New York, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Prosthetic Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" - https://www.reportlinker.com/p06368658/?utm_source=GNW
In addition, orthopedic prosthetics involve using artificial limbs to enhance the lifestyle and function of people with loss of limb caused by disease or other medical conditions.
Lower limb prosthetics stabilize standing, walking, running, jumping, shock absorption, and other activities. Upper limb prosthetics also include artificial limbs used in grasping and reaching and for specific occupational challenges such as painting, hammering, or weight lifting and activities of daily living such as eating, writing, and dressing. The global Orthopedic Prosthetics Market is expected to grow at a CAGR of 6.55% during the forecast period 2023-2028.
Electric Prostheses are the Future
Electric prostheses, also known as myoelectric prostheses, are controlled using electric signals created by the body’s muscles. The electric-powered prosthetics use the user’s existing muscles in the residual limb to control the functions of the prosthetic device itself. For instance, in June 2020, Unlimited Tomorrow Inc., a medical device company manufacturing accessible prosthetic limbs, announced the launch of TrueLimb. This next-generation prosthetic arm is available through an utterly remote process that amputees can initiate online, broadening access to customized devices like this for the first time. Hence, such innovations and development in electric prostheses are expected to fuel market growth.
Worldwide Orthopedic Prosthetics Market was US$ 2.26 Billion in 2022
In recent years, technical innovations have combined to make artificial limbs much more comfortable, efficient, and lifelike than earlier versions. However, future innovations will likely depend on the interaction between three powerful forces amputee demands, advances in surgery and engineering, and healthcare funding sufficient to sustain the development and application of technological solutions.
Traffic accidents often lead to severe injuries and are expected to support the demand for electric prostheses. Hence, these have become an excellent option for a natural-looking prosthesis that utilizes the existing nerves for practical use. But unfortunately, an alarming rise in road accidents is a leading factor in driving amputation. In June 2021, around 1.3 million people died yearly from road traffic crashes, according to the WHO.
Regional Analysis
In 2021, North America was the leading market. This growth can be attributed to favorable reimbursement policies, well-established healthcare infrastructure, and increasing R&D investments by companies. The prompt and well-established healthcare services and infrastructure in the Asian region contribute to the regional Orthopedic Prosthesis Devices market growth. In addition, the Asia Pacific region is driven by the rise in road accidents, an increasing number of diabetes-related amputations, and supportive government initiatives. According to Asian Diabetes Prevention Initiative, 60% of the diabetic population currently lives in Asia. China and India will have more than half a million people with diabetes by 2030.
Key Market Players
The Orthopedic Prosthetics industry consists of numerous global and local players. Global prosthetics and orthotics players are Zimmer Biomet, Stryker Corporation, Hanger Inc., Össur, and Ottobock Healthcare, Smith & Nephew Plc, Johnson & Johnson and Globus Medical Inc.
? For instance, in Nov 2021, Otto bock acquired suitX, specializing in the research and development of medical exoskeletons and occupational.
? In Sept 2020, Otto Bock Company launched two new products in the Taleo foot portfolio: Taleo Harmony and Taleo Vertical Shock (VS).
The report titled “Global Orthopedic Prosthetic Market by Products (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Prosthetic Liners, Others), By Technology (Electric Powered Technology, Hybrid Technology, Conventional Technology), Regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Company (Zimmer Biomet, Stryker Corporation, Hanger Inc., Össur, Ottobock Healthcare, Smith & Nephew Plc, Johnson & Johnson & Globus Medical Inc.)” provides an all-encompassing analysis on the global orthopedic prosthetic industry.
Products - Orthopedic Prosthetic Market
1. Upper Extremity Prosthetics
2. Lower Extremity Prosthetics
3. Prosthetic Liners
4. Others
Technology - Global Orthopedic Prosthetic Market
1. Electric Powered Technology
2. Hybrid Technology
3. Conventional Technology
Regions - Global Orthopedic Prosthetic Market
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
Company Insights - Global Orthopedic Prosthetic Market
1. Zimmer Biomet
2. Stryker Corporation
3. Hanger Inc.
4. Össur
5. Ottobock Healthcare
6. Smith & Nephew Plc
7. Johnson & Johnson
8. Globus Medical Inc.
Read the full report: https://www.reportlinker.com/p06368658/?utm_source=GNW
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