ORTHOPEDIC PROSTHETIC MARKET ANALYSIS

Regional Analysis

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North America remains the dominant region in the global orthopedic prosthetic market and is estimated to hold 44.2% of the market share in 2024 owing to increasing product approvals by the U.S. Food and Drug Administration (FDA). For instance, in December 2022, the U.S. Food and Drug Administration approved the Osseoanchored Prostheses for the Rehabilitation of Amputees (OPRA) Implant System, the first implant system marketed in the U.S. for adults who have transfemoral or above-the-knee amputations and who have or are anticipated to have rehabilitation problems with, or cannot use, a conventional socket prosthesis.

The Asia Pacific region has emerged as the fastest growing market for orthopedic prosthetics in recent times. Factors such as the rising geriatric population, improving access to healthcare, and growing medical tourism are aiding the market growth. Countries like China, India, and Japan have witnessed substantial economic development which has enhanced the affordability of orthopedic products. This has opened up the market beyond tertiary cities to tier 2 and tier 3 areas as well. Additionally, regional players are strengthening their manufacturing capabilities to serve the large domestic demands. Some of them are also collaborating with global companies for technical know-how transfer to accelerate product development. This has added competitive pricing dynamics to the region.