Orthopedic prosthetic devices are defined as external medical that substitute for the missing skeletal part. Orthopedic prosthetics are a vital component of rehabilitation of the injured or harmed skeletal system, associated musculature and joints. These devices are mostly used after trauma or surgical removal of body appendage, disability arising from congenital condition or similar such disabling illnesses. Orthopedic prosthetic devices efficiently facilitate replacement of such missing body part and make up for normal living. With over 50,000 amputations occurring in the U.S. alone, the market for orthopedic prosthetics holds a significant position in the overall medical devices market.
This market is currently driven by factors such as technological development in the field of robotic prosthetics, growing incidence of debilitating diseases, rising number of amputations resulting from war and combat, and rise in lifestyle related chronic conditions. Other market drivers include factors such as growing preference for regaining and improving quality of life, and rise in sports injuries. Advent of advanced bionics, products such as robotic exoskeletons and such rapid technical innovations serve as lucrative opportunities for future growth of the market. Conversely, high expenditure, issues on reimbursement, and certain entry barriers specifically relating to regulatory guidelines are the major factors that may hold back the growth of this market.
The global orthopedic prosthetic devices market is technology driven and is characterized by several market consolidation events taking place in the recent past. Improved ergonomics of orthopedic prosthetics play a critical role for the new market players. Use of specialty materials such as Kevlar, carbon fibre, titanium and others, with a focus of improving the sturdiness, controlled movement and quicker rehabilitation form a major trend in this market. Introduction of CAD/CAM technology in creating more precise custom implants is another rising trend in the orthopedic prosthetic devices market in developed regions.
The global orthopedic prosthetic devices market is segmented on the following bases:
a. Upper Extremity Prosthetics
b. Lower Extremity Prosthetics
i. Foot and Ankle
a. Manual Prosthetics
b. Electric Powered Prosthetics
c. Hybrid Prosthetics
a. North America
iii. Rest of Europe
iii. Rest of APAC
d. Latin America
e. Middle East and Africa
Key players identified for orthopedic devices market include but are not limited to:
Zimmer Holdings, Inc., Exactech, Inc., Touch Bionics Inc., Otto Bock HealthCare GmbH, Stryker Corp., Biomet Inc., DePuy, Inc., Smith and Nephew plc and others.
This report offers:
Company profiles highlighting key information about the major players operating in the orthopedic prosthetic devices market