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- 17 September 2020 02:01
Prosthetics And Orthotics Market Size Anticipated to Reach US$ 13.2 Billion by 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 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 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.
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Orthotics is further segmented into the lower limb, upper limb, and spinal orthotics. Prosthetics, on the other hand, comprises upper extremity and lower extremity prosthetics, liners, sockets, and modular components.
Orthotics held the dominant share in the prosthetics and orthotics market in terms of revenue in 2019. This may be attributed to the increasing prevalence of osteoarthritis, rising incidences of sports injuries, and growing penetration of orthopedic technology. Upper limb orthotics accounted for the largest share in 2019 owing to various benefits offered, such as reduced pain and rapid recovery in terms of movement. Spinal orthotics is expected to exhibit the fastest growth rate owing to factors such as an increasing number of spinal injuries, rising target population, and unhealthy lifestyle of youths.
The prosthetics segment is expected to witness significant growth over the forecast period. Major companies manufacturing this product are Ossur; Zimmer Biomet Holdings Inc.; and Blatchford Inc. An increase in disability rates across the globe is expected to drive the market in the coming years. For instance, as per a report published by the Rehabilitation Research and Training Center on Disability Statistics and Demographics, in 2018, the percentage of people with disabilities in the U.S. increased from around 11.9% in 2010 to 12.9% in 2017, thereby leading to rising demand for prosthetics.
In terms of region, North America was the leading market in 2019 and is anticipated to witness the same trend over the foreseeable future. This growth can be attributed to well-established healthcare infrastructure, increasing R&D investments by companies, and favorable reimbursement policies. Moreover, the rising prevalence of osteosarcoma and increasing incidences of sports injuries are expected to drive the market. The focus of the U.S. healthcare system on quality of care and value-based services has also led to a favorable market environment for prosthetics and orthotics.
The Asia Pacific market is expected to exhibit lucrative growth over the forecast period. The region is driven by an increasing number of diabetes-related amputations, a rise in number of road accidents, and supportive government initiatives. For instance, the Asian Prosthetic and Orthotics Meeting was held in Thailand in November 2018 to foster cooperation between Asian countries and discuss ongoing and emerging issues related to prosthetics and orthotics. As per a report by the Asian Diabetes Prevention Initiative, 60% of the diabetic population currently lives in Asia, and by 2030, it is estimated that both India and China will have around half a million people with diabetes. The aforementioned factors are expected to propel the regional market over the forecast period.
Prosthetics and Orthotics Market Share Insights
The market consists of a mix of numerous global and local players. Ottobock is one of the leading players in the market and the company has implemented several strategic initiatives to establish its foothold in the market. For instance, it developed the 3R67 prosthesis with hydraulic swing phase control in September 2017. The prosthetic knee joint is designed specifically for children. Ossur Corporate is also one of the major players in the market. In May 2018, Ossur introduced various new products in the market such as the Ossur Formfit Pro Line of 3D knitted supports at OTWorld in order to gain market penetration.
Some of the other players in the industry are Zimmer Biomet Holdings Inc.; Blatchford Inc.; Fillauer LLC; The Ohio Willow Wood Company; and Ultraflex Systems Inc. Various strategies such as mergers, acquisitions, collaborations, and new product launches are being adopted by these players to maintain their market share. For instance, in July 2018, Blatchford launched a new sandal toe foot shell for its various products such as Linx, Elan, and Echelon VAC in order to improve its product portfolio.
- Upper Limb
- Lower Limb
- Spinal Orthotics
- Upper Extremity
- Lower Extremity
- Modular Components
- North America
- Asia Pacific
- South Korea
- Rest of the World
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The report covers the forecast and analysis of the prosthetics and orthotics market on a global and regional level. The study provides historical data from 2016 to 2019 along with a forecast from 2020 to 2027 based on revenue (USD Million). The study includes drivers and restraints of the prosthetics and orthotics market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the prosthetics and orthotics market on a global level.
In order to give the users of this report a comprehensive view of the prosthetics and orthotics market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product & service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
All the segments have been analyzed based on present and future trends and the market is estimated from 2020 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.