Orthopedic Prosthetic Device Market

Orthopedic Prosthetic Device Market Overview for 2024 to 2034

The Orthopedic Prosthetic Device Market is anticipated to be valued at USD 2,348.4 million in 2024. The market is expected to grow at a CAGR of 4.8% over the period from 2024 to 2034. By the end of the forecast period, the market value is predicted to hit USD 3,753.1 million.

Attributes	Details
Orthopedic Prosthetic Device Market Value, 2024	USD 2,348.4 million
Projected Market Value, 2034	USD 3,753.1 million
Value-based CAGR (2024 to 2034)	4.8%

Orthopedic Prosthetic Device Market Analysis

• As the number of road accidents rises due to the increased number of vehicles on the road, the number of people with missing limbs is growing, necessitating the use of orthopedic prosthetic devices.
• With the rise in world population also comes the wave of babies born with missing body parts, and these babies are being fitted with orthopedic prosthetic devices, driving the market’s growth.
• Orthopedic prosthetic devices are being called upon to replace partially severed parts or limbs and are thus being made to suit the needs of individual patients.
• Researchers and manufacturers are focused on providing individuals with prosthetic devices that replicate the missing part as closely as possible, and thus, the popularity of the devices is increasing.
• Orthopedic prosthetic devices have the stigma of being cumbersome to handle. However, prosthetic devices are being geared toward the comfort of patients, and thus, there is less of a hesitation in their adoption.

Orthopedic Prosthetic Device Market Trends

• Technologies like the Internet of Things (IoT) improve the functionality of smart orthopedic prosthetic devices.
• Advanced orthopedic prosthetic devices are using technology like Bluetooth and smartphone connectivity to monitor patient health and record statistics.
• People living with chronic illnesses are taking the help of orthopedic prosthetic devices to make sure their functioning is not limited.
• With trends of upgrading lifestyles as a result of economic well-being, higher prosthetic devices are being preferred by individuals, to get access to improving technology and for better functionality.
• As fitness and sports trends grow, injuries from strenuous physical activities are growing, too. Severe injuries from these activities are leading to missing body parts and limbs, thus increasing the demand for orthopedic prosthetic devices.
• Slashing of healthcare budgets is leading to a shortfall of medical equipment as well as professionals to perform the procedure necessary for the fixing of orthopedic prosthetic devices, placing a limit on the growth of the market.
• Risks associated with orthopedic surgeries, such as infections, deep vein thrombosis, and more, make people hesitant about taking the help of orthopedic prosthetic devices.

Category-wise Outlook

Electric-powered prosthetic devices have overtaken conventional prosthetic devices in terms of market share. Prosthetic clinics are the top end-users of orthopedic prosthetic devices.

Rising Fascination with Technology Allows Electric-powered Prosthetic Devices to Gain the Upper Hand

In 2024, electric-powered prosthetic devices are expected to account for 47.4% of the market share. Some of the key drivers for the increasing use of electric-powered prosthetics are:

• Electric-powered orthopedic prosthetic devices are moving forward with technology like Bluetooth and IoT, thus seeing them gain popularity over conventional devices.
• Healthcare is rapidly embracing technology and the orthopedic prosthetic device market is no different. Thus, electric-powered versions of the product are leaving behind conventional models in terms of demand.

Attributes	Details
Top Technology	Electric-Powered
Market Share (2024)	47.4%

Increasing Investments in Prosthetic Clinics

Prosthetic clinics are anticipated to account for 41.4% of the market. Some of the key drivers for the progress of prosthetic clinic application of orthopedic prosthetic devices include:

• Prosthetic clinics are benefitting from investment courtesy of both the private and public sectors, and thus, afford expanded scope for orthopedic prosthetic device procedures.
• Prosthetic clinics specialize in providing customized devices to patients, and thus, they are highly preferred.

Attributes	Details
Top End User	Prosthetic Clinic
Market Share (2024)	41.4%

Country-wise Analysis

The presence of a robust healthcare infrastructure system is boosting the market in North America. The Asia Pacific’s considerable geriatric, as well as chronic illness-affected population, is taking the help of orthopedic prosthetic devices in increasing measure.

Europe is set to be a lucrative region for growth in the market. Ongoing fitness trends, in combination with a thriving sports culture, are driving the need for orthopedic prosthetic devices in the region.

Countries	CAGR
Canada	5.2%
Germany	5.7%
Spain	5.9%
Italy	5.3%
India	6.5%

Trend of Customized Orthopedic Prosthetic Devices Propelling Market in Canada

The market in Canada is set to register a CAGR of 5.2% over the forecast period. The key drivers for growth are:

• With incomes rising across Canada, patients are seeking orthopedic prosthetic devices that maximize their comfort regardless of the money. Thus, customized orthopedic devices that fit consumers like gloves are being sought in the country.
• Extreme weather conditions in Canada are leading to adverse effects in the population of the country’s bones and bodies, leading them to resort to orthopedic prosthetic devices.

