Global Orthopedic Prosthetics Market to be Driven by Increasing Incidence of Trauma/Accidental Injuries: Future Market Insights

Future Market Insights (FMI) delivers key insights on the global orthopedic prosthetics market in its upcoming report titled “Orthopedic Prosthetics Market: Global Industry Analysis 2013–2017 and Opportunity Assessment 2018 – 2028”. In terms of revenue, the global orthopedic prosthetics market projected to register a CAGR of 5.1% over the forecast period, owing to various factors, regarding which FMI offers detailed insights and forecasts in this report.     

The market is segmented based on product type, technology, end user and region. Based on product type the market is segmented into upper extremity prosthetics, lower extremity prosthetics, liners, sockets and modular components. Lower extremity prosthetics is the leading segment in orthopedic prosthetics market over the forecast period. 

The market is categorized into technology and end user. By technology, the market is segmented into conventional, electric powered and hybrid orthopedic prosthetics. The electric powered segment is the leading segment in the global orthopedic prosthetics market over the forecast period. Electric powered orthopedic prosthetics segment accounts for highest revenue share, which is anticipated to register a CAGR of 6.3% over the forecast period. By end user, the market is segmented into hospitals, prosthetic clinics, rehabilitation center and others. Prosthetic clinics is the leading segment in the global orthopedic prosthetics market over the forecast period. Prosthetic clinics segment accounts for relatively higher revenue share, which expected to register a CAGR of 6.0% over the forecast period.  

Growth of the global orthopedic prosthetics market is primarily driven by increasing incidence of trauma/accidental injuries, introduction of custom made implant products, rising demand for advanced orthopedic prosthetics, favorable reimbursement for orthopedic prosthetics, rise in prevalence of life-style related diseases and disorders, growing focus on containment of healthcare costs and distribution & collaboration agreements to increase product reach. However, lack of proper healthcare infrastructure in emerging markets, inadequate reimbursement coverage in developing countries, dearth of trained and skilled specialists and professionals and high cost of products restricting their adoption are some factors expected to hamper the growth of the global orthopedic prosthetics market over the forecast period. 

A key trend witnessed in the orthopedic prosthetics market is the focus on custom product offerings for specific needs, growing preference for branded products, increasing consolidations among key players, rising technological advancements & spending on healthcare facilities. Furthermore, the growing importance of developing orthopedic prosthetics by big players in order to enhance their product portfolio are the key trends of global orthopedic prosthetics market.

This report assesses trends are driving the growth of each segment on the global as well as regional level, and offers potential takeaways that could prove substantially useful to manufacturers looking to enter the market.

 The North America market has been estimated to dominate the global orthopedic prosthetics market, accounting for a maximum revenue share of the market by 2017 end. The North America, Western Europe, and Asia Pacific markets collectively expected to account for around 73.1% of the total orthopedic prosthetics market share in terms of value by 2017 end. Revenue from the market in APEJ is estimated to expand at the CAGR of 6.7% over the forecast period, excluding Japan.

Some of the key global orthopedic prosthetics market players covered in the report include Ossur, Zimmer Biomet Holdings Inc., Hanger Inc., Otto Bock Healthcare GmbH, Blackford Inc., Smith & Nephew plc., Johnson & Johnson, B. Braun Melsungen AG, The Ohio Willow Wood Co. and Fillauer LLC. In this report, we have discussed the individual strategies followed by these companies regarding bringing improvements in their products, creating new manufacturing facilities, market consolidation and advanced R&D initiatives. The report has been concluded with key takeaways for players already present in the market and new players planning to enter the market, which could help them in the end

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