Global demand for orthopaedic prosthetics devices market is projected
to reach US$ 1.76 Bn in 2017, up from US$ 1.69 Bn in 2016. Demand for
orthopaedic prosthetics devices will be fuelled by increasing baby
boomers & geriatric population. Availability of advanced
prosthetics that offer customisation and enhanced functionality will
continue to witness increasing demand in developed markets. However,
high cost and lack of favourable reimbursement policies will continue
to pose challenges to wider adoption. North America will continue to
remain the largest market for orthopaedic prosthetics devices, owing
to strong demand in the U.S. Sales of orthopaedic prosthetics devices
in the Western Europe – the second largest market globally – will
remain concentrated in EU5.
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Other key factors expected to fuel demand for orthopaedic prosthetic
devices include increase in the number of accidents, higher emphasis
on physical sports, and increase in prevalence of conditions that
require amputation. Replacement of older prosthetics with lighter,
durable materials is also expected to complement demand during the
forecast period.
FMI’s report offers insights on the regulations on orthopaedic
prosthetics devices in key markets of the U.S., Europe, Asia Pacific,
and Middle East & Africa. In the U.S., orthopaedic prosthetics
devices are regulated by U.S. FDA and Centre for Devices and
Radiological Health (CDRH). In Europe, a majority of prosthetic and
orthotic devices are class I with CE marking.
To provide a detailed analysis on the orthopaedic prosthetic market,
FMI’s report offers forecast and analysis on the basis of product
type, technology, end-use, and region.
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By product type, the key segments include lower extremity
prosthetics, upper extremity prosthetics, liners, sockets, and
modular components. Among these, lower extremity prosthetics account
for the highest demand, followed by upper extremity prosthetics. All
the aforementioned product types will lose market share to lower
extremity prosthetics during the forecast period.
By technology, electric powered prosthetic devices account for the
highest demand and the trend is projected to remain unchanged during
the forecast period. Electric powered prosthetic devices are expected
to gain 467 BPS during the forecast period and account for over 50%
revenue share of the market by 2026. Ease of operation is one of the
key factors for high adoption of electric powered prosthetics
devices.
By end-use, prosthetic clinics accounted for the highest revenue
share of the global market, followed by hospitals and rehabilitation
centres. Prosthetic clinics will continue to remain the largest
end-user segment during the forecast period, gaining 293 BPS between
2016 and 2026.
North America is the largest market for prosthetics devices market,
accounting for a significant share of global revenues. The U.S. is
the leading market for prosthetics devices, accounting for over 78%
share of the global market in 2016. The U.S. will continue to be the
largest market for prosthetics devices during the forecast period.
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Leading players in the global prosthetics devices market include
Hanger Inc., Blatchford Ltd., Otto Bock HealthCare GmbH Össur, Touch
Bionics Inc., and The Ohio Willow Wood Co.
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