Published Date : 22 May 2023
The global prosthetics and orthotics market revenue is propelling at USD 10.87 billion in 2023 and is expected to touch around USD 15.42 billion by 2030, poised to grow at a projected CAGR of 5% throughout the projection period from 2022 to 2030.
The burden of sports injuries, the rise in traffic accidents, the burden of osteosarcoma, the rise in diabetes-related amputations, and the rise in the elderly population are all factors contributing to the market's expansion.
The field of prosthetics and orthotics has reached the technological peak for available artificial limbs and brain-controlled prosthetics. Large-scale investments made in the development of functional and adaptable artificial limbs and aids have led to an increase in demand within the global prosthetics and orthotics market. A major contributor to the alarming increase in amputation surgeries performed worldwide is the scary increase in the incidence of traffic accidents. The prosthesis is the use of artificial limbs to allow persons who have lost limbs to move normally again. Contrarily, orthotics is the study and production of orthoses with the intention of giving artificial parts accuracy and precision.
The fusion of these two specialties has the potential to significantly improve patient rehabilitation. As amputations occur increasingly frequently, orthopedic prosthetic devices are being used more frequently. Due to the rise in demand, the global orthopedic prosthetics market is expanding. Technology innovations and improvements in the design of prosthetic devices are driving growth in the orthopedic prosthetics sector. Sports injuries, auto accidents, and disability rates are on the rise, which is fueling lower limb amputation surgeries. Hence, the market is growing.
North America, Europe, Asia-Pacific, and the Rest of the World are the four main regions that make up the global market for prosthetics and orthotics (RoW). In 2022, North America will have a market share of almost 46%. Because there are established prosthetics suppliers in the U.S., the demand for orthotics and prosthetics in the North American region has been growing at an unprecedented rate. Also, a rising number of sports injuries are consolidating the market expansion in the North American region. This surge is due in part to the region's favorable reimbursement regulations, greater business investments in R&D, and accessibility to well-established healthcare infrastructure. The market is also anticipated to grow as a result of rising osteosarcoma incidence and rising sports injury rates.
Because osteoporosis is so widely prevalent in the region, Asia Pacific is expected to account for a sizeable portion of the market. The region's market is being driven by a rise in the number of traffic accidents, an increase in the number of diabetes-related amputations, and supportive government initiatives. More traffic accidents, an increase in amputations due to diabetes, and supportive government programs all contribute to the region's growth.
Prosthetics and Orthotics Market Report Scope:
|Market Revenue in 2023||USD 10.87 Billion|
|Projected Forecast Revenue in 2030||USD 15.42 Billion|
|Growth Rate from 2022 to 2030||CAGR of 5%|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 to 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
An unparalleled health threat is the COVID-19 pandemic. The limits put in place to stop the spread of the SARS-CoV-2 virus infection had a negative impact on medical services and the market for prosthetics and orthotics. For instance, the longer duration of prosthesis use can be ascribed to greater time spent at home, which reduced the demand for the devices, according to a report released in June 2022 by Prosthetics and Orthotics International. Yet, according to the same source, digital meetings or informal gatherings for people with LLA who live alone have helped build alternate strategies for the management of LLA in Norway. As a result of the alternative management strategies developed during the pandemic and their continued use in the post-pandemic period, the market is predicted to increase slowly throughout the projection period.
According to the WHO data from 2021, 222 million individuals experience neck pain worldwide, while an estimated 305 million people experience musculoskeletal ailments. According to the Brain Injury Research Institute's 2021 projections, between 1.6 million and 3.8 million concussions connected to recreation and sports happen annually in the United States. The number of fatalities from traffic accidents increased, which could raise the market's demand for prosthetics.
Due to the rising demand, other strategic initiatives are also being started. For instance, the National Defense Industry Association (NDIA) claimed that the maximum price for mid-cost assistive technology (AT) had increased from USD 5,000 to USD 15,000 in March 2022. Over the projection period, the market is anticipated to be driven by this growth, which would enhance access to AT under the National Disability Insurance System (NDIS).
The first procedures utilizing the implantable prosthesis for those who have lost limbs that have been approved by the US FDA and are also accessible in the wider New York City area were done by NYU Langone Hospitals in December 2022. By strengthening the bond between limb and prosthesis, the process known as osseointegration helps patients who have lost limbs live better.
Market Drivers: Increasing disability rates and the frequency of osteosarcoma
It is projected that the rising prevalence of osteosarcoma and the rising rate of disability will fuel the expansion of the global prosthetics and orthotics market. Next-generation technologies like microprocessors, automation, artificial intelligence (AI), and others are projected to support the growth of the market. These technologies are being used to produce prosthetic devices, and they are being adopted since they are affordable and simple to use.
The demand for orthotic devices is being driven by the aging population, which is more susceptible to osteoarthritis, osteoporosis, and other physical diseases, increased bone injury prevalence and increased sport-related injuries. The usage of orthotic devices will increase globally as people look for alternatives to surgical deformity treatment and pain management. Additionally, orthotic devices are becoming more widely available and affordable thanks to developments in the prosthetics and orthotics business. As a result, the market for prosthetics and orthotics is expected to develop due to the increase in demand for orthotic devices.
Market Restraints: Lack of awareness
People in undeveloped and disadvantaged nations know very little about orthopedic prosthetic devices. These tools are used to lessen the physical pain. Orthopedic prosthetic devices can be used by those who have orthopedic disorders. As a result, over the projection period, a major factor limiting the growth of the prosthetics and orthotics market is a lack of customer knowledge.
Market Opportunities: Aging population growth
The worldwide increase in the number of seniors is one of the major factors driving up demand for prosthetics and orthotics. In 2050, there will be 2.1 billion people worldwide who are 60 years of age or older, according to the United Nations. Orthopedic treatments are more in demand as a result of the increased risk of diseases like osteoporosis and osteopenia in those over 60. Hence, during the projected period, the growing geriatric population will present growth possibilities for the prosthetics and orthotics market.
The worldwide prosthetics and orthotics market is divided into orthotics type and prosthetics type based on type. Due to an increase in the frequency of sports injuries, osteoarthritis, and the penetration of orthopedic technology, the orthotics segment accounted for the greatest revenue share of over 80% in 2022.
The lower extremity, upper extremity, liners, and modular components are the subcategories of prosthetics. The orthotics sector is expected to have a significant market share among them. They are advised for a variety of reasons, including preventing, treating, or adapting foot abnormalities as well as aligning and supporting the ankle or foot. Sales of orthotics are also increasing as a result of the rising incidence of osteoarthritis and spinal injuries. Also, these remedies have a great deal of potential for reducing discomfort and taking care of other physical or postural issues.
Since to its low cost, the traditional segment had the greatest market share in the global prosthetics and orthotics market in 2022. In addition to the advantages of safety, energy efficiency, stability, and affordability, conventional technology for prosthetics and orthotics also offers the reliability of end users, which is projected to draw customers and hence accelerate the segment's expansion in the market.
With several domestic and foreign market competitors, the prosthetics and orthotics market is competitive and fragmented. To increase their market position, the major players are implementing a variety of growth tactics, including mergers and acquisitions, new product launches, regional expansions, partnerships, agreements, and collaborations.
Here are some of the major market players in the Prosthetics and Orthotics Market
By End Users
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1110
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333