Global Orthopedic Prosthetics Market: Overview
Orthopedic prosthetics refer to the field concerned with the identification, designing, production, and fitting custom-made artificial limbs in patient with a missing part of limb lost through disease, trauma, or a congenital condition. These custom-made orthopedic prosthetics require a combination of low weight and very high strength. Therefore, materials such as Kevlar, carbon fiber, and titanium are commonly used for production. Vast advances in the field of CAD/CAM technology and material science have helped the global market orthopedic prosthetics develop at an encouraging pace in the past few years.
This report on the global market for orthopedic prosthetics presents a detailed analysis of present growth dynamics and the future growth potential of the market over the period between 2015 and 2023. The report presents a comprehensive analysis of a number of factors affecting the growth dynamics of the market, including growth drivers, restraints, trends, opportunities, and regulatory scenario. Vast projections for future years have also been included in the report. A detailed overview of technological developments, profiles of some of the leading vendors in the market, and a detailed overview of the competitive landscape have also been included in the report.
Global Orthopedic Prosthetics Market: Drivers and Restraints
The market for orthopedic prosthetics has witnessed significant traction in the past few years owing to significant developments in designing and production technologies, allowing the production of products with an enhanced level of comfort, usability, better fixation, and excellent resistance to wear and tear. The rising population of geriatrics and a vast rise in trauma cases across the globe have also resulted in a significant rise in demand for orthopedic prosthetic products. The market has also benefitted from a continuously rising number of trained professionals and encouraging reimbursement scenarios.
According to the World Health Organization (WHO) report, nearly 50 mn people across the globe are severely injured every year in road accidents, suffering serious injuries to body parts and sometimes also resulting in loss of body parts such as limbs. The number is said to witness an alarming rise of around 65% in the next 20 years. The scenario will lead to a significant rise in demand for orthopedic prosthetic products across the globe.
However, the high costs of products could result in limited demand for advanced products, especially across developing and less developed economies. This could hinder the rate of adoption of products such as robotic prostheses with biosensors across regional markets such as Asia Pacific and Africa.
Global Orthopedic Prosthetics Market: Geographical and Competitive Dynamics
From a geographical viewpoint, the report covers the markets for orthopedic prosthetics across regions such as North America, Europe, Asia Pacific, and Middle East and Africa. Of these, the North America market is presently the leading contributor to the revenue of the global market owing to high awareness and a high level of affordability. Europe and Asia Pacific are also key regional markets with Europe representing one of the established regional markets while Asia Pacific representing a regional market with the most promising growth opportunities.
The high population and an increased rate of awareness in Asia Pacific are expected to lead to an impressive rise in growth opportunities in the next few years. Rising disposable incomes and rising expenditure on healthcare and wellness will also drive the market for orthopedic prosthetics in Asia Pacific in the near future.
The market for orthopedic prosthetics features a number of established medical devices and surgical instrument companies catering to the varied needs of patients across the globe. Some of the leading contributors to the market are companies such as Smith and Nephew plc, Biomet Inc., DePuy, Inc., Zimmer Holdings Inc., and Stryker Corp.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.