Global Orthopedic Prosthetic Market: Is Orthopedic Prosthetics Enhancing the Life Quality of the Patients?

Global Orthopedic Prosthetic Market

The main function of orthopedic prosthetic is to to restore the function of the lost body part. Orthopedic prosthetic is used as a substitute of the bone in leg, hip, elbow and other part of the body. Liner, sockets, upper extremity prosthesis and lower extremity prosthesis are some of the common types of the orthopedic prosthetics. Today, many different technologies such as hybrid, electric powered and manual prosthetics are used. These prostheses can be generated by using Computer- aided design or by hand. These devices are very useful for the treatment of conditions such as back pain, implants such as bone screw, bone plates and others. Prosthetics are made of material such as wood, rubber, plastics, carbon fiber, titanium, aluminum and other. 

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Factors responsible for the growth of these markets are as follow:

  • Rise in number of amputations leading to use of orthopedic prosthetic devices: These orthopedic prosthetic devices are mainly used for the bone fixation. These devices are usually inserted through a surgery and replace the injured joint. Mainly they are made of titanium alloys or stainless steel, which is later lined with plastic. There main aim is to restore the function of the injured part and make sure that it should work properly. They are widely used by the patient because it has the ability to reduce the pain by the patients that occurs due to the movement of the joint and help them to get better quality of the life
  • Technological advancement in developing prosthetic devices: As we know, prosthetic device is a device which is specially designed so that it can correct, support or replace damaged or injured body part. Some of the recent technological advancements includes 3D technology, Bionic arms, nerve detectors among others. With advancement in healthcare industry, there are different prosthetic devices available in the market which provides comfort to the patients. There are different devices available for the different part of the body. Upper extremity prosthetics which includes hand, elbow, & shoulder and lower extremity prosthetics which includes knee, hip and foot &ankle. Their main aim is to help the patient to get better life and get their damaged body part to function again. Today different technologies are used in prosthetics such as manual, hybrid and electric powered prosthetics.

The global orthopedic prosthetics market is segmented on the basis of  product type which is segmented as upper extremity prosthetics which is further sub- segmented as hand prosthetics, elbow prosthetics, shoulder prosthetics and lower extremity prosthetics  which is sub segmented as foot & ankle prosthetics, knee prosthetics, hip prosthetics, then there is liners, sockets, modular components. Then technology is segmented as manual prosthetics, electric powered prosthetics and hybrid prosthetics and end user is segmented as hospitals, clinics, rehabilitation centers, and others.

Some of the launches and acquisition in the market are as follow:

  • In March 2019, Exactech, Inc. announced that they have acquired XpandOrtho so that they can enhance their ExactechGPS computer-assisted surgery system which is specially designed to support knee and shoulder replacement. This acquisition will help the company to advance their technology and provide better experience to the surgeons and patients
  • In March 2018, BCP Group announced that they are going to acquire Victory Orthotics and Prosthetics so that they can provide high quality patient care to their customers. This will help the company to expand their reach in the Tri- Cities and Knoxville areas and will strengthen them in the O&P industry. This acquisition will benefit both the companies to provide high level of patient care

 “According to Data Bridge Market Research, Global Orthopedic prosthetics Market is expected to reach an estimated value of USD 3.24 billion by 2026, registering a substantial CAGR in the forecast period of 2019-2026”

Few of the major competitors currently working in the orthopedic prosthetics market are Blatchford Group (UK), Touch Bionics Inc. (US), The Ohio Willow Wood Co. (US), Össur (Iceland), Ottobock  (Germany), Fillauer LLC. (US), Advanced Arm Dynamics, inc. (US) Smith and Nephew (UK), Touch Bionics Inc (US)., Zimmer Boimet Holdings Inc. (US), Stryker Corp (US) DePuy Synthes (US). Blatchford Ortopedi AS (Norway), Exactech, Inc (US) Globus Medical Inc, (US), RTI Surgical Inc (US), Wright Medical Group N.V.,(US), Johnson & Johnson Services, Inc. (US), Arthrex Inc,(US), AlloSource (US) and others.

Orthopedic prosthetics is very helpful for the patients as it is helping them to get better life. These devices are providing them an alternative for their injured part, so that they can work properly. Increasing sports incidences and accidents worldwide which causes injuries to the bone; is the factor which is creating an opportunity for this market. Availability of different devices as per the need of the patient, and comfort provided by these device is also creating demand for these devices in the market.