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$1.97+ Billion Worldwide Orthopedic Prosthetics Industry to 2031

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Dublin, Oct. 28, 2022 (GLOBE NEWSWIRE) — The ‘Global Orthopedic Prosthetics Market Report 2022’ has been added to from ResearchAndMarkets.com offer.

This report provides strategists, marketers, and senior management with the critical information they need to assess the global orthopedic prosthetics market as it emerges from the COVID-19 lockdown.

The global orthopedic prosthetics market is expected to grow from $1.33 billion in 2021 to $1.46 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The market is expected to reach $1.97 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.

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The major players in the orthopedic prosthetics market are Otto Bock HealthCare GmbH, Blatchford Ltd, Zimmer Biomet Inc, DePuy Synthes, Stryker Corporation, The Ohio Willow Wood Co, Ossur, Smith and Nephew plc, Biomet Inc and Touch Bionics Inc.

The orthopedic prostheses market consists of sales of orthopedic prostheses. Orthopedic prostheses are artificial devices used to replace a missing body part lost due to disease, trauma, surgical removal of a bodily appendage, disabling disease, or congenital conditions.

The main types of orthopedic prosthetic products are upper limb prostheses, lower limb prostheses, sockets and other products. Orthopedic prostheses are artificial devices used to replace a missing body part lost due to disease, trauma, and the surgical removal of a bodily appendage, disabling disease, or congenital conditions. The technologies concerned are conventional orthopedic prostheses, electric orthopedic prostheses and hybrid orthopedic prostheses. The end users are hospitals, prosthetic clinics, rehabilitation centers and others.

North America was the largest orthopedic prosthetics market region in 2021. Western Europe was the second largest orthopedic prosthetics market region. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The market for orthopedic prostheses is driven by an increasing number of cases of trauma and accidental injuries. Trauma cases and accidental injuries are caused by various factors such as road accidents, sports injuries, other medical complications and work-related accidents. Most of these injuries may require amputations and prostheses to replace the lost body part. For example, 2.1 million people live with limb loss in the United States, and this number is expected to double by 2050. 185,000 people in the United States are amputated every year. This means that 300 to 500 amputations were performed every day. Hence, driving the demand for orthopedic prostheses hence the growth of the orthopedic prostheses market.

The orthopedic prosthetics market is constrained by barriers to entry due to FDA regulatory control guidelines over these devices based on the risks associated with them. These devices fall into the Class III category according to the FDA, which includes devices with high risk associated with use. Class III devices must apply for Premarket Approval (PMA), which is the FDA’s scientific review process to assess the safety of these devices. These strict guidelines associated with these devices create a barrier to entry and thus restrain the market for orthopedic prostheses. For example, DePuy’s hip prosthesis was denied FDA approval after it was deemed unsafe, creating a barrier to entry and restricting the market.

Companies in the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prostheses. 3D printing is a process of turning a digital model into a solid three-dimensional object. 3D printed orthopedic prostheses are devices made by the 3D printing process. These devices have shorter delivery times, lower costs and consistent quality. For example, Zdravprint is a Russian company that develops hand, elbow and shoulder prostheses using 3D printing technology.

The orthopedic prosthetics market is regulated according to the guidelines of the Food and Drug Administration (FDA). The FDA has categorized these devices as Class III, which includes devices with a high risk associated with use. Class III devices must apply for Premarket Approval (PMA) before they can be used. PMA is the process the FDA follows for scientific evaluation, to assess the safety of devices. If an ART application is found to lack valid clinical evaluation and proper scientific reasoning, this impacts FDA approval and prevents the prosthesis from being brought to market.

Countries covered by Orthopedic Prosthetics market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, US United and Australia.

Main topics covered:

1. Summary

2. Characteristics of Orthopedic Prosthetics Market

3. Orthopedic Prosthetics Market Trends and Strategies

4. Impact of COVID-19 on orthopedic prostheses

5. Orthopedic Prosthetics Market Size and Growth
5.1. Global Historical Orthopedic Prosthetics Market, 2016-2021, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Orthopedic Prosthetics Market Forecast, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints

6. Orthopedic Prosthetics Market Segmentation
6.1. Global Orthopedic Prosthetics Market, Segmentation by Product Type, History & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

6.2. Global orthopedic prosthetics market, segmentation by end users, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars

  • Hospitals

  • Prosthetic Clinics

  • rehabilitation center

  • Other end users

6.3. Global Orthopedic Prosthetics Market, Segmentation by Technology, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Conventional orthopedic prostheses

  • Electric orthopedic prostheses

  • Hybrid orthopedic prostheses

7. Regional and Country Analysis of Orthopedic Prosthetics Market
7.1. Global Orthopedic Prosthetics Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Orthopedic Prostheses Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

For more information about this report visit https://www.researchandmarkets.com/r/bcyoj

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