Global Orthopedic Prosthetics Market Report 2020: Focus on Conventional Orthopedic, Electric-Powered Orthopedic, Hybrid Orthopedic Prosthetics - ResearchAndMarkets.com

DUBLIN--()--The "Orthopedic Prosthetics Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global orthopedic prosthetics market was valued at about $1.1 billion in 2018 and is expected to grow to $1.23 billion at a CAGR of 2.8% through 2022.

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. Orthopedic prosthetic devices are segmented into upper and lower extremity prosthetics. Upper extremity prosthetics include hand, elbow, shoulder and lower extremity prosthetics include foot and ankle, knee, hip.

North America was the largest region in the orthopedic prosthetics market in 2017. The orthopedic prosthetics market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.

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, as of 2017 there are 2.1 million people living with limb loss in the USA and about 300-500 amputations were performed each 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 which 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 which is developing prosthetics for 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.

In February 2018, TPG Capital, a leading global alternative asset firm acquired Exactech, Inc. for $737 million. With this acquisition, TPG capital focus on expanding its business in orthopedic prosthetic devices. Exactech, Inc., is a US-based company that manufactures and distributes orthopedic prosthetic devices.

Major players in the market are Otto Bock HealthCare GmbH, Blatchford Ltd, Zimmer Biomet Inc., DePuy Synthes, Stryker Corp.

Scope

  • Markets Covered: 1) By Product Type: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Sockets, Other Products 2) By End Users: Hospitals, Prosthetic Clinics, Rehabilitation Center, Others 3) By Technology: Conventional orthopedic prosthetics, Electric-powered orthopedic prosthetics, Hybrid orthopedic prosthetics
  • Companies Mentioned: Otto Bock HealthCare GmbH, Blatchford Ltd, Zimmer Biomet Inc., DePuy Synthes, Stryker Corp.
  • Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
  • Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
  • Time Series: Five years historic and forecast.
  • Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
  • Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Other Companies Mentioned

  • The Ohio Willow Wood Co
  • Ossur
  • Smith and Nephew plc
  • Biomet Inc
  • Touch Bionics Inc
  • Fillauer
  • Advanced Arm Dynamics
  • Stryker Corp
  • Bock Healthcare Gmbh
  • Medtronic Spinal
  • DJO Global
  • Integra Lifesciences
  • NuVasive Inc
  • Globus Medical
  • Wright Medical
  • Arthrex
  • Johnson & Johnson Services
  • OrthoPediatrics
  • Pega Medical
  • WishBone Medical
  • Hanger Inc.
  • Howard Orthopaedics Inc.
  • Exactech Inc.

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900