Orthopedic prosthetic devices are defined as external medical devices that substitute a missing skeletal part. Orthopedic prosthetics are a vital components for rehabilitation of injured or harmed skeletal system, associated musculature and joints. These devices are mainly used after trauma or surgical removal of body appendage, disability arising from congenital condition, or disabling illnesses.
Rising prevalence of lower limb amputation among diabetic patients is expected to boost growth of the orthopedic prosthetic devices market
A major driver for market growth is the rising prevalence of lower limb amputations among diabetic patients such as diabetic foot problems, which is caused by changes in the blood vessels and nerves that leads to ulceration and subsequently leads to limb amputation. According to World Health Organization (WHO), as of 2017, 170 million people are estimated to be suffering from diabetes globally. Additionally, increasing number of trauma cases across the globe, is in turn, increasing the demand for orthopedic prosthetic devices and products. According to World Health Organization (WHO), 2017, around 50 million people are severely injured in road accidents every year across the globe. However, high costs of orthopedic products are expected to hinder the market growth.
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North America is expected to be the growth engine of the market
The global orthopedic prosthetic devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global orthopedic prosthetic devices market, owing to rising number of lower limb amputations among diabetic patients as well as affordability of these devices provided with customization and innovation. For instance, in September 2017, Zimmer, introduced an innovative persona partial knee system that is known to alleviate pain, restore mobility, and improve the quality of life of the patients. Asia Pacific is expected to witness significant traction in the global orthopedic prosthetics devices market, owing to the changing healthcare scenario and development of new policies and regulatory fronts in countries in the region. For instance, the formulation of Indian Certification of Medical Devices (ICMD) by the Indian Healthcare regulatory body is expected to bring credibility to the devices manufactured by regional companies, in turn driving growth of the orthopedic prosthetic devices market.
Novel innovations in prosthetic devices adopted by key players to establish significant position in the global orthopedic prosthetic devices market
Key players operating in the global orthopedic prosthetic devices market include Smith & Nephew, Stryker Corp., DePuy Synthes, Zimmer Biomet, Medtronic Spinal, DJO Global, Integra Lifesciences, NuVasive Inc., Globus Medical, and Wright Medical. The key players are focusing on strategic mergers and acquisitions and development of innovative systems. For instance, in October, 2017, Zimmer Biomet Holdings Inc., introduced Avenue T TLIF Cage (Avenue T) in the U.S. Avenue T manufactures advancements in the posterior lumbar cage technology, through incorporation of VerteBRIDGE plating. The plating facilitates intra-discal fixation and cage insertion through minimally invasive procedure. Avenue T joins the previously introduced family of its product line of cages, including Avenue L Lateral Lumbar Cage, ROI-C Cervical Cage, and ROI-A ALIF Cage with VerteBRIDGE plating. Avenue T is the first product with posteriorly implanted cage, integrated with anti-migration fixation.
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