The Global Prosthetics and Orthotics Industry is experiencing a significant surge, according to a recent report by Future Market Insights (FMI). Sales surpassed US$6.5 billion in 2022, and the market is projected to reach a remarkable US$12.2 billion by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 6%.
Orthotics Segment Leading the Charge
The Orthotics segment is poised for particularly strong growth, with a projected CAGR of 6% from 2023 to 2033. This segment is expected to maintain a steady 5.9% CAGR throughout this period, highlighting its sustained momentum. This remarkable growth underscores the widespread adoption and numerous benefits of orthotic devices, which already secured a significant revenue share in the global P&O market in 2020.
The surge in demand is fueled by several factors, including the increasing prevalence of arthritis among the elderly population, a rise in sports-related injuries, and continuous advancements in orthopedic technology. In 2022, upper limb orthotics emerged as the dominant segment in the market, offering invaluable benefits such as reduced pain and expedited mobility recovery.
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The rising senior demographic has become one of the main factors for the swelled demand for prosthetics and orthotics globally. According to the United Nations, the number of people aged 60 and over will more than double, from 962 million in 2017 to 2.1 billion in 2050. Elderly people are more vulnerable to such health conditions as osteoporosis and osteopenia, making them regular clients of orthopedic medications.
The increasing prevalence of osteosarcoma in young people and children is further upscaling the demand. The most common bone tumor in children is osteosarcoma. Osteosarcoma is typically treated with chemotherapy, surgery, and radiation. Post-operative treatment for patients recuperating from this procedure usually includes orthopedic devices and prostheses.
In 2022, North America held a significant share of the global Prosthetics & Orthotics market. Government support for the Prosthetics and Orthotics sector’s development, a high level of awareness about cardiovascular and neurological disorders for an aging population, and increased awareness of spending on sports injuries are expected to propel the demand forward. Besides, easy access to high-quality medical facilities and attractive reimbursement policies are some of the key drivers of regional market growth.
Global Prosthetics and Orthotics Industry Competitive Landscape
- Ossur
- Blatchford, Inc.
- Fillauer LLC
- Otto Bock Healthcare GmbH
- The Ohio Willow Wood Company
- Ultraflex Systems
- Steeper Group
Some of the recent developments of key Global Prosthetics and Orthotics Industry providers are as follows:
- In October 2022, Endolite announced that Linx, its fully integrated, microprocessor-controlled lower limb system has been awarded a German Design Award in the ‘Universal Design’ category.
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Segments Covered in Global Prosthetics and Orthotics Industry Analysis
By Type:
- Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
- Orthotics
- Upper Limb
- Lower Limb
- Spinal
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa (MEA)
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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