Germany’s Thriving Sports Culture Resulting in Ever-present Threat of Sports Injuries

The CAGR for the market in Germany is expected to be 5.7% over the forecast period. Some of the key factors driving the growth are:

• People’s participation in sports shows no signs of abating in Germany but that brings with it the consequence of a rise in sports injuries. Thus, orthopedic prosthetic devices are being called upon in increasing measure in the country.
• With a focus on patient comfort in Germany, orthopedic prosthetic device manufacturers in the country are making increasingly convenient devices.

Advanced Technology Shaping the Market in Spain

The orthopedic prosthetic device market in Spain is projected to register a CAGR of 5.9% over the forecast period. Some of the key factors driving the growth are:

• Technologically-enabled prosthetic devices, with features such as smartphone connectivity, are gaining prominence in Spain.
• An increasing number of people with chronic illnesses in Spain is driving the demand for orthopedic prosthetic limbs.

3D Printed Prosthetics Giving the Market a Fresh Outlook in Italy

The market is expected to register a CAGR of 5.3% in Italy. Some of the key trends include:

• 3D printed prosthetics introduction in Italy has revolutionized the market in the country, with local players such as MT Ortho making significant strides in the department.
• The rising number of injuries related to physical work in Italy is increasing the demand for orthopedic prosthetic devices.

Rising Number of Road Accidents Boosting the Market in India

The market is expected to register a CAGR of 6.5% in India. Some of the key trends include:

• With the rapidly growing population, the number of vehicles on the road in India is increasing, accelerating the market demand in India.
• Government initiatives are focused on providing advanced medical technology to the rural population in India and thus the market’s scope in the country is widening.

Competitive Landscape in the Orthopedic Prosthetic Device Market

With technology playing an ever-expanding role in the market, companies are investing heavily in research & development. The market is fueled by both public and private investment.

The market for orthopedic prosthetic devices is fairly fragmented in nature, with startup culture apparent. Market players are collaborating with hospitals, prosthetic clinics, and others in the healthcare sector to expand their reach.

Recent Developments in the Orthopedic Prosthetic Device Market

• In January 2023, Zimmer Biomet strengthened its foothold in the market by acquiring Embody Inc.
• In September 2022, the Gamma4 Hip Fracture Nailing System was introduced by Stryker Corporation.
• In February 2022, the Power Knee microprocessor prosthetic knee system was launched by Össur. It is a smart prosthetic device with algorithms to monitor patient movement.

Key Companies in the Orthopedic Prosthetic Device Market

• Blatchford Group
• Touch Bionics Inc.
• The Ohio Willow Wood Co
• Össur hf.
• Fillauer LLC
• Advanced Arm Dynamics, Inc.
• Stryker Corporation
• Exactech, Inc.
• Globus Medical Inc.
• RTI Surgical Inc.
• Wright Medical Group N.V.
• Johnson & Johnson Services, Inc.
• Arthrex Inc.
• AlloSource
• Braun Melsungen AG
• Smith & Nephew plc
• Zimmer Biomet
• Hanger Inc.
• Otto Bock Healthcare GmBH
• Endolite Ltd.
• Howard Orthopedics Inc.

 Key Coverage in the Orthopedic Prosthetic Device Industry Report

• Orthopedic Prosthetic Devices Market Share & Trends Analysis
• Global Orthopedic Market Size Report
• Orthotics Market Comparative Analysis with Orthopedic Prosthetic Device Industry
• Orthopedic Prosthetic Device Sales Coverage
• Orthopedic Prosthetics Market Key Industry Insights
• Orthopedic Prosthetic Device Market Future Forecast

Key Market Segmentation

By Product:

• Upper Extremity Prosthetics
• 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:

• Hospitals
• Prosthetic Clinics
• Rehabilitation Centers
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Orthopedic Prosthetic Device Market?

The orthopedic prosthetic device market size is expected to be worth USD 2,348.4 million in 2024.

How Big will the Orthopedic Prosthetic Device Market Be by 2034?

The orthopedic prosthetic device market is estimated to be valued at USD 3,753.1 million by 2034.

How will the Orthopedic Prosthetic Device Market Progress in India?

The CAGR of the orthopedic prosthetic device market in India is estimated to be 6.5% from 2024 to 2034.

What are the Key Segments in the Orthopedic Prosthetic Device Market?

The orthopedic prosthetic device market can be divided into the following segments: product, technology, and end user.

What is the Scope of the Orthopedic Prosthetic Device Market?

The orthopedic prosthetic device market is expected to grow at a CAGR of 4.8% over the forecast period.

What are the Trends in the Orthopedic Prosthetic Device Industry?

The use of technology like Bluetooth and smartphone connectivity and customized orthopedic prosthetic devices are two of the trends in the orthopedic prosthetic device industry.

How is the Orthopedic Prosthetic Device Market in Canada Forecasted to Grow?

The orthopedic prosthetic device market is forecasted to grow at a CAGR of 5.2% in Canada.

Who are the Key Players in the Orthopedic Prosthetic Device Industry?

Hanger Inc., Otto Bock HealthCare GmbH, Endolite Ltd., and Touch Bionics Inc. are some of the key companies in the orthopedic prosthetic device industry.