The global orthopedic prosthetics market is prognosticated in a report by Transparency Market Research (TMR) to gain traction with telling advancements in technologies used to design and produce custom-made artificial limbs. Titled “Orthopedic Prosthetics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” the report offers a vast study of technological developments and profiles important players functioning in the market. Technological development on the part of orthopedic prosthetics has allowed companies to develop products with an improved level of usability and comfort, superior wear and tear resistance, and better fixation. The report sheds light on more factors that could raise the demand in the market.
According to the researchers authoring the publication, the demand for orthopedic prosthetics could see a rise on account of a massive increase in trauma occurrences and the geriatric population. The world orthopedic prosthetics market is anticipated to garner growth prospects on the back of promising reimbursement scenarios and constantly increasing count of trained professionals in the field. Around 50 million people across the world meet road accidents every year, according to WHO, which result in serious injuries and sometimes the loss of body parts. What’s more? In the next 20 years, this statistic could increase by a whopping 65%.
North America is prophesied to currently lead the international orthopedic prosthetics market due to a high affordability and awareness level. Asia Pacific and Europe could also significantly contribute to the market, where the former is envisaged to offer encouraging opportunities and the latter is foretold to be an established region. The snowballing population growth and improving healthcare expenditure of Asia Pacific could prove to be vital for the growth of the regional market.
The competitive landscape of the international orthopedic prosthetics market is expected to represent a cluster of leading surgical instruments and medical devices vendors looking after varying patient needs around the globe. DePuy, Inc., Biomet Inc., and Smith & Nephew plc could be among them.
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