ORTHOPEDIC PROSTHETIC MARKET ANALYSIS

Orthopedic Prosthetic Market Size and Trends

The global orthopedic prosthetic market is estimated to be valued at USD 2.46 Bn in 2024 and is expected to reach USD 3.62 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.

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The global orthopedic prosthetic market is driven by the rising geriatric population and the associated increase in the number of orthopedic diseases, tumors, or bone deformations among the elderly population. The market is also witnessing strong growth due to the increasing sports and road accident-related injuries leading to amputations. Technological advancements in 3D printing and prosthetics design have improved the cosmetic appearance and functionality of prosthetic devices. With growing awareness and availability of specialized prosthetic care, the social acceptance of those living with prosthetics is increasing globally.

Increasing Prevalence of Road Traffic Injuries

The increasing prevalence of road traffic injuries is poised to push growth in the global orthopedic prosthetic market over the coming years. According to data from the World Health Organization, road traffic crashes cause around 1.35 million deaths annually worldwide. While the highest road traffic death rates are seen in low-income countries, even developed nations are witnessing elevated injury rates. For example, reports from the Centers for Disease Control and Prevention showed over 4 million road injuries occurred in the United States in the year 2020 alone.

Increasing prevalence of road traffic injuries is expected to propel the growth of the global orthopedic prosthetic market during the forecast period. For instance, in June 2022, the World Health Organization (WHO) published a fact sheet according to which, every year around 20 to 50 million people suffer from non-fatal injuries, with many incurring a disability.

Key companies focusing on product launches to advance the development of new technology prosthetics are expected to propel the growth of the global orthopedic prosthetic market during the forecast period. For instance, in September 2022, Ossur, one of the global leaders in the orthotics and prosthetics (O&P) industry, announced the launch of a new POWER KNEE, a bionic technology and a motor prosthesis. The power knee, uses advanced algorithms to detect motion, movement pattern, and adjust the speed of wearer. They are designed to create motion and provide active powered assistance.