Global Orthopedic Prosthetics Market Report and Forecast 2024-2032

Global Orthopedic Prosthetics Market Outlook

The global orthopedic prosthetics market size was valued at USD 2.2 billion in 2023, driven by the increasing trauma cases and accidental injuries. The market size is anticipated to grow at a CAGR of 6.57% during the forecast period of 2024-2032 to achieve a value of USD 4.2 billion by 2032.

Orthopedic Prosthetics: Introduction

Orthopedic prostheses are medical devices that can replace missing or damaged bones and joints, restoring mobility and functionality for individuals with musculoskeletal injuries or conditions. Designing orthopedic prostheses involves creating durable, functional, and flexible medical devices that are affordable and accessible to individuals with different requirements. The goal of orthopedic prosthesis design is to ensure that these devices are suitable for a wide range of applications. Recent advancements in orthopedic prosthesis design have significantly improved the quality of life for people with orthopedic disabilities.

Global Orthopedic Prosthetics Market Analysis

The market growth is driven by the increased adoption of advanced technologies such as 3D printing to produce custom prosthetics. For example, a startup company, LIMBER Prosthetics & Orthotics, Inc. creates prosthetics by 3D printing. Such innovative approaches are responsible for the growth of the market in the forecast period as they are less time-consuming and more cost-effective.

Moreover, the market is driven by the acquisition activities between key players to provide better solutions to the patients exemplified by the acquisition of Italian surgical implant manufacturer LimaCorporate by Enovis Corp, which offers orthopedic bracing, surgical implants, and footcare solutions, for a whopping amount of 800 million euros ($850 million), including debt. Such acquisition events aid the enhancement of the reconstructive business of Enovis Corp, and contribute to the orthopedic prosthetics market share.

Additionally, the market growth can be collectively attributed to the ongoing collaboration between key players. For example, the Massachusetts Institute of Technology’s K. Lisa Yang Center for Bionics entered a collaboration with the government of Sierra Leone to strengthen the capabilities and services nation’s orthotic and prosthetic (O&P) sector. This collaboration is expected to drive the orthopedic prosthetics market growth as it will help in demographic expansion. Due to limited access to orthotic braces and artificial limbs, this collaboration is expected to fill a crucial gap of unmet needs in the market while experiencing an increased demand.

Global Orthopedic Prosthetics Market Segmentations

Market Breakup by Product

• Upper Extremity Prosthetics

• Lower Extremity Prosthetics

• Liners

• Sockets

• Other Products

Market Breakup by Technology

• Conventional Electric-powered 

• Hybrid Orthopedic Prosthetics

Market Breakup by End User

• Hospitals

• Prosthetic Clinics

• Rehabilitation Centers

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Orthopedic Prosthetics Market Overview

The market is driven by the increasing number of trauma cases and accidental injuries worldwide. The increased adoption of technological advancements and the development of advanced orthopedic prosthetics are among the major factors responsible for the market growth in the forecast period. The market is further driven by the rising burden of osteosarcoma. The increasing efforts of med-tech companies and new startups toward developing new, cost-effective alternates and innovative prosthetics and launching them are collectively contributing to the global orthopedic prosthetics market demand.

Geographically, North America is dominating the market growth due to the technological advancements in the region. Factors driving the market growth include the presence of key players, coupled with a robust distribution network and a well-established healthcare infrastructure. The increasing interest in adventure activities and meeting an accident during the activity is playing a crucial role in the growth of the market.

Global Orthopedic Prosthetics Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Blatchford Limited

• Fillauer LLC

• Willow Wood Global LLC

• Steeper Inc.

• Mobius Bionics

• Synergy Prosthetics

• Human Technology Inc.

• United Prosthetics Inc.

• Coapt LLC

• Protunix

• Ossur

• Ottobock Inc.

• DGO Global Inc.

• Globus Medical

• Integra Lifesciences

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report