The latest market report published by Credence Research, Inc. “Global Orthopedic Prosthetic Devices Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global orthopedic prosthetic devices market has witnessed steady growth in recent years and is expected to continue growing at a CAGR of 5.95% between 2023 and 2030. The market was valued at USD 2.3 billion in 2022 and is expected to reach USD 3.4 billion in 2030.
The aging population is another major driver of the orthopedic prosthetic devices market. As the global population ages, the prevalence of orthopedic disorders such as osteoarthritis and fractures is expected to rise. This increase in orthopedic diseases among the elderly population is driving the demand for prosthetic devices.
Sports injuries have gained significant attention, leading to increased awareness among individuals. This has fueled the demand for orthopedic prosthetic devices, as more people recognize the importance of treating these injuries. The popularity of sports and physical activities has also contributed to market expansion.
Additionally, the growing number of traffic accidents worldwide is a significant contributor to market growth. Road traffic accidents often result in orthopedic injuries, leading to an increased need for orthopedic prosthetic devices. With road accidents being a leading cause of death among young adults, the demand for these devices is expected to rise.
Browse 200 pages report Orthopedic Prosthetic Devices Market By Product (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Other Products) By Technology (Conventional, Electric-powered, Hybrid Orthopedic Prosthetics) -Growth, Future Prospects & Competitive Analysis, 2016 – 2030)- https://www.credenceresearch.com/report/orthopedic-prosthetic-devices-market
North America currently dominates the global orthopedic prosthetic devices market, accounting for 35% of the total value in 2022. The region is supported by significant investments in research and development, rising healthcare spending, and favorable reimbursement regulations. The market in Asia-Pacific is also expected to witness substantial growth, driven by the large aging population and the booming medical tourism industry.
Orthopedic Prosthetic Devices Market Growth Factor Worldwide has been gaining immense traction in recent years, owing to various factors driving its expansion. One of the key growth factors is the rising prevalence of orthopedic conditions and injuries globally. With an aging population and increasing sedentary lifestyles, the demand for orthopedic prosthetic devices has witnessed a significant surge. Additionally, technological advancements have contributed significantly to market growth as innovative solutions like 3D printing and robotic-assisted surgeries enhance precision and customization in device manufacturing. Moreover, improving healthcare infrastructure across emerging economies has further propelled market development, ensuring better access to these devices in previously untapped regions. The rise in disposable incomes coupled with favorable reimbursement policies also plays a crucial role in fostering market growth by encouraging patients to opt for advanced orthopedic prosthetics. Furthermore, increased awareness among individuals about the benefits offered by these devices further fuels their adoption worldwide.
Key players in the global orthopedic prosthetic devices market include Össur, Hanger Inc., Ottobock, Blatchford Limited, and WillowWood Global LLC, among others. These companies are focused on product innovation, expanding distribution channels, and strategic mergers and acquisitions to maintain their competitive edge in the market.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Orthopedic Prosthetic Devices Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- Major nations in each region with their import/export statistics
- The global Orthopedic Prosthetic Devices Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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