Orthopedic Prosthetic Devices Market Size, Share, Growth Analysis Report By Type (Lower Extremity Prosthetics, Upper Extremity Prosthetics, Sockets, Others), By Technology (Conventional, Electric-Powered, Hybrid), By End User (Research Institutes, Hospitals, Diagnostic Laboratories, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Ossur
- Braun Melsungen AG
- Smith & Nephew
- Johnson & Johnson
- Others
Reports Description
The global Orthopedic Prosthetics Market was estimated at nearly USD 1.73 billion in 2021 to $1.96 billion in 2022. According to our study, the market is anticipated to reach a value of USD $3.97 billion by 2030, showing a CAGR of 9.5%.
Scrutinizing the uncertainties of the COVID-19 pandemic, our research team constantly tracks and assesses the pandemic’s impact on the Orthopedic Prosthetics market. Our market search report includes these comprehensive insights as a key market contributor.
Orthopedic Prosthetics Market: Overview
Orthopedists use wide-ranging orthopedic prosthetic implants to replace missing bones or joints and support damaged bones. Common prostheses used by orthopedics include hip and knee prostheses, which enable patients to recover their complete motion in a short period.
As per the National Center for Biotechnology Information, orthopedic disease condition accounts for around 70% of lower limb amputations, which are mostly caused by diabetes or vascular disease. Other causes for lower limb amputations include malignancy, trauma, and congenital deformity. Various Orthopedic Prosthetics types include Upper Limb Prosthetics, Lower Limb Prosthetics, Microprocessor controlled prosthetics, and prosthetics for children. Further, CPO prosthetics used methods such as Rotationplasty, Osseointegration, and robotic surgery.
Orthopedic Prosthetics Market: COVID – 19Impact Analysis
The COVID-19 pandemic hurt the orthopedic prosthetic market due to the decline in consumption. Several prosthetics surgeries were delayed during the pandemic owing to the non-availability of doctors and postponing surgeries to curb the spread of the virus.
This resulted in a loss of revenue. For instance, according to the British Journal of Surgery’s report, nearly 6.3 million surgeries worldwide concerning orthopedics were canceled or postponed owing to COVID-19. The outbreak of COVID-19 resulted in decreased demand for electric prostheses. However, orthopedic clinics started providing online video consulting appointments. With the relaxation and growing vaccination drive, the number of COVID patients declined and hospital operations came back to normal. A gradual recovery was noticed during Q1 of 2021, and it is expected to experience growth in the coming years.
Orthopedic Prosthetics Market: Growth Drivers
Surging investments in healthcare infrastructure and an increasingly obese population
Increasing investments worldwide, particularly by the government sector, is one of the key factors boosting market growth. According to research by the Peter G. Peterson Foundation, the US is witnessing a high rise in its healthcare expenditures.
The national healthcare expenditure is anticipated to account for approximately USD 6.2 trillion by the end of 2028. Also, according to the American Medical Association, in 2020, US healthcare spending increased by 9.7%, reaching USD 4.1 trillion. This growth rate is significantly higher than the 4.3% witnessed in 2019. One of the prime reasons for the growth in Orthopedic Prosthetics surgeries is the rising obesity rate in several economies worldwide. This is due to the growing consumption of processed and junk food and an unhealthy lifestyle. Obesity directly impacts the knees and can result in difficulty in running, walking, or sitting. Thus, the growing obese population and rising expenditure on healthcare are boosting the market.
Surging R&D investments
Surging research and development proficiencies, particularly in developed and developing countries, regarding medical devices and instruments are expected to offer prosperous market growth opportunities. R&D capabilities in the material sciences field also bolstered the Orthopedic Prosthetics market. These include growing developments in CAD/CAM technologies.
Orthopedic Prosthetics Market: Segmentation Analysis
The Orthopedic Prosthetics markets are segmented into product, technology, and end user. The lower extremity prosthetics segment is expected to hold over 50% of the total market by product.
The segment’s dominance is attributed to rising incidences of medical ailments, such as diabetes, which can result in lower body issues. Additionally, several foot and ankle-related disorders require surgical interventions. On the other hand, upper extremity prosthetics are required mainly in case of sports injuries. The market is classified based on technology into electric-powered, conventional, and hybrid. The electric-powered segment will witness a high CAGR during 2022-2030.
