Orthopedic Prosthetic Market to Eclipse $3.39 Billion by 2030

The worldwide orthopedic prosthetic market is primed for significant growth this decade, according to Coherent Market Insights. The global market intelligence/consulting firm estimates the 2022 market value to be $2.24 billion and forecasts it to expand 5.3% annually to reach $3.39 billion in seven years. 
 
Major players operating in the market are focusing on adopting strategies like facility expansion, which is expected to drive the market growth over the forecast period. In September 2021, for instance, Open Bionics, a U.K.-based company that develops low-cost, 3D printed bionic arms for amputees with below elbow amputations, opened its first clinic to provide 3D printed bionic arms for amputees.

Increased funding from research institutes also is expected to help bolster the market’s expansion. In January 2022, the U.S. Department of Defense funded a $1.97 million grant to Benjamin Darter’s project, which focused on ways to better understand a prosthesis user’s mobility. The project will implement a newly developed measure of prosthesis awareness to explain the clinical benefits of microprocessor-controlled knees.
 
Among product type, upper extremity prosthetics is expected to hold a dominant position over the forecast period, thanks to clinical practice guidelines by key players. Last September, Hanger Inc. announced clinical practice guidelines for the prosthetic rehabilitation of those with upper limb amputations. The guidelines will help improve healthcare for this specialized patient population.
 
The North American segment is expected to hold a dominant market position through 2030, due mostly to an Innovative Technology contract for a post-amputation limb protector. Last March, Hanger Inc. received an Innovative Technology contract from Vizient Inc. for an AmpuShield limb protector. AmpuShield is a post-amputation residual limb protector clinically proven to optimize patient outcomes.
 
Key market players include Össur, Hanger Inc., Ottobock, Blatchford Limited, WillowWood Global LLC, Fillauer LLC, Howard Orthopaedics Inc., Aether Biomedical, United Prosthetics, Advanced Arm Dynamic, TASKA Prosthetics, Steeper Inc., BioMetrics Prosthetic and Orthotic CT, Trulife, Open Bionics, SYNERGY PROSTHETICS, and Motorica, among others.