Precedence Research’s latest report on the global prosthetics and orthotics market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
The global prosthetics and orthotics market size was valued at US$ 9.1 Billion in 2019 and is projected to reach US$ 13.2 Billion by 2027, rising at a market growth (CAGR) of 4.8% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for prosthetics and orthotics market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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Prosthetics improve the routine and role of persons with limb injury by means of artificial limbs also called prostheses. In order to match the functional needs of an individual, the prosthesis must be an exceptional combination of design, alignment, materials, and construction. These functional needs are composite and contrast for lower and upper extremities. At present, maximum orthotic and prosthetic devices available in the medical sector are emphasis on serving individuals to overcome deficits of the lower extremities with the help of diabetic footwear and prosthetic limbs.
Orthotics is a term of medicine concerned with the design, fabrication, and manufacture of artificial devices termed as outhouses. Orthotic controls weakened or deformed regions of the body of a physically challenged person. It is placed on the body to modify or correct the structural and functional characteristics of the neuromuscular and skeletal systems. These can be used to allow movement (mechanical), restrict movement, as a rehabilitation device after the removal of a cast, to correct the shape or function of part of the body, to decrease weight-bearing pressure, or to affluence the pain.
The rising occurrences of sports wounds, aggregate occurrence of osteosarcoma, and intensifying elderly populace are the crucial influences boosting the prosthetics and orthotics market. Currently, more people are choosing sports as a career, growing the likelihood of numerous sports injuries. The elderly are more vulnerable to conditions, for example, osteoporosis, and osteopenia making them common users of numerous orthopedic solutions. Growing the frequency of osteosarcoma in children and adults is furthermore pouring the growth of prosthetics and orthotics market considerably. Patients improving from surgery frequently need orthopedic devices and prosthetics as a part of post-surgery treatment, which is slated to propel the market growth in the upcoming years. Moreover, the technological advancement in orthotics and prosthetics is expected to provide lucrative opportunities to the market in the near future. Conversely, the high cost of the customized orthotic devices is anticipated to hinder the market growth during the forecast period.
Geographically, the North America region is projected to create the largest revenue in the prosthetics and orthotics market and is expected to continue its dominance over the projection period. Furthermore, technological development could also stoke demand in the region. The availability of impressive healthcare infrastructure, increasing investments in research and development, favorable reimbursement policies and are anticipated to support the demand for prosthetics and orthotics in the North America region.
Additionally, the increasing prevalence of osteosarcoma and rising incidences of sports injuries are anticipated to boost the market growth. However, the Asia Pacific region is expected to witness the fastest growth during the projection period owing to the increasing count of road accidents, promising government initiatives, and diabetes-associated amputations to become an attractive market for prosthetics and orthotics. Moreover, the growing consciousness for orthotics and prosthetics has emerged as crucial factor improving the sale in the emerging region.
- The orthotics segment is projected to witness considerable growth in terms of revenue, over the forecast period. Growing cases of diabetes-related amputations across the world are acting as the pouring factor for this segment.
- The Asia Pacific region is projected to exhibit the highest growth rate over the projection period. An upsurge in disposable income and supportive government initiatives will propel the market growth in the coming years.
- Rising pervasiveness of bone-related illnesses such as osteoporosis, osteosarcoma, and osteopenia are predicted to accelerate demand for orthotics across the globe
- Product launches, acquisitions, mergers and partnerships & collaborations are considered as fundamental strategies adopted by the plentiful market players to expand their market share and gain a competitive advantage.
- Development of microprocessor-controlled prosthetics will offer usual prosthetic problems with a front-line tactic and will offer smoother and natural motions via improvement of this technology for prosthetics
Key Players of the global prosthetics and orthotics market are:
- Fillauer LLC
- Ottobock Healthcare GmbH
- Blatchford Inc.
- Ultraflex Systems Inc.
- Shapeways, Inc.
- Hanger, Inc.
- Bauerfeind AG
Segments Covered in the Report:
- Upper Limb
- Lower Limb
- Spinal Orthotics
- Upper Extremity
- Lower Extremity
- Modular Components
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina