Global sales in the Prosthetics and Orthotics Market reached a value of USD 6.5 Billion in 2022. The report projects a strong growth trajectory for the market, with a Compound Annual Growth Rate (CAGR) of 6% over the forecast period from 2023 to 2033. By 2033, the market is expected to exceed USD 12.2 Billion in value.
A significant portion of this growth will be driven by the Orthotics segment, which is anticipated to play a key role in revenue generation. The Orthotics segment is projected to grow at a similar CAGR of 6% during the forecast period, driven by technological advancements and the rising demand for innovative solutions to enhance patient mobility and quality of life.
This robust growth outlook is supported by increasing investments in medical device technologies, a growing aging population, and a rise in the prevalence of physical disabilities requiring prosthetic and orthotic devices. The report provides insights into the latest industry trends, market dynamics, and opportunities for key stakeholders in this expanding sector.
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 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 Analysis
The key providers of prosthetics and orthotics include Ossur, Blatchford, Inc., Fillauer LLC, Otto bock Healthcare GmbH, The Ohio Willow Wood Company, Ultraflex Systems, and 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.
Similarly, recent developments related to companies in Prosthetics & Orthotics services have been tracked by the team at Future Market Insights, which are available in the full report.
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
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa (MEA)
Author By:
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 stands as 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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