Future Market Insights01.15.20
The past decade has witnessed breakthrough innovations in the field of orthopedics and prosthetics, bringing about a new wave of orthopedic prosthetics to the market. Driven majorly by innovations, the global market for orthopedic prosthetics will exhibit a promising growth rate during 2019-2029. A new report from Future Market Insights of expects the market revenues to reach $3 billion by the end of projection period.
As the trend of personalization firms up in the orthopedic surgery space, manufacturers are targeting fabrication of customized prosthetics, enabling modifications based on the anatomy and functionality of an individual patient. Tailored orthopedic prosthetics, a recent innovation and a product of pre-operative 3-D imaging software, offers broad range of sizes and lengths. Manufacturers design orthopedic prosthetics tailored for individual patients that match exactly the essential geometries for adequate fit and comfort of patients. This has triggered tremendous competition in the orthopedic prosthetics landscape, according to the report.
Key Takeaways - Orthopedic Prosthetics Market Study
The consolidated nature of the orthopedic prosthetics market has cast a limelight on a select few companies that are at the forefront of cutting edge innovation, whereas emerging companies are left to create their own respective niche. Bigger companies holding a major market share tend to acquire smaller companies in the business landscape mainly to expand their product portfolio and to incorporate innovation to their own product pipeline.
Johnson & Johnson, B. Braun Melsungen AG, and Zimmer Biomet Holdings Inc. are the leading market players in the orthopedic prosthetics market, accounting for a prominent market share in 2018. In February 2018, Johnson & Johnson Medical Devices Company acquired Orthotaxy to develop next-generation robotic-assisted surgery platform in orthopedics.
Future Market Insights (FMI) is a provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the United States and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Its customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
As the trend of personalization firms up in the orthopedic surgery space, manufacturers are targeting fabrication of customized prosthetics, enabling modifications based on the anatomy and functionality of an individual patient. Tailored orthopedic prosthetics, a recent innovation and a product of pre-operative 3-D imaging software, offers broad range of sizes and lengths. Manufacturers design orthopedic prosthetics tailored for individual patients that match exactly the essential geometries for adequate fit and comfort of patients. This has triggered tremendous competition in the orthopedic prosthetics landscape, according to the report.
Key Takeaways - Orthopedic Prosthetics Market Study
- Market share of electric powered orthopedic prosthetics has increased gradually till the year of 2019 and is evaluated to grow at a significant rate by the end of 2029, leaving the conventional orthopedic prosthetics far behind.
- Market growth is attributed to the advanced orthopedic prosthetics technology offering bionic prosthetic that functions like a biological limb, featuring natural-like joints as well as automated grip patterns, stability, mobility, and gesture. It has encouraged an independent lifestyle for users and are anticipated to propel the overall market growth.
- Steady demand for lower extremity prosthetics is likely to experience an upsurge owing to increasing incidences of accidental injuries and amputations of foot, knee and hip.
The consolidated nature of the orthopedic prosthetics market has cast a limelight on a select few companies that are at the forefront of cutting edge innovation, whereas emerging companies are left to create their own respective niche. Bigger companies holding a major market share tend to acquire smaller companies in the business landscape mainly to expand their product portfolio and to incorporate innovation to their own product pipeline.
Johnson & Johnson, B. Braun Melsungen AG, and Zimmer Biomet Holdings Inc. are the leading market players in the orthopedic prosthetics market, accounting for a prominent market share in 2018. In February 2018, Johnson & Johnson Medical Devices Company acquired Orthotaxy to develop next-generation robotic-assisted surgery platform in orthopedics.
Future Market Insights (FMI) is a provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the United States and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Its customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.