According to a comprehensive report by Future Market Insights (FMI), the prosthetics and orthotics market is set to soar with a projected Compound Annual Growth Rate (CAGR) of 6% from 2023 to 2033. Starting at a market value of USD 6.8 billion in 2023, the industry is anticipated to reach a staggering USD 12.2 billion by 2033.
The market for Orthotics is expected to swell at a CAGR of 5.9% throughout the projection period. The orthotics type, the category had a significant revenue share of the global market in 2020. This might be due to an increase in the frequency of arthritis in the older population’s sports injuries, and orthopedic technology penetration.
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.
Key Takeaways: Prosthetics and Orthotics Market Analysis:
- Market Growth & Projections:
- The global Prosthetics & Orthotics Market sales were valued at USD 6.8 Billion in 2023.
- With a CAGR of 6% (2023–2033), the market is projected to exceed USD 12.2 Billion by 2033.
- The Orthotics segment is anticipated to generate significant revenue, growing at a CAGR of around 6% over the forecast period.
- Regional Insights:
- USA:
- Expected to dominate the market with USD 3.7 Billion by 2033.
- High prevalence of limb loss (1.7 million individuals, as per National Limb Loss Information Center) due to trauma, vascular issues, and malignancy underscores market potential.
- UK:
- Projected to grow at a CAGR of 5%, reaching USD 522 Million by 2033.
- The forecast period indicates an absolute dollar opportunity of USD 218 Million.
- Japan:
- The fastest-growing region, with a CAGR of 8.3%, expected to reach USD 583 Million by 2033.
- Estimated absolute dollar