Five Moments That Basically Sum Up Your Orthopedic Prosthetic Market Experience.



Orthopedic Prosthetic Market, by Product Type (Hand Prosthetics, Elbow Prosthetics, Shoulder Prosthetics), Lower Extremity Prosthetics (Foot & Ankle Prosthetics, Knee Prosthetics, Hip Prosthetics), Liners, Sockets, Modular Components), By Technology (Conventional, Electric Powered, Hybrid Orthopedic Prosthetics), By End User.


An Orthopedic Prosthetic Market is a prosthetic limb designed to replace a patient's missing body part. Artificial limbs enable people who have lost a leg or limbs to function effectively, and modern prosthetics closely resemble original or natural limbs, therefore users virtually usually go unrecognised.


Over the forecast period, the growing geriatric population is expected to drive growth in the worldwide orthopaedic prosthetics market. According to the United States Census Bureau, the elderly population in the United States is predicted to reach 77 million by 2034.


Furthermore, the worldwide Orthopedic Prosthetic Market is predicted to rise at a faster rate throughout the forecast period due to an increase in the number of accidents. According to the Government of India's Ministry of Road Transport and Highways, the number of road accidents increased by 0.46 percent in 2018 compared to 2017.


The worldwide Orthopedic Prosthetic Market is projected to be hampered by high prosthetic costs. A functional below-the-knee prosthesis that allows the user to stand and walk on level ground costs between US$ 5,000 and US$ 7,000, while computer-assisted devices cost between US$ 20,000 and US$ 30,000.


Furthermore, advances in vascular surgery may hamper the global orthopaedic prosthetics market's growth. Advances in vascular surgery are persuading doctors to reconsider amputation.


The worldwide Orthopedic Prosthetic Market is expected to be propelled forward by research and development. In August 2019, for example, Medical University of Vienna researchers teamed up with Otto Bock Healthcare Products, the Alfred Mann Foundation, and Imperial College London to develop a prosthetic arm with a few built-in electrodes that make contact with the patient's skin and cause the prosthetic arm claw to open and close.


Furthermore, the introduction of Internet of Things (IoT) technology for prosthetics is likely to boost market growth. For example, in August 2019, Intellirod Spine released iLink, a Bluetooth-enabled sensor module that can be fitted to any brace, orthotic, or prosthetic and used with a free smartphone app to track daily wearing compliance, upright posture time, and mobility.


Major companies in the global Orthopedic Prosthetic Market are concentrating their efforts on raising finances in order to increase their product lines. For example, Ottobock SE & Co. KGaA, a manufacturer of prosthetic limbs, orthotic supports, and wheelchairs, got financing from the European Investment Bank for up to US$ 110 million in December 2019

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