Overview and Scope
Prosthetics & orthotics refer to artificial prosthetics and orthotics medical devices used to support deformity parts of the human body. The purpose of prosthetics & orthotics devices is to fit comfortably and allows people with limb amputations or physical impairments of their limbs or spine to achieve functional ability.
Sizing and Forecast
The prosthetics & orthotics market size has grown strongly in recent years. It will grow from <b>$8.1 billion in 2023 to $8.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. </b> The growth in the historic period can be attributed to rising prevalence of disabilities and amputations, advancements in materials and manufacturing techniques, increasing awareness and acceptance of prosthetics, healthcare infrastructure development, growth in sports and rehabilitation..
The prosthetics & orthotics market size is expected to see strong growth in the next few years. It will grow to <b>$10.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. </b> The growth in the forecast period can be attributed to customized and patient-specific prosthetic solutions, integration of ai and robotics in prosthetics, sustainable and eco-friendly prosthetic materials, expansion in pediatric prosthetics and orthotics, adoption of telehealth for orthotic services.. Major trends in the forecast period include neurological-controlled prosthetics, regulatory compliance in prosthetic safety and standards, smart prosthetics with sensory feedback, personalized prosthetic solutions for individual needs, transparency in prosthetic pricing and insurance..
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Segmentation & Regional Insights
The prosthetics & orthotics market covered in this report is segmented –
1) By Type: Prosthetics, Orthotics
2) By Category: Upper limb, Lower limb, Spinal
3) By Technology: Conventional, Electric-Powered, Hybrid Orthopedic Prosthetics
4) By Application: Hospitals, Clinics, Rehabilitation Centers, Other Applications
<b>North America</b> was the largest region in the prosthetics orthotics market in 2023. The <b>Asia-Pacific</b> is expected to be the fastest-growing region in the prosthetics orthotics market share during the forecast period. The regions covered in the prosthetics & orthotics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in sports injuries and road accident cases significantly drive the prosthetics and orthotics market. Road accidents are caused by distracted driving and high speeding. These conditions cause many disabilities in the injured people, entailing the use of prosthetics and orthotics for recovery and restoring normal day-to-day function. According to the report by National Crime Records Bureau, India, in July 2021, road crash deaths in the country have increased by 1.3 percent to 1,54,732 from 1,52,780. Additionally, the leading cause of sports injuries is the year-round participation of athletes in a single sport, resulting in more injuries. For instance, according to the National Security Council, which is America’s nonprofit safety advocate, in 2022, 3.6 million people were treated in emergency departments for injuries involving sports and recreational equipment in the US . Therefore, increasing sports injuries and road accident cases are expected to boost demand for prosthetics and orthotics during the forecast period.
Key Industry Players
Major companies operating in the prosthetics & orthotics market include <b> Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, Ability Matters Group Ltd., Steeper Inc., Össur hf, WillowWood Global LLC, Ultraflex Systems Inc., Hanger Inc., Mobius Bionics LLC, Ohio Willow Wood Co., Esper Bionics Inc., ToughWare Prosthetics Inc., Campbell Soup Company, College Park Industries Inc., Hosmer Dorrance Corporation, Kingsley Manufacturing Company, Mica Manufacturing Company, Sterling Check Corp., Carbon Copy Pathfinder, Proteor SA, Seattle Systems Company, Bhagwan Mahaveer Viklang Sahayata Samiti, Endolite Ltd., Freedom Innovations LLC, Spinal Technology LLC, Trulife Group Limited, Fillauer Europe AB, Ortho Europe Abingdon Ltd. </b>
The prosthetics & orthotics market report table of contents includes:
1. Executive Summary
2. Prosthetics & Orthotics Market Characteristics
3.Prosthetics & Orthotics Market Trends And Strategies
4. Prosthetics & Orthotics market analysis
5.Prosthetics & Orthotics Market Size And Growth
6.Prosthetics & Orthotics Segmentation
7.Prosthetics & Orthotics Regional And Country Analysis
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27.Prosthetics & Orthotics Competitive Landscape And Company Profiles
28.Prosthetics & Orthotics Key Mergers And Acquisitions
29.Prosthetics & Orthotics Future Outlook and Potential Analysis
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