Due to rising R&D activities, the developments in electric-powered technology have better functional outcomes.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 1.73 billion |
| Projected Market Size in 2030 | USD 3.97 billion |
| CAGR Growth Rate | 9.5% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Ossur, B. Braun Melsungen AG, Smith & Nephew, Johnson & Johnson, Exatech Inc., Hanger Inc., Touch Bionics Inc., Howard Orthopaedics Inc., Medtronic Spinal, Globus Medical, Wishbone Medical, OrthoPediatrics, Arthrex, Pega Medical, Integra Lifesciences, Advanced Arm Dynamics, DJO Global, and Others |
| Key Segment | By Type, Technology, End User, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your research requirements. |
Key Insights:
- Per the analysis shared by our research analyst, the Orthopaedic Prosthetics market is estimated to grow annually at a CAGR of around 9.5% over the forecast period (2022-2030).
- In terms of revenue, the Orthopedic Prosthetics market was valued at around USD 1.73 billion in 2021 and is projected to reach USD 3.97 billion by 2030. Due to various driving factors, the market is predicted to rise at a noteworthy rate.
- Based on product segmentation, the lower extremity prosthetics segment was estimated to hold the maximum market share in 2021.
- Based on technology segmentation, the electric-powered segment is expected to witness a high CAGR during 2022-2030.
- The hospital segment is expected to show a high growth rate by end users during the forecast period.
- Based on region, the North American region was the leading revenue generator in 2021.
Recent Development
- February 2022: Ossur unveiled its new Power Knee microprocessor prosthetic knee system. The new system is a motor-powered “smart” prosthesis implemented with advanced algorithms that help detect human movement patterns, learn, and adjust the user’s speed and pace in real time.
- December 2021: WillowWood Global and Blue Sea Capital LLC entered a strategic partnership. The partnership aims to increase WillowWood’s funding and introduce new advanced products.
Regional Landscape
The North American region is anticipated to lead the market throughout the forecast period. The key factors propelling the growth of Orthopedic Prosthetics in the region include major regional players, a robust distribution network, and an advanced healthcare infrastructure.
The recent trend observed in the region is the use of new polymers and the development of technically advanced products. Further, the players operating in North America are focused on developing lightweight Orthopedic Prosthetics to fulfill the wearer’s needs. In 2020, In2Bones Global Inc. launched its ”Avenger Radial Head Prosthesis System”. The rising investments in R&D activities by regional players are key factors propelling the growth of the orthopedic prosthetics market.
Competitive Landscape
The Orthopedic Prosthetics market is highly competitive, with four key players, including Ossur, B. Braun Melsungen AG, Johnson & Johnson, and Smith & Nephew, contributing over 50% of the total revenues. Moreover, introducing new and advanced products is the key strategy player in the Orthopedic Prosthetics market.
A number of players are investing in 3D printing technologies to deliver personalized products to users. The market is also witnessing growth in public-private partnerships, and market competitiveness is expected to increase further in the near future.
The global Orthopedic Prosthetics market is segmented as follows:
By Type
- Lower Extremity Prosthetics
- Upper Extremity Prosthetics
- Sockets
- Others
By Technology
- Conventional
- Electric-Powered
- Hybrid
By End User
- Research Institutes
- Hospitals
- Diagnostic Laboratories
- Others
Based on Geography
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Orthopedic Prosthetics Market (2022 – 2030) (USD Billion)
- 2.2 Global Orthopedic Prosthetics Market: snapshot
- Chapter 3. Global Orthopedic Prosthetics Market – Industry Analysis
- 3.1 Orthopedic Prosthetics Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Surging investments in healthcare infrastructure
- 3.2.2 Growing obese population
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By Technology
- 3.7.3 Market Attractiveness Analysis By End User
- Chapter 4. Global Orthopedic Prosthetics Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Orthopedic Prosthetics Market: company market share, 2021
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Orthopedic Prosthetics Market – Type Analysis
- 5.1 Global Orthopedic Prosthetics Market Overview: By Type
- 5.1.1 Global Orthopedic Prosthetics Market Share, By Type, 2021 and 2030
- 5.2 Lower Extremity Prosthetics
- 5.2.1 Global Orthopedic Prosthetics Market by Lower Extremity Prosthetics, 2022 – 2030 (USD Billion)
- 5.3 Upper Extremity Prosthetics
- 5.3.1 Global Orthopedic Prosthetics Market by Upper Extremity Prosthetics, 2022 – 2030 (USD Billion)
- 5.4 Sockets
- 5.4.1 Global Orthopedic Prosthetics Market by Sockets, 2022 – 2030 (USD Billion)
- 5.5 Others
- 5.5.1 Global Orthopedic Prosthetics Market by Others, 2022 – 2030 (USD Billion)
- 5.1 Global Orthopedic Prosthetics Market Overview: By Type
- Chapter 6. Global Orthopedic Prosthetics Market: Technology Analysis
- 6.1 Global Orthopedic Prosthetics Market Overview: By Technology
- 6.1.1 Global Orthopedic Prosthetics Market Share, By Technology, 2021 and 2030
- 6.2 Conventional
- 6.2.1 Global Orthopedic Prosthetics Market by Conventional, 2022 – 2030 (USD Billion)
- 6.3 Electric-Powered
- 6.3.1 Global Orthopedic Prosthetics Market by Electric-Powered, 2022 – 2030 (USD Billion)
- 6.4 Hybrid
- 6.4.1 Global Orthopedic Prosthetics Market by Hybrid, 2022 – 2030 (USD Billion)
- 6.1 Global Orthopedic Prosthetics Market Overview: By Technology
- Chapter 7. Global Orthopedic Prosthetics Market: End User Analysis
- 7.1 Global Orthopedic Prosthetics Market Overview: By End User
- 7.1.1 Global Orthopedic Prosthetics Market Share, By End User, 2021 and 2030
- 7.2 Research Institutes
- 7.2.1 Global Orthopedic Prosthetics Market by Research Institutes, 2022 – 2030 (USD Billion)
- 7.3 Hospitals
- 7.3.1 Global Orthopedic Prosthetics Market by Hospitals, 2022 – 2030 (USD Billion)
- 7.4 Diagnostic Laboratories
- 7.4.1 Global Orthopedic Prosthetics Market by Diagnostic Laboratories, 2022 – 2030 (USD Billion)
- 7.5 Others
- 7.5.1 Global Orthopedic Prosthetics Market by Others, 2022 – 2030 (USD Billion)Chapter 8. Orthopedic Prosthetics Market: Regional Analysis
- 8.1 Global Orthopedic Prosthetics Market Regional Overview
- 8.2 Global Orthopedic Prosthetics Market Share by Region, 2021 & 2030 (USD Billion)
- 8.3. North America
- 8.3.1 North America Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.3.1.1 North America Orthopedic Prosthetics Market, by Country, 2022 – 2030 (USD Billion)
- 8.3.1 North America Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.4 North America Orthopedic Prosthetics Market, by Type, 2022 – 2030
- 8.4.1 North America Orthopedic Prosthetics Market, by Type, 2022 – 2030 (USD Billion)
- 8.5 North America Orthopedic Prosthetics Market, by Technology, 2022 – 2030
- 8.5.1 North America Orthopedic Prosthetics Market, by Technology, 2022 – 2030 (USD Billion)
- 8.6 North America Orthopedic Prosthetics Market, by End User, 2022 – 2030
- 8.6.1 North America Orthopedic Prosthetics Market, by End User, 2022 – 2030 (USD Billion)
- 8.7. Europe
- 8.7.1 Europe Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.7.1.1 Europe Orthopedic Prosthetics Market, by Country, 2022 – 2030 (USD Billion)
- 8.7.1 Europe Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.8 Europe Orthopedic Prosthetics Market, by Type, 2022 – 2030
- 8.8.1 Europe Orthopedic Prosthetics Market, by Type, 2022 – 2030 (USD Billion)
- 8.9 Europe Orthopedic Prosthetics Market, by Technology, 2022 – 2030
- 8.9.1 Europe Orthopedic Prosthetics Market, by Technology, 2022 – 2030 (USD Billion)
- 8.10 Europe Orthopedic Prosthetics Market, by End User, 2022 – 2030
- 8.10.1 Europe Orthopedic Prosthetics Market, by End User, 2022 – 2030 (USD Billion)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.11.1.1 Asia Pacific Orthopedic Prosthetics Market, by Country, 2022 – 2030 (USD Billion)
- 8.11.1 Asia Pacific Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.12 Asia Pacific Orthopedic Prosthetics Market, by Type, 2022 – 2030
- 8.12.1 Asia Pacific Orthopedic Prosthetics Market, by Type, 2022 – 2030 (USD Billion)
- 8.13 Asia Pacific Orthopedic Prosthetics Market, by Technology, 2022 – 2030
- 8.13.1 Asia Pacific Orthopedic Prosthetics Market, by Technology, 2022 – 2030 (USD Billion)
- 8.14 Asia Pacific Orthopedic Prosthetics Market, by End User, 2022 – 2030
- 8.14.1 Asia Pacific Orthopedic Prosthetics Market, by End User, 2022 – 2030 (USD Billion)
- 8.15. Latin America
- 8.15.1 Latin America Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.15.1.1 Latin America Orthopedic Prosthetics Market, by Country, 2022 – 2030 (USD Billion)
- 8.15.1 Latin America Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.16 Latin America Orthopedic Prosthetics Market, by Type, 2022 – 2030
- 8.16.1 Latin America Orthopedic Prosthetics Market, by Type, 2022 – 2030 (USD Billion)
- 8.17 Latin America Orthopedic Prosthetics Market, by Technology, 2022 – 2030
- 8.17.1 Latin America Orthopedic Prosthetics Market, by Technology, 2022 – 2030 (USD Billion)
- 8.18 Latin America Orthopedic Prosthetics Market, by End User, 2022 – 2030
- 8.18.1 Latin America Orthopedic Prosthetics Market, by End User, 2022 – 2030 (USD Billion)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.19.1.1 The Middle-East and Africa Orthopedic Prosthetics Market, by Country, 2022 – 2030 (USD Billion)
- 8.19.1 The Middle-East and Africa Orthopedic Prosthetics Market, 2022 – 2030 (USD Billion)
- 8.20 The Middle-East and Africa Orthopedic Prosthetics Market, by Type, 2022 – 2030
- 8.20.1 The Middle-East and Africa Orthopedic Prosthetics Market, by Type, 2022 – 2030 (USD Billion)
- 8.21 The Middle-East and Africa Orthopedic Prosthetics Market, by Technology, 2022 – 2030
- 8.21.1 The Middle-East and Africa Orthopedic Prosthetics Market, by Technology, 2022 – 2030 (USD Billion)
- 8.22 The Middle-East and Africa Orthopedic Prosthetics Market, by End User, 2022 – 2030
- 8.22.1 The Middle-East and Africa Orthopedic Prosthetics Market, by End User, 2022 – 2030 (USD Billion)
- 7.5.1 Global Orthopedic Prosthetics Market by Others, 2022 – 2030 (USD Billion)Chapter 8. Orthopedic Prosthetics Market: Regional Analysis
- Chapter 9. Company Profiles
- 9.1 Ossur
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 B. Braun Melsungen AG
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Smith & Nephew
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Johnson & Johnson
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Exatech Inc.
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Hanger Inc.
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Touch Bionics Inc.
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Howard Orthopaedics Inc.
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Medtronic Spinal
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Globus Medical
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Wishbone Medical
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 OrthoPediatrics
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 Arthrex
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Pega Medical
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Integra Lifesciences
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Advanced Arm Dynamics
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 DJO Global
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.1 Ossur
- 7.1 Global Orthopedic Prosthetics Market Overview: By End User
List Of Figures
Figures No 1 to 27
List Of Tables
Tables No 1 to 77
List of the prominent players in the global Orthopedic Prosthetics market:
FAQs
“North American” region will lead the global Orthopedic Prosthetics market from 2022 to 2030.
Increasing investments worldwide, particularly by the government sector, is one of the key factors boosting market growth.
The key players operating in the Orthopedic Prosthetics market are Ossur, B. Braun Melsungen AG, Smith & Nephew, Johnson & Johnson, Exatech Inc., Hanger Inc., Touch Bionics Inc., Howard Orthopaedics Inc., Medtronic Spinal, Globus Medical, Wishbone Medical, OrthoPediatrics, Arthrex, Pega Medical, Integra Lifesciences, Advanced Arm Dynamics, DJO Global, and Others.
The global Orthopedic Prosthetics market is expanding growth with a CAGR of approximately 5% during the forecast period (2022 to 2030).
The global Orthopedic Prosthetics market size was valued at USD 2.10 billion in 2021 and it is projected to reach around USD 3.3 billion by 2030.