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DUBLIN--(BUSINESS WIRE)--Nov 2, 2022--
The "Global Orthopedic Prosthetics Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
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 shutdown.
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 grow to $1.97 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.
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The orthopedic prosthetics market consists of sales of orthopedic prosthetic devices. Orthopedic prosthetics are artificial devices used to replace a missing body part lost due to disease, trauma, surgical removal of body appendage, disabling illness, or congenital conditions.
The main product types of orthopedic prosthetics are upper extremity prosthetics, lower extremity prosthetics, sockets, and other products. Orthopedic prosthetics are artificial devices used to replace a missing body part lost due to disease, trauma, and surgical removal of body appendage, disabling illness, or congenital conditions. The technologies involved are conventional orthopedic prosthetics, electric-powered orthopedic prosthetics, and hybrid orthopedic prosthetics. The end-users are hospitals, prosthetic clinics, rehabilitation centers, and others.
North America was the largest region in the orthopedic prosthetics market in 2021. Western Europe was the second-largest region in the orthopedic prosthetics market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The orthopedic prosthetics market is being driven by an increasing number of trauma cases and accidental injuries. The 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 prosthetic devices to replace the lost body part. For instance, 2.1 million people are living with limb loss in the USA, and that number is expected to double by 2050. 185,000 people in the U.S have an amputation each year. This means that 300 to 500 amputations have been performed every day. Therefore, driving the demand for orthopedic prosthetics, thus growth in the orthopedic prosthetics market.
The orthopedic prosthetics market is being restrained by entry barriers due to guidelines by the FDA's regulatory control over these devices based on the risks associated with them. These devices fall into the class III category as per the FDA, which includes devices involving high risk associated with the usage. Class III devices are required to undergo a premarket approval application (PMA), which is the FDA process of scientific evaluation for assessing the safety of these devices. Such stringent guidelines associated with these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market. For instance, DePuy's hip prosthetic device was denied approval by the FDA after it was assessed as unsafe, thus creating an entry barrier and restraining the market.
The companies in the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing is a process that involves a digital model being transformed into a three-dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the process of 3D printing. These devices have shorter lead times, lower costs and consistent quality. For instance, Zdravprint is a Russian company that is developing prosthetics for the hand, elbow, and shoulder using 3D printing technology.
The orthopedic prosthetics market is regulated as per the guidelines by the food and drug administration (FDA). The FDA has subjected these devices under the class III category, which includes those devices involving a high risk associated with the usage. Class III devices are required to undergo a premarket approval application (PMA) before they can be used. PMA is the process followed by the FDA for scientific evaluation, to assess the safety of the devices. If a PMA application is found to be lacking valid clinical assessment and correct scientific reasoning, it impacts the FDA's approval and prevents the prosthetic device from being released into the market.
The countries covered in the orthopedic prosthetics market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
For more information about this report visit https://www.researchandmarkets.com/r/y8klrv
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/02/2022 01:45 PM/DISC: 11/02/2022 01:47 PM
http://www.businesswire.com/news/home/20221102005924/en