In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
The orthopedic prosthetic devices are the external medical devices. It is a substitute for the missing skeletal part of the body. It is a vital component for the rehabilitation of the injured skeletal system associated with the joints. These devices are primarily used for the elimination of the body appendage and the disability arising from the congenital conditions. It efficiently facilitate the replacement of the missing part of the body. These devices are used for the treatment of the hip, knee, elbow, ankle, leg and others. These devices are associated with the CAD/CAM technology in order to ensure treatment of the diseases.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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 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.
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