Orthopedic Prosthetic Market Was Valued At US$ 1,940.3 Mn In 2019 and Is Ready To Reach A Value Of US$ 2,872.2 Mn By 2027 With CAGR 5.1%| Coherent Market Insights

 

Orthopedic Prosthetic Market

Orthopedic prostheses are the specially crafted artificial limbs that are created and manufactured to replace the broken or damaged limbs, as is obvious from the word alone. Orthopaedic prosthetics give the bones artificial support, enable mobility, and alleviate any discomfort that had resulted from the broken or damaged limb.

It's a fact of life that people age. As people get older, their bone strength and density both decline. This makes it challenging for an individual to walk alone. Orthopedic prosthesis were created as a solution by medical science and put on the Orthopedic Prosthetic Market.

For a long time, these products were only used in the western economies, but as globalisation progresses, orthopaedic prosthetics are now more widely known, more easily accessible, and used in other developing economies.

The Global Orthopedic Prosthetics Market Was Valued At US$ 1,940.3 Mn In 2019 And Is Forecast To Reach A Value Of US$ 2,872.2 Mn By 2027 At A CAGR Of 5.1% Between 2020 And 2027.

One of the key factors driving the market's expansion is the rising rate of obesity on a global scale, which is caused by a variety of causes including excessive intake of fast food and other bad habits. Obesity directly affects the knees, which leads to problems standing, sitting, and jogging.

Rising investment in research and development, particularly in developed and developing economies, will further open up lucrative market expansion opportunities for medical instruments and devices. The material sciences field's research and development capabilities are accelerating the market's growth rate.

Another significant factor promoting the growth of the Orthopedic Prosthetic Market is the increased focus on improving the state of healthcare facilities and the infrastructure for healthcare as a whole. Increased public-private partnerships and strategic collaborations for the purpose of funding and implementing new and improved technology are also opening up lucrative market opportunities.

Additionally, increased public-private funding for targeted research initiatives, expanding CAD/CAM technology and material science fields, an increasing geriatric population base, and rising product innovations and development as a result of global technological advancements will create lucrative opportunities for Orthopedic Prosthetic Market participants from 2020 to 2027. In the future, the market's growth rate will be further accelerated by factors such as the rising per capita spending on healthcare, the rising per capita internet penetration rate, the growing promotion of the internet of things in the development of prosthetics, the extensive accessibility of technically innovative orthopaedic prosthetics, and the rising demand for custom-made orthopaedic prosthetics.

Read the Press Release of Global Orthopedic Prosthetics Market