Our in-depth analysis segmented the global orthopedic prosthetic devices market in the following segments:
Global orthopedic prosthetic devices market is further classified on the basis of region as follows:
The global orthopedic prosthetic devices market is anticipated to expand at CAGR around 5.2% during 2018-2027. It is expected to reach around USD 3.1 billion market size by 2027. The growing ageing population coupled with the increasing rate of the obesity is anticipated to major reason driving the growth of the global orthopedic prosthetic devices market during the forecast period. For instance, according to WHO 39% of women and 39% of men aged 18 and over were overweight.
The global orthopedic prosthetic devices market can be segmented on the basis of device type, technology, end-user and region. On the basis of the device type, it is sub-segmented into lower extremity prosthetics, upper extremity prosthetics, modular components, sockets and liners. The lower extremity prosthetics is anticipated to be the largest sub-segment during the forecast period. The increasing technological development in the lower extremity prosthetics coupled with the rising awareness among the population is anticipated to be major factor driving the growth of the sub-segment. On the basis of technology, it is sub-segmented into conventional, electric powered and hybrid orthopedic prosthetics. Electric powered is anticipated to leading sub-segment during the forecast period. The increasing inclination of the various key manufacturers towards developing electric powered devices is expected to fuel the market growth of the sub-segment. On the basis of end-user, it is sub-segmented into orthopedic clinics, hospitals and ambulatory surgical centers.
By region, global orthopedic prosthetic devices market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to hold the largest market share for the global orthopedic prosthetic devices market during the forecast period. The increasing number of the population suffering from diabetes coupled with the presence of the highly developed machines and devices is expected to be the major factor increasing the growth of the orthopedic prosthetic devices market in the region. For instance according to the U.S. Department of Health and Human Services the total cases estimated suffering from diabetes are 23.1 million every year and in 2015 30.3 Americans had diabetes. Asia-Pacific region is anticipated to be the fastest developing region for the global orthopedic prosthetic devices market. The rising industrial development in the region leads to the development of the enhanced healthcare infrastructure coupled with stringent government policies regarding the healthcare is anticipated to drive the growth of the global orthopedic prosthetic devices market in the region.
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The increasing case of the lower limb amputations among diabetic patients is anticipated to be the major growth driver for the global orthopedic prosthetic devices market during the forecast period. According to WHO, 422 million of the adult are suffering from diabetes and 1.6 million deaths are caused by the diabetes every year. The changing lifestyle problems is increasing the cases of the population suffering from the chronic diseases and increasing demand for the technologically advanced devices is anticipated to be a growth driver for the global orthopedic prosthetic devices market. The increasing availability of the minimally invasive technique for the treatment of the diseases is anticipated to increase the demand for the orthopedic prosthetic devices. The rising ageing population across the globe coupled with the increasing number of health conscious population is also driving the global orthopedic prosthetic devices market. For instance according to WHO the total world population is anticipated to grow form 12% to 22% during 2015-2050.
The high cost of the orthopedic prosthetic devices is anticipated restrain the growth of the global orthopedic prosthetic devices market during the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani