U.S. Orthopedic Prosthetics Market : Market Research By Knowledge Sourcing Intelligence
U.S. Orthopedic Prosthetics market
is projected to grow at a CAGR of XX.XX% during the forecast period,
reaching a market size of US$XX.XX billion in 2023 from US$XX.XX billion in
2017. Booming geriatric population is one of the major
drivers of the growing orthopedic prosthetics market in the
country.
According to the Population Reference Bureau, the number of Americans
aged more than 65 is projected to rise from 46 million in 2017 to over 98
million by 2060. That is, the share of population aged 65 and older will shoot
up to nearly 24% from 15% during the same period. According to the Center
for Orthotic and Prosthetic Care, there are approximately 1.7 million Americans
living with limb loss, that is, 1 out of every 200 people in the U.S. has had
an amputation.
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U.S. Healthcare Outlook
The United States is experiencing a
wave of an aging population owing to the longer life expectancies and improved
healthcare infrastructure. Median age of the U.S. population is expected to
grow from age 38 today to age 43 by 2060 as per Us Census Bureau. By 2030, all
of the baby boomers will have moved into the ranks of the older population.
This will result in a shift in the age structure, from 13 percent of the
population aged 65 and older in 2010 to 19 percent in 2030 (Source: US Census
Bureau).
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The segment is the most vulnerable
with the largest healthcare needs. Chronic diseases such as such as
cardiovascular diseases, neurology diseases, and diabetes are common among
older adults and there are possibilities of an individual carrying more
than one chronic disease as well. Geriatric syndromes" are very
common among older adults. Dementia, Urinary incontinence, dizziness, tendency
to fall, and vision and hearing problems are other geriatric syndromes. The
population is also susceptible to the effects of aging, such as diminishing
bone density and weakening bones due to excessive loss of bone
mass. As the today’s baby boomer generation ages, it will present
increasing challenges and opportunities for the health care sector while
willingness to adopt new and better technology and treatment will present
the companies with ample opportunities in the region.
Orthopedic prosthetic manufacturers
are adopting various growth strategies to capture this sizeable
market. Ossur acquired California-based orthotics manufacturer, Royce
Medical Holding, Inc., for US$216 million as a part of its strategic growth
plans for increased focus on the U.S. orthotics industry while maintaining its
strong position in the global prosthetics market. Prostheses are quite expensive
due to regulation-related expenses, hospital costs, and the price of advanced
materials used in the devices.
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