Orthopaedic Prosthetics Market to Grow at a VALUE CAGR of 5.0% Through 2026

The US$ 1.62 Bn (2015) global orthopaedic prosthetics devices market is projected to grow at a CAGR of 5% through 2026. Currently, the market is witnessing slow growth owing to high cost of these devices. Lack of favourable reimbursement policies are also impeding adoption, with a significant percentage of population in developing countries unable to opt for these devices. Advancements in vascular surgery and scarcity of well-equipped rehabilitation centres are other restraints in the market.

The key trends expected to shape up the global orthopaedic market during the forecast period include,

• Innovation in prosthetic device technology

Prosthetic device technology has witnessed steady innovation, resulting into availability of advanced prosthetic devices. Low-temperature polyethylene therephthalate (LPET), polyetheretherketone (PEEK) are among some of the advanced materials used for manufacturing prosthetic devices.

• Customised prosthetic devices

To cater to the individual needs of patients, manufacturers are offering the option of customised prosthetic devices. The customised prosthetic devices offer greater level of functionality and are made to fit the user’s body. Users who require prosthetics for sports or leisure activities are increasingly demanding customised prosthetic devices. It is anticipated that demand for customised prosthetic devices will continue to increase during the forecast period.

• Consolidation of global market

The global market for prosthetics devices is non-fragmented, with only a few players dominating the product and services market currently. Consolidated patient care is offered through patient care and therapeutic solutions.

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Orthopaedic Prosthetics Device Market Segmentation by Product Type

By product type, the global prosthetics device market is segmented into,

• Upper extremity prosthetics
• Lower extremity prosthetics
• Liners
• Sockets
• Modular components

Among these, lower extremity prosthetics accounted for over half of the global revenues in 2016. The status quo is expected to remain unchanged during the forecast period and this segment is projected to account for over 60% of revenues by 2026. Upper extremity prosthetics are the other dominant segment, accounting for nearly 15% revenue share of the global market.

Orthopaedic Prosthetics Devices Market by Technology

On the basis of technology, the global orthopaedic prosthetics market can be segmented into,

• Conventional
• Electric Powered
• Hybrid orthopaedic prosthetics

Among these, electric powered orthopaedic prosthetics devices account for the highest revenue share of the market, accounting for over US$ 767 Mn in revenues. This segment is projected to grow at the highest CAGR during the forecast period 2016-2026.

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Orthopaedic Prosthetics Devices Market by End-user

On the basis of end-user, the global orthopaedic prosthetics devices market is segmented into,

• Hospitals
• Prosthetics clinics
• Rehabilitation centre
• Others

Among these, prosthetics clinics are the largest end-users of orthopaedic prosthetics devices. This end-use segment accounted for 38.8% revenue share of the market in 2016, with projections that the revenue share will increase to nearly 42% by 2026.

Region-wise Analysis on Orthopaedic Prosthetics Devices Market

North America remains the largest market for orthopaedic prosthetics devices market, accounting for a revenue share of 38.49% in 2016. The U.S. accounts for the bulk of the revenues of the North America orthopaedic prosthetics devices market. In terms of revenues, the North America orthopaedic prosthetics devices market is valued at US$ 651 Mn. It is projected to surpass US$ 1 Bn in revenues by 2026. Western Europe is the second largest market for orthopaedic prosthetics devices, with the EU5 at the forefront of demand.

Vendor Insights

The key players in the global orthopaedic prosthetics market include Otto Bock HealthCare GmbH, Blatchford Ltd., Össur, Touch Bionics Inc., Hanger Inc., and The Ohio Willow Wood Co. The report offers a holistic overview on these key players with insights on their key business and product strategies.

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