Orthopedic Prosthetic Market is Estimated to Witness High Growth Owing to the Rapid Increase in Number of Accident Cases

 
Orthopedic Prosthetic Market

Orthopedic prosthetic products are designed for replacing missing joints or bones that are lost due to various reasons such as accidents or diseases. Orthopedic prosthetics provide better mobility to users by allowing them to perform daily activities such as walking, running and other physical movements. There has been continuous development and innovation in prosthetic design and technology to provide a more natural movement and feel to users.

The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
Rapid Increase in Number of Accident Cases
The number of road accidents and trauma cases have increased significantly over the past few years. Road accidents have become one of the major causes of amputation and loss of limbs globally. According to the World Health Organization (WHO), every year around 1.35 million people die due to road accidents worldwide. The number of people sustaining injuries and amputations due to accidents is also increasing. Hence, the rise in number of accidents is expected to drive the demand for orthopedic prosthetics products significantly during the forecast period and act as a major market opportunity.

Porter's Analysis

Threat of new entrants: Low. Establishing manufacturing facilities and designing new medical devices requires huge capital investments and regulatory approvals which discourage new companies from entering the market.

Bargaining power of buyers: Moderate. The market has large number of buyers including hospitals, rehabilitation centers and individual consumers which dilutes their bargaining power. However, discounted offerings and deals increase buyers' power.

Bargaining power of suppliers: Moderate. The market has large number of raw material suppliers and component manufacturers. However, specialized nature of inputs increases their bargaining power to some extent.

Threat of new substitutes: Low. There are limited substitute products for orthopedic prosthetics due to their customized nature and focus on replacing or restoring anatomical structures.

Competitive rivalry: High. The market has presence of many global as well as regional players offering differentiated products. Companies compete based on product quality, technology, pricing and customer service.

SWOT Analysis

Strength: Established distribution channel and access to specialized healthcare facilities increase revenue opportunities for major players. Customized nature of devices improve patients' mobility and quality of life.

Weakness: High costs of prosthetics limit their access in low income regions. Post-surgery rehabilitation and training requires extensive support.

Opportunity: Rising geriatric population susceptible to bone injuries and diseases will boost demand. Development of 3D printing and robotics may lower production costs.

Threats: Stringent regulatory approvals and quality standards increase compliance costs. Reimbursement policies vary globally and impact market growth.


Key Takeaways

The Global Orthopedic Prosthetic Market Demand is expected to witness high growth over the forecast period. The global Orthopedic Prosthetic Market is estimated to be valued at US$ 2365.78 Mn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

North America dominate the market currently due to presence of major players and advanced healthcare facilities. However, Asia Pacific is fastest growing region on back of rising patient disposable incomes, healthcare reforms and growing medical tourism.

Key players operating in the orthopedic prosthetic market are Ward Chemical, Inc. Companies are focusing on developing innovative products using new technologies like robotics and 3D printing. They are also expanding in emerging markets through collaborations with local medical institutes.

For more insights, Read- https://www.pressreleasebulletin.com/orthopedic-prosthetic-market-trends-size-and-share-analysis/

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