Prosthetics and Orthotics Market (By Type: Orthotics [Upper limb, Lower limb, Spinal], Prosthetics [Upper extremity, Lower extremity, Liners, Sockets, Modular components]) – Global Industry Analysis, Market Size, Opportunities And Forecast, 2019 - 2026

Category : Healthcare and Pharmaceuticals | Delivery Format : PDF | Status: Published | Pages : 190

The prosthetics and orthotics market is expected to reach value of around US$ 12.5 Bn by 2026, growing at a CAGR of 4.9% over the forecast period 2019 to 2026.

Prosthetics and orthotics are branches of clinical disciplines that deal with artificial limbs for patients after amputations and supportive devices (orthoses) for people suffering from musculoskeletal weakness or neurological disorders. All the devices must be a unique combination of suitable materials, design, alignment, and construction to match the functional needs of the individual.These needs may vary for upper & lower extremities and prosthetics & orthotics. Upper limb prostheses need to address reaching, grasping, specific occupational challenges such as painting, hammering,or weight lifting, and daily living activities such as writing, eating, and dressing. However, lower limb prostheses need to address stability during standing and walking, energy storage, shock absorption, cosmetic appearance, and also some extraordinary functional needs such as jumping, running,and other athletic activities.

Market Dynamics

An increasing incidence of injuries during sports and road accidents, growing prevalence of osteosarcoma around the world due to unhealthy lifestyle& increasing geriatric population, growing awareness about prosthetics & orthotics, and rising number of diabetes-related amputations are expected to propel the market growth.A continuous rise in the number of road accidents is also a key factor to boost the market growth. According to the WHO’s infographics on road safety, annually about 20-50 million people are injured or disabled due to road accidents across the world. Furthermore, the data also reported that in the U.S., around 2.35 million are injured or disabled and more than 37,000 people die in road accidents each year.

However, lack of well-equipped rehabilitation centers, high cost of treatment, and unfavorable reimbursement scenario in most of the regions across the world are some of the factors that may limit the market growth.

Based on the type, the global prosthetics and orthotics market is segmented into orthotics and prosthetics. Orthotics is further sub-segmented into the upper limb, lower limb, and spinal. Whereas, prosthetics is sub-segmented into upper extremity, lower extremity, sockets, liners, and modular components. Orthotics accounted for the largest share of the market in 2018. Rising incidences of sports injuries, increasing prevalence of osteoarthritis, unhealthy lifestyle, entry of various products in the market, and growing penetration of innovative orthopedic technology are the key factors responsible for the growth of the market. For instance, according to the United Nations published data, the number of people aged 60 years or over is anticipated to more than double by 2050, from 962 million in 2017 to 2.1 billion in 2050 across the world. The geriatric population is more susceptible to orthopedic conditions such as osteopenia and osteoporosis, making them a larger share of the users of various orthopedic products. The upper limb orthotics segment accounted for the largest share of the orthotics due to benefits offered by the products, such as the reduction in the pain and recovery time in terms of movement. However, the spinal orthotics segment is anticipated to exhibit the fastest growth rate due to the rising geriatric population, an increasing number of spinal injuries, and unhealthy lifestyles such as stress, long working hours, and lesser exercise activities. In the prosthetics segment, upper extremity held the largest share of the market.

Geographically, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the market in 2018. This can be attributed to well-established healthcare infrastructure, favorable reimbursement policies, local presence of major market players, and investment by companies in research and development activities. However, Asia Pacific is anticipated to boost the market during the forecast period. The increasing number of road accidents, supportive government initiatives, and raising awareness about newer products are some of the key factors to propel the market growth in the coming years. Furthermore, rising disposable income of people in emerging countries such as China, India, South Korea, and Indonesia also help to boost the market growth.

The market research study on “Prosthetics and Orthotics Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global prosthetics and orthotics market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global prosthetics and orthotics market, its type, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global prosthetics and orthotics market size and segment markets by type, and geography along with the information on companies operating in the market. The prosthetics and orthotics market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.

Key players operating in the prosthetics and orthotics market are BCP Group, Blatchford Inc., Boston Orthotics & Prosthetics, Fillauer LLC, Ossur, Ottobock Healthcare GmbH, The Ohio Willow Wood Company, Ultraflex Systems Inc., and Zimmer Biomet Holdings Inc. Mergers, acquisitions, partnerships, and innovative product development are some of the key strategies being adopted by market players in the last few years.

Market Segmentation

By Type

Orthotics

  • Upper limb
  • Lower limb
  • Spinal

Prosthetics

  • Upper extremity
  • Lower extremity
  • Liners
  • Sockets
  • Modular components

By Geography

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa


Frequently Asked Questions

Prosthetics and orthotics are branches of clinical disciplines that deal with artificial limbs for patients after amputations and supportive devices (orthoses) for people suffering from musculoskeletal weakness or neurological disorders.

The prosthetics and orthotics market growth driven by an increasing incidence of injuries during sports and road accidents, growing prevalence of osteosarcoma around the world due to unhealthy lifestyle & increasing geriatric population, growing awareness.

Acumen Research and Consulting Predict that the prosthetics and orthotics market size is expected to reach around US$ 12.5 Bn by 2026.

The prosthetics and orthotics market is growing at a CAGR of 4.9% over the forecast period 2019 to 2026.

North America held the largest share of the market in 2018.

Asia Pacific is anticipated to boost the market during the forecast period.

Key players operating in the prosthetics and orthotics market are BCP Group, Blatchford Inc., Boston Orthotics & Prosthetics, Fillauer LLC, Ossur, Ottobock Healthcare GmbH, The Ohio Willow Wood Company, Ultraflex Systems Inc., and Zimmer Biomet Holdings Inc.

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