Future Market Insights has unveiled a new report on the prosthetics and orthotics market, highlighting significant growth opportunities in the sector. The global market, valued at USD 6.5 billion in 2022, is projected to experience robust expansion, with an anticipated compound annual growth rate (CAGR) of 6% from 2023 to 2033. By the end of the forecast period, the market is expected to exceed USD 12.2 billion.
The report underscores the pivotal role of orthotics in driving market revenue, with this segment also expected to grow at a CAGR of approximately 6% over the next decade. This growth is fueled by advancements in prosthetic and orthotic technologies, increasing prevalence of orthopedic conditions, and a rising demand for personalized healthcare solutions.
Due to a range of benefits, including less pain and faster mobility recovery, upper limb orthotics accounted for the majority of the market. From 2021 to 2028, spinal orthotics is expected to grow at the fastest pace due to factors such as an increased incidence of spine injuries, a growing target population, and unhealthy lifestyles.
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 orthopaedic 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 to spend 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.
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 Prosthetics and Orthotics 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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Market Segments Covered in Prosthetics & Orthotics Market Analysis
By Type:
- Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
- Orthotics
- Upper Limb
- Lower Limb
- Spinal
About Future Market Insights (FMI)
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