The global orthopedic prosthetics market in 2020 is accounted for more than US$ 2.3 Bn and expected to reach a value of US$ XX Bn by 2030 with a significant CAGR of 6.0%
Reports and Insights has published a new report titled, “Orthopedic Prosthetics Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Orthopedic Prosthetics Market, By Product Type (Upper Extremity Prosthetics, Lower Extremity Prosthetics, Braces, Spinal Orthotics), By End User (Hospital, Outpatient Center, Trauma Centers, Orthopedic Clinics) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The global orthopedic prosthetics market in 2020 is accounted for more than US$ 2.3 Bn and expected to reach a value of US$ XX Bn by 2030 with a significant CAGR of 6.0%.
As the name implies, it is evident that orthopedic prosthetics are the custom-developed artificial limbs that are structured and developed to substitute the damaged or broken limb. Orthopedic prosthetics offer synthetic support to the bones, enable mobility and alleviate the individual of any pain that has appeared out of the damaged or broken limb. The growing number of geriatric populations all across the world is primarily boosting the incidence of orthopedic and other associated musculoskeletal problems.
Notably, with the growing age, the bone density reduces together with the bone strength, which as a consequence makes walking independently for an individual complex. In addition to that, the growing number of athletes all around the world also often observe such musculoskeletal problems and injuries. Owing to which, orthopedic prosthetics is gaining huge momentum, in the present times, all across the global market. In the same manner, the growing number of trauma cases and severe injuries worldwide is further projected to propel the market of orthopedic prosthetics in the following years.
In addition to that, the rising technological advancements in the healthcare industry along with the rapid product launches with fresh innovations is further anticipated to offer major breakthroughs to the growth of the global orthopedic prosthetics market in the forthcoming future. Having said that, the hefty costs as well as lack of knowledge with regard to orthopedic prosthetics in few emerging regions is likely to hold back the growth of the global orthopedic prosthetics market in the coming years.
Nevertheless, the leading market manufacturers of the orthopedic prosthetics are also aiming their attention towards making significant advanced changes in their products in order to enhance level of comfort, better fixation, usability and superior resistance to wear and tear, thus making it more desirable in the global market. Thus, the global orthopedic prosthetics market is projected to witness significant growth over the forecast period.
Reports and Insights Study identifies some of the key participating players in the orthopedic prosthetics market globally are Zimmer Biomet, Depuy Synthes, Smith & Nephew, Stryker Corporation, Wright Medical Group, Lima Corporate, JRI companies, among others.
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