VALLEY COTTAGE, N.Y. – Favorable reimbursement policies, and continuous innovation in healthcare sector have been driving orthopaedic prosthetics market. Manufacturers are turning their focus on facilitating patients with advanced as well as customized medical solutions. North America and Asia Pacific offer lucrative prospects on back of increasing healthcare expenditure. This FMI study finds that the global orthopaedic prosthetics market is projected to grow at a CAGR of ~4% over forecast period (2019-2029), reaching about US$ 3 Bn.
Lower Extremity Prosthetics to Witness Significant Traction
FMI reveals that lower extremity prosthetics are leading the market with about 3/5th share. This is attributed to rising incidents of disorders, including diabetes, which affects the lower part of the body. In addition, demand for lower extremity prosthetics is fueled by various several feet- and ankle-related disorders. On the other hand, upper limb prosthetics are seeing huge traction owing to increasing cases of sports injuries and road mishaps.
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Electric Powered Prosthetics Leading the Way
Electric powered prosthetics are expected to reap higher revenues as compared to their conventional and hybrid counterparts, finds FMI. Factors, such as low maintenance costs, and lightweight, are influencing the demand for electric powered prosthetics. Hybrid orthopaedic prosthetics are also gaining traction on account of better functional outcomes. Consequently, revenues of conventional prosthetics are set to decrease steadily.
Advanced Solutions for Enhanced Patient Experience
Innovators are leveraging various connected technologies, including virtual reality (VR), Internet of Things (IoT), and Artificial Intelligence (AI), that can mimic the dexterity of human body organs. As a result of consistent R&D activities, developers are attempting to decode neuromuscular signals and microprocessor-controlled prosthetic to enable prosthetic to function akin to natural limbs.
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Further, customized features are set to Analysts at FMI suggest that “Orthopaedic prosthetics market players are focusing on the development of cutting-edge products. In addition, they are offering orthopaedic prosthetics customized according to the anatomy and functionality of patients.”
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