Prosthetics and Orthotics Market Overview:
- Prosthetics enhance the perform and style of an individual with limb loss using artificial limbs (prostheses)
- Orthosis is meant to automatically complete a pathological condition; Corrective shoeing inserts popularly referred to as orthotics.
Orthotics is a field of medication involved with the planning, fabrication, and manufacture of artificial devices known as orthoses
Rising cases of sports injuries and road accidents, rising variety of diabetes-related amputations are the key drivers
Increasing prevalence of osteosarcoma around the world are also driving the demand for prosthetics and orthotics products
- The market based on type is bifurcated into orthotics and prosthetics
- Orthotics is categorized into lower limb, upper limb, and spinal orthotics
- Prosthetics contain higher extremity and lower extremity medical specialty, liners, sockets, and standard parts
- In the future, the orthotist/prosthetist’s clinical position can still develop with the implementation of latest, modern care models that focus on helping purchasers in process their treatment goals and assessing however effectively those goals are achieved
Prosthetics and Orthotics Market Outlook:
- The global prosthetics and orthotics market size is estimated to be ~ USD 9 billion in 2019
- Orthotics held the major share in the prosthetics and orthotics market in terms of revenue in 2019
- This may be due to increased prevalence of osteoarthritis, rising incidences of sport injuries, and growing penetration of orthopaedic technology
- Upper limb orthotics accounted for the largest share in 2019 owing to various benefits offered like reduced pain and rapid recovery in terms of movement
- North America was the leading market in 2019 and is anticipated to witness similar growth in the future
- The Global Prosthetics and Orthotics Market is estimated to grow at a CAGR of 4-5% and reach $11-12 billion by 2025
- In terms of revenue, the orthotics segment is projected to expand at a CAGR of 3-4% over the forecast period. Increasing cases of diabetes-related amputations across the globe are acting as the driving factor for this segment
Prosthetics and Orthotics Market Growth Drivers and Trends:
Most primary factors driving the global Prosthetics and Orthotics market are:
- Rising geriatric population around the world has become a major driving factor for demand for prosthetics and orthotics
- The elderly people are more susceptible to conditions such as osteoporosis and osteopenia, making them common users of various orthopaedic solutions
- Increasing incidence of osteosarcoma in young population and children is also responsible for the robust market growth
- Rise in the frequency of road accidents is also a leading factor driving limb amputation procedures across the globe
- Technological advancements in orthotics and prosthetics are expected to boost the market growth in the coming years
Moreover, with the rise in road accidents, increase in aging population, and high incidence of sport-related injuries, the prevalence of chronic arthritis and other orthopedic diseases has rapidly increased across the globe
- The orthotics segment is projected to lead the global prosthetics and orthotics market due to increase in incidence of sport injuries, rise in prevalence of osteoarthritis, and increase in penetration of orthopedic technology
- The upper limb segment is expected to dominate the prosthetics and orthotics market, as this orthotics enable rapid and painless recovery in terms of movement. Based on end-user, the global market can be divided into hospitals, rehabilitation centers, clinics, and others.
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Challenges disrupting the market:
Though the global Prosthetics and Orthotics market has numerous growth drivers, there are certain constraints hindering the market growth:
- Unfavourable reimbursement policies, entry barriers in terms of regulatory guidelines
- Shortage of well-equipped rehabilitation centres are the factors hindering the growth of the market
- High cost of the customized orthotic devicesis expected to slow the growth of the Prosthetics and Orthotics market
- Lack of adequate health care infrastructure in less developed and developing countries
- High cost of prosthetics
Prosthetics and Orthotics Market Players Perspective:
- Some of the key players operating in the Prosthetics and Orthotics market profiled in this AGR Knowledge report are Bauerfeind USA, Inc., Blatchford Group, Fillauer LLC, Howard Orthopaedics, Inc., Johnson and Johnson, Össur Corporate, Otto Bock Healthcare GmbH, Stryker Corporation, Touch Bionics, Inc., Smith & Nephew PLC, The Ohio Willow Wood Company, Touch Bionics, Inc., Ultraflex Systems, Willow Wood Global ,LLC., and Zimmer Biomet Holdings, Inc.
- Various strategies such as mergers, acquisitions, collaborations, and new product launches are being adopted by these players to hold their foothold in the market
- In 2019, Stryker acquired Wright Medical, a medical device company focused on Extremities and Biologics, for expanding its business of shoulder and wrist implants
- Smith & Nephew completed the acquisition of the Brainlab orthopedic joint reconstruction business and expanded its portfolio of multi-asset digital surgery and robotic ecosystem.
- In 2018, Johnson and Johnson took over Emerging Implant Technologies GmbH (EIT), a manufacturer of 3D-printed titanium interbody implants for spinal fusion surgery to enhance its interbody implant portfolio
Otto Bock completed the acquisition of BeBionic prosthetic products and related business from Steeper, a British med-tech company to expand the company’s portfolio of prosthetics.
Prosthetics and Orthotics Market Research Scope:
The base year of the study is 2019, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Prosthetics and Orthotics market.
The assessment includes the forecast, an overview of the competitive structure, market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been evaluated to gauge their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include opportunity areas for Prosthetics and Orthotics market.
Author – Mr. S Ashok
Associate Director – Operations
Connect to the author of the report at reports@avalonglobalresearch.com or contact us at https://www.agrknowledge.com/contact-us