Orthopaedic Prosthetics Market to expand at a CAGR of 5%, by 2026
The global orthopaedic prosthetics market, estimated to be worth US$ 1.62 Bn in 2015, is expected to increase at 5% CAGR through 2026, according to a new report by Future Market Insights (FMI). The report titled, “Orthopaedic Prosthetics Market: Global Industry Analysis and Opportunity Assessment, 2016-2026”, offers 10-year forecast on the basis of product, technology, end-users, and region.
On the basis of products, the market has been segmented into,
- Modular components
- Upper Extremity Prosthetics
- Lower Extremity Prosthetics
FMI estimates the lower extremity prosthetics segment to increase at 5.9% CAGR during the forecast period. Demand for lower extremity prosthetics is driven by amputation resulting from diabetes and peripheral vascular diseases.
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On the basis of end-users, FMI has segmented the market into,
- Prosthetic clinics
- Rehabilitation Centres
Prosthetic clinics account for significant demand for orthopaedic prosthetics, with this end-use segment expected to increase at 5.7% CAGR during the forecast period. Favourable reimbursement options is a key factor driving patient preference for prosthetic clinics.
On the basis of technology type, the global orthopaedic prosthetics market has been segmented into,
- Conventional orthopaedic prosthetics
- Electric-powered orthopaedic prosthetics
- Hybrid orthopaedic prosthetics
Among these, electric-powered orthopaedic prosthetics accounted for the highest revenues on the basis of technology type in 2015. This segment was valued at US$ 731.1 Mn in 2015, and is expected to increase at a CAGR of 6% through 2026.
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North America Orthopaedic Prosthetics Market Valued at US$ 622.3 Mn in 2015
North America is the largest market for orthopaedic prosthetics, and was valued at US$ 622.3 Mn in 2015. FMI expects the North America orthopaedic prosthetics market increase at a CAGR of 5.4% through 2026. Presence of key regional players, strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.
Key trends identified by FMI in the global orthopaedic prosthetics market include use of new polymer material and development of prosthetic device as per the functional need of patients. Manufacturers are focusing on developing lightweight, yet highly durable orthopaedic prosthetics to cater to the needs of users.
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Key Players in Orthopaedic Prosthetics Market
The key companies profiled by FMI in its report include Össur, Hanger Inc., Otto Bock HealthCare GmbH, Blatchford Ltd., Touch Bionics Inc., The Ohio Willow Wood Co., Fillauer LLC., and Howard Orthopaedics Inc.