Global Orthopedic Prosthetics Market are going to be US$ 2.72 Billion by 2025
Global Orthopedic Prosthetics Market are going to be US$ 2.72 Billion by 2025. Therefore, driving the demand for orthopedic prosthetics, thus growth within the orthopedic prosthetics market.
In medicine, a prosthetic is a synthetic device that replaces body parts like hands, legs, knee, ankle, hip, elbow, etc. Prosthetic helps people to resume their normal functions with the utilization of artificial limbs. an acceptable prosthesis is one that's a singular combination of appropriate materials, design, alignment, and construction to match the functional needs of the individual. It means limbs equipped with artificial, which works efficiently and resembles the first in appearance. Renub Research studied report titled Global Orthopedic Prosthetics Market are going to be US$ 2.72 Billion by 2025.
Orthopedic Prosthetics refers to the fields of design, identification, manufacturing, and fitting of custom made artificial limbs in patients with missing limbs because of accidental injuries, a congenital condition, trauma, etc.
In recent years, technological advancement within the field of Medical devices, especially in Orthopedics prosthetics, is one among the expansion factors of this market. Moreover, rising sports injuries, lifestyle diseases like Diabetes give traction to the orthopedic prosthetic market globally.
The orthopedic prosthetics market is being driven by an increasing number of trauma cases and accidental injuries. The trauma cases and accidental injuries are caused by various factors like road accidents, sports injuries, other medical complications and work related accidents. Most of those injuries may require amputations and prosthetic devices to exchange the lost part . as an example , as of 2017 there are 2.1 million people living with limb loss within the USA and about 300-500 amputations were performed every day . Therefore, driving the demand for orthopedic prosthetics, thus growth within the orthopedic prosthetics market.
The orthopedic prosthetics market is being restrained by entry barriers because of guidelines by the FDA's regulatory control over these devices supported the risks related to them. These devices fall under the category III category as per the FDA, which incorporates devices involving high risk related to the usage. Class III devices are required to undergo a premarket approval application (PMA), which is that the FDA process of scientific evaluation for assessing the security of those devices. Such stringent guidelines related to these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market. as an example , DePuy's hip prosthesis was denied approval by the FDA after it had been assessed as unsafe, thus creating an entry barrier and restraining the market.
The companies within the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing may be a process which involves a digital model being transformed into a 3 dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the method of 3D printing. These devices have shorter lead times, lower costs and consistent quality. as an example , Zdravprint may be a Russian company which is developing prosthetics for hand, elbow and shoulder using 3D printing technology.
Region-wise, North American countries are one among the leading markets. aside from that, European and Asia – Pacific’s countries are gaining market share during the forecast period (2020-2025). In terms of technology, we've studied complete insights on technologies like, Electric powered, Conventional also as Hybrid Orthopedic Prosthetics.
Lower Extremity Prosthetics Dominates
In this report, we've covered market by-products: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Prosthetic Liners, Others. Lower extremity prosthetics are the dominating segment within the global orthopedic prosthetics market.
North America is that the Leading Market
In this report, we've shown complete insight of the worldwide orthopedic prosthetics market by world regions. The covered market by regions is; North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America is that the primary world region within the Global Orthopedic Prosthetic Market.
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