Prosthetics and Orthotics Market (By Type: Orthotics (Upper Limb, Lower Limb, and Spinal Orthotics); By Prosthetics: Upper Extremity, Lower Extremity, Liners, Sockets, and Modular Components) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027
The global prosthetics and orthotics market was valued at USD 9.1 billion in 2019 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.8% during period 2020 to 2027.
The global prosthetics and orthotics market size is anticipated to reach over USD 13.2 billion by 2027, according to a new report by Precedence Research.
The prosthetics and orthotics sector is at the uttermost age of artificial limbs along with brain- monitored prosthetics accessible. The demand within the worldwide prosthetics and orthotics market has been increasing on account of large-scale investments made towards the event of effective and versatile artificial limbs and aids. The frightening rise in the frequency of road accidents is also a leading factor in pouring limb amputation procedures around the globe. Moreover, the curiosity of sports and a variety of strenuous accomplishments have also augmented the risk of wounds and fractures that may leaden during disabilities. This has successively generated remarkable demand within the worldwide prosthetics and orthotics market while giving lucrative opportunities to market stakeholders and vendors. The amount of annual road accidents has also been on an upswing over the past decade, and this has also led to an active rate of growth for the worldwide prosthetics and orthotics market.
On the other hand, the low-income status of a large population, particularly in the developing economies, has taken a large chunk of consumer base away from the market. In addition, the demand within the global prosthetics and orthotics market is also hampered by the increasing cases of duplication in this industry.
In addition, the present apprehension for proliferation of coronavirus is predicted to have a negative influence on the prosthetics and orthotics market for a short time. The most common apprehension for the governments of all COVID-19 hit countries is the piercing need to screen for and test huge numbers of patients for possible COVID-19 infection. Major factors projected to exert an impact on the healthcare sector include supply chain disruptions across the globe, reduced healthcare spending, and delay in approval and launch of new medical equipment.
Depending on the type, the global prosthetics and orthotics market is categorized into orthotics type and prosthetics type. Prosthetics type is sub-divided into modular components, liners, lower extremity, and upper extremity. Among these, the orthotics segment is predicted dominate the market with major. These are recommended for numerous reasons like avoiding, fixing, or accommodating foot deformities, aligning and supporting the ankle or foot. The expanding number of spine injuries and cumulative occurrences of osteoarthritis is further boosting the sales of orthotics. Furthermore, these solutions can be extremely potential at minimizing pain and addressing other postural or physical problems.
The prosthetics segment is anticipated to witness substantial growth during the projection period. Foremost companies manufacturing this product are Zimmer Biomet Holdings Inc., Ossur, and Blatchford Inc. An upsurge in disability rates across the world is projected to propel the segment growth in the coming years. For example, according to the report published by the Rehabilitation Research and Training Center on Disability Statistics and Demographics, in 2018, the percentage of people with disabilities in the United States increased from around 11.9% in 2010 to 12.9% in 2017, thereby leading to increasing demand for prosthetics in the country.
The global prosthetics and orthotics market is categorized into four key regions, comprising North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The demand within the market for prosthetics and orthotics in the North America region has been intensifying at an unprecedented rate, majorly owing to the presence of established providers of prosthetics in the U.S. Furthermore, a growing amount of sports damages are consolidation the growth of the market in the North American region. Also, the proficiency and skill of medical experts and doctors in the region have encouraged people from other regions to go there for prosthetic treatments. However, it is expected that the prosthetics and orthotics market in Europe and APAC will pick up pace during years to come. `Asia Pacific is anticipated to hold a substantial share in the market owing to the ample pervasiveness of osteoporosis in the region. The region is driven by an escalation in the number of road accidents, a growing number of diabetes-associated amputations, and supportive government initiatives. According to the report by the Asian Diabetes Prevention Initiative, 60% of the diabetic population presently lives in Asia, and by 2030, it is expected that both India and China will have about half a million people with diabetes. The above-mentioned factors are anticipated to boost the regional market over the projection timeframe.
Key Companies & Market Share Insights
At present plentiful makers are striving hard to surpass its opponent by providing better-quality devices. In the prosthetics and orthotics market, the major foremost players are adopting numerous key strategies such as mergers & acquisitions, partnerships, agreements, collaborations, and new product development to gain a competitive advantage in the global market. Substantial companies competing in the prosthetics and orthotics marketplace are as follows:
- Fillauer LLC
- Ottobock Healthcare GmbH
- Blatchford Inc.
- Ultraflex Systems Inc.
- Shapeways, Inc.
- Hanger, Inc.
- Bauerfeind AG
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2016 to 2027. This research study analyzes market thoroughly by classifying global prosthetics and orthotics market report on the basis of different parameters including type and region:
- Upper Limb
- Lower Limb
- Spinal Orthotics
- Upper Extremity
- Lower Extremity
- Modular Components
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
Frequently Asked Questions About This Report
Precedence Research says that the prosthetics and orthotics market size is poised to reach over US$ 13.2 billion by 2027.
The prosthetics and orthotics market is expected to grow at a CAGR of 4.8% over the forecast period 2020 to 2027.
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.
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.
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 the 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 technol