Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "US Orthopedic Prosthetics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The U.S. orthopedic prosthetic market is estimated to be valued at US$444.167 million in 2019
Orthopedic prosthetics are artificial knee, legs, arms, spine, or other body parts which are implanted in the human body in place of natural structure in case of fracture, deformation, or loss of the body parts due to accidents or when a person is born without them. These artificial parts function like normal human body parts and enable the person to live a normal life.
In the U.S., orthopedic prosthetics are dominantly used by specially abled and aged people. Specially abled people consist of patients who are either born without these limbs or lose these limbs in an accident or due to some diseases. Among aged people, old age coupled with poor health requires external support to weak bones, particularly in spinal and knee bones.
The growing aging population along with state-of-art healthcare infrastructure and increasing government expenditure will increase the adaption of prosthetics, driving the market size significantly. Moreover, a rise in accidents causing fatal injuries will contribute significantly to the market demand for prosthetics.
Increasing instances of road accidents that cause fatal injuries is a prime factor in the adoption of prosthetics among the younger population
In the U.S., rising cases of accidents have raised serious concerns since these accidents cause fatal injuries to the people involved. A report by the Association of Safe International Road Travel states that 1.35 million people die annually in road crashes, of which 38,000 people die in the US.
Moreover, more than 4.4 million people are seriously injured in the country due to these accidents, making most of them disabled for life. the rising instance of accidents will severely impact the disability level, which will increase the demand for orthopedic prosthetics, increasing the market size considerably.
Moreover, increasing instances of cardiovascular diseases and the rise in the aged population have surged the demand for orthopedic prosthetics, particularly spinal and knee prosthetics, which will be driving the market growth. The aged population in the US increased from 39.152 million in 2009 to 53.209 million in 2019.
Changing market trends and the outbreak of coronavirus have led to lockdowns and the adoption of work from home culture to contain the spread of the virus. In comparison to office furnishing, general home furnishing is not suitable for prolonged sitting and work structures.
However, the adoption of this working model has created posture problems and structure deformity among the workforce, which has increased the demand for supporting orthopedic prosthetics for better health, increasing the market growth opportunities.
Surging government expenditure on healthcare will support the expansion of market size
The US healthcare sector is the leading healthcare sector globally. The US government spent 17.7% of its GDP on the healthcare sector in 2019. Further, the Centre of Medical and Medical Services (CMS) forecast that this expenditure will rise to 19.1% of GDP by 2028. Hence, the rising government expenditure on healthcare and related resources is anticipated to drive the market of orthopedic prosthetics during the forecasted period.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. U.S. Orthopaedic Prosthetic Market, by Type
5.4. Limb Systems
5.5. Ankles and Adapters
6. U.S. Orthopaedic Prosthetic Market, by State
7. Competitive Environment and Analysis
7.1. Major Players and Strategy Analysis
7.2. Emerging Players and Market Lucrative
7.3. Mergers, Acquisition, Agreements, and Collaborations
7.4. Vendor Competitiveness Matrix
8. Company Profiles
8.1. Hanger Inc.
8.4. Bionic Prosthetics & Orthotics Group LLC
For more information about this report visit https://www.researchandmarkets.com/r/oqayom
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