extremity Prosthetics, Upper Extremity Prosthetics, Sockets, Others), By Technology (Conventional, Electric-Powered, Hybrid), By End User (Research Institutes, Hospitals, Diagnostic Laboratories, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022–2030" in its research database.
"According to the latest research study, the demand of global Orthopedic Prosthetic Devices Market size & share was valued at approximately USD 1.73 Billion in 2021 to $1.96 billion in 2022 and is expected to reach a value of around USD 3.97 Billion by 2030, at a compound annual growth rate (CAGR) of about 9.5 during the forecast period 2022 to 2030."
Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Orthopedic Prosthetic Devices market. Our market search report includes these comprehensive insights as a key market contributor.
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Orthopedic Prosthetic Devices Market: Overview
An orthopedic prosthetic comprises an artificial device that substitutes for missing body parts. These artificial limbs help patients/users with lost body parts (limbs) to function efficiently and resemble natural limbs. The lost parts could result from diseases, surgical removal, congenital conditions, trauma, or disabling illness.
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Growth in healthcare infrastructure spending
The rising number of accidental injuries and trauma cases are the major factors bolstering the growth of Orthopedic Prosthetic Devices. Accidental injuries and trauma can result from sports injuries, medical complications, road accidents, and work-related injuries.
Most of these accidents require prosthetics or amputations device to replace the lost body part. For example, around 2.1 million people in the US are living with limb loss, and it is anticipated that the number will be doubled by 2050. Also, on a yearly average, nearly 185,000 of the US population have an amputation, resulting in 300 to 500 amputations/day. This is boosting the growth of the Orthopedic Prosthetics Market.
The rising number of road accidents worldwide is also expected to drive the Orthopedic Prosthetic Devices market. Further, the increasing disability rates worldwide are also boosting the market. Advancements in technology leading to new product launches are offering prosperous opportunities to the orthopedic prosthetic market players. Although, the high cost of these devices is anticipated to be the restraining factor to the growth of the Orthopedic Prosthetic Devices market.
The Orthopedic Prosthetic Devices market is segmented into product, technique, and end user. The market is categorized into lower extremity prosthetics, upper extremity prosthetics, sockets, and other products. The lower extremity prosthetics segment is expected to maintain its dominance throughout 2022-2030. Also, the demand for upper extremist prosthetics is increasing owing to the rising number of spinal injuries.
The rising number of diabetes patients globally and increasing obese populations increase the demand for lower extremity prosthetics. Based on technique, the electric-powered segment witnessed exponential growth from 2022 to 2030. By end users, the hospital's segment is expected to witness a high CAGR during the forecast period.
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The Asia Pacific to exhibit noteworthy growth in the Orthopedic Prosthetic Devices market
North America dominated the Orthopedic Prosthetic Devices market, accounting for over 35% in 2021, and is projected to continue its dominance throughout 2022-2030. The region has the presence of major players operating in the Orthopedic Prosthetic Devices market, with significant investment in R&D, rising healthcare spending, and supportive reimbursement policies laid by the federal government.
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Additionally, the increasing incidences of sports injuries and rising occurrence of osteosarcoma are anticipated to drive the demand for Orthopedic Prosthetic Devices. The US healthcare system also focuses on providing high-quality care and value-added services, expected to accelerate the demand shortly.
The Orthopedic Prosthetic Devices market in the Asia Pacific region is experiencing tremendous growth. The factors driving the market include rising diabetes cases, increasing road accidents, and favorable government initiatives in various economies. For instance, in 2018, Asian Prosthetic and Orthotics Meeting were held in Thailand. The meeting was organized to encourage cooperation among Asian economies and discuss the relevant issues concerning prosthetics and orthotics.
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The major players in the Orthopedic Prosthetic Devices market are focused on introducing advanced medical devices that offer improved efficiency and patient compliance, expanding their portfolio and attaining a competitive edge. Additionally, the surging awareness concerning the advantages of advanced Orthopedic Prosthetic Devices devices, for instance, the use of 3-D printing for designing devices compared to conventional methods, is boosting the market's growth.
Also, key participants choose partnerships and cooperation as feasible growth strategies to maintain their competitive edge in the market. Players are involved in strategic agreements worldwide.
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Some of the prominent players
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The global Orthopedic Prosthetics market is segmented as follows:
On the basis of Geography
The Middle East & Africa
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