Orthopedic devices are intended to manage or prevent musculoskeletal difficulties, although at the same time provide straighten weak limbs or joints or orthotics support. Orthopaedic and orthotic devices generally include hip supports, foot and ankle supports, back supports and braces, knee and elbow braces and cervical collars.
Orthopaedic prosthetics devices are deliberated to align, support, correct or prevent deformities or/and develop the role of movable components of the body. Advancement in the prosthetic device technology, ease of availability customised prosthetic devices and consolidation of the global market has directed towards the growth of the overall market.
The worldwide market for orthopedic prosthetics devices is estimated to grow at a 5.0% CAGR, in terms of value over the conjecture time frame 2017-2026. The overall market for orthopedic prosthetics devices is estimated to account for a value of around US$ 1.76 Billion in 2017 and is likely to gain more over the calculated period.
Market Segmentation: Based on product type, the worldwide market is segmented as upper extremity prosthetics, lower extremity prosthetics, modular components sockets and liners. The lower extremity prosthetics are likely to account for more than half of the overall revenues during the estimated period and is expected to gain 60% of revenue shares through 2026.The upper extremity prosthetics segment are projected to gain around 15% of revenue shares of the overall market.; Based on technology type, the overall market is categorized into hybrid orthopedic prosthetics, electric powered and conventional. The electric powered category is expected to gain the maximum revenue share of the worldwide market, to reach a value of more than US$ 767 Million in revenues. This category is estimated to increase at the fastest CAGR over the projection period 2016-2026.
Based on the end user, the overall market is broadly divided into the rehabilitation centre, prosthetics clinics, hospitals and others. The prosthetics clinics will be the biggest end-users division of orthopedic prosthetics devices among others and the revenue share are considered to expand close to 42% by 2026 end.; Based on region, the overall market is studied across seven key regions, namely Latin America, North America, Eastern Europe, Western Europe, Japan, APEJ and MEA. North America is likely to remain the biggest market for orthopedic prosthetics devices and is projected to surpass a value around US$ 1 Billion in revenue terms up form a market value of US$ 651 Million by 2026 end, followed by the Western Europe.
Key Market Players: Few of the prominent companies in the worldwide market for prosthetics devices include: The Ohio Willow Wood Co., Touch Bionics Inc., Otto Bock HealthCare GmbH Össur, Blatchford Ltd., Hanger Inc.
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