The global prosthetics and orthotics market size was valued at USD 6.11 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Increasing cases of sports injuries and road accidents, the rising number of diabetes-related amputations, and the growing prevalence of osteosarcoma around the world are poised to drive the global market. During the pandemic, many regulatory agencies and non-governmental organizations responded to the changing scenario.
According to the Association for Safe International Road Travel (ASIRT), around 20-50 million people across the globe were injured or disabled owing to road accidents in 2018. Road traffic accidents are the 9th leading cause of death worldwide. In 2018, the ASIRT also reported that in the U.S., over 38,000 people die in road accidents every year. As per the Ministry of Road Transport and Highways, Government of India, in 2018, around 4, 67,044 people were injured in road accidents, which is further fueling the demand for prosthetics & orthotics.
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Key Player Mentioned:
- Blatchford, Inc.
- Fillauer LLC
- The Ohio Willow Wood Company
- Ossur
- Steeper Group
- Ottobock Healthcare GmbH
- Ultraflex Systems, Inc.
Product Segment Analysis:
- Prosthetics
- Orthotics
Increasing incidences of osteosarcoma are also boosting the demand for prosthetics & orthotics products. A report published by the National Cancer Institute estimated around 3,450 new cases of bone and joint cancer in 2018, resulting in 1,590 deaths globally. Children with Cancer U.K., a member of the Association of Medical Research Charities (AMRC), reported that osteosarcoma is the most common bone tumor in children, and every year around 30 new children are diagnosed with the disease in the country.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Nowadays, more people are choosing sports as a career. As per the American Physical Therapy Association (APTA), the annual sports injury rate in the U.S. was around 8.7 million in 2018. This factor is anticipated to drive the demand, aiding market growth over the forecast period. An alarming rise in the frequency of road accidents is one of the leading causes of increased cases of amputation.
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