Orthopedic Prosthetic Market Estimated to Witness Strong Growth Owing to Increasing Geriatric Population
Orthopedic Prosthetic Market Estimated to Witness Strong Growth Owing to Increasing Geriatric Population
Blog Article
The global orthopedic prosthetic market is primarily driven by the rising number of orthopedic procedures across the globe due to the growing geriatric population suffering from osteoarthritis and other orthopedic conditions. Orthopedic prosthetics offer effective solutions to restore function as well as improve mobility. The advancements in prosthetic designs and biomaterials have made them lighter in weight with enhanced comfort.
The Global orthopedic prosthetic market is estimated to be valued at US$ 10.79 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the orthopedic prosthetic market are Broadcom Inc.,
Sicoya GMBH, GlobalFoundries Inc., Intel Corporation, Juniper Networks Inc., Cisco Systems Inc., IBM Corporation, and NeoPhotonics Corporation.
The Orthopedic Prosthetic Market share is influenced by companies focusing on developing advanced prosthetics through R&D and strategic collaborations.
Key opportunities: Rising healthcare spending in developing nations and increasing adoption of 3D-printed prosthetics offer major growth opportunities in the market. There is a scope for customized orthopedic solutions for sportspersons and obese individuals.
Global expansion: Major players are expanding globally especially in Asia Pacific and Latin America to tap the potential of untapped markets. Strategic partnerships with hospitals and clinics help in better market penetration.
Market Drivers
The global orthopedic prosthetic market is projected to grow at a steady pace primarily driven by the growing geriatric population worldwide which is more prone to orthopedic conditions. As per estimates, over the period from 2024 to 2050, the population aged 65 years or older is projected to grow dramatically in all parts of the world. By 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). The rising life expectancy will correspondingly increase the patient population requiring orthopedic prosthetic solutions.
PEST Analysis
Political:The orthopedic prosthetic market is regulated by various government regulations and guidelines related to innovation, safety, and efficacy. Regulations aim to ensure that prosthetic devices meet minimum quality standards and help patients.
Economic: Rising healthcare spending and increasing prevalence of orthopedic diseases and injuries are driving the economic growth of the orthopedic prosthetic market. However, high costs of innovative solutions may restrain market growth to some extent.
Social: As more people are opting for an active lifestyle and participating in sports and recreational activities even in older ages, demands for high-performance prosthetics are increasing. Social awareness about various rehabilitation options is also supporting the market.
Technological:
Orthopedic Prosthetic Market Challenges and Opportunities are shaped by rapid technological advancements, including newer materials, innovative designs, powered and bionic prosthetics, 3D printing, and an emphasis on lightweight and cosmetic aspects. Additive manufacturing enables custom-designed prosthetics.
Geographical concentration
North America holds the largest share of the orthopedic prosthetics market in terms of value due to advanced healthcare facilities, availability of skilled professionals, and favorable reimbursement framework. The United States generates maximum revenue.
Fastest growing region
Asia Pacific is poised to witness the fastest growth during the forecast period owing to increasing healthcare spending, growing population, rising awareness about prosthetic devices, and availability of low-cost products. India and China dominate the APAC market and offer lucrative opportunities.
Discover the language that resonates with you.
French German Italian Russian Japanese Chinese Korean Portuguese
Get More Insights On Orthopedic Prosthetic Market
https://www.timessquarereporter.com/news/the-orthopedic-prosthetic-market-is-enabling-recovery-through-technologies
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
copyright src="chrome-extension://fpjppnhnpnknbenelmbnidjbolhandnf/content_script_web_accessible/ecp_regular.js" type="text/javascript"> Report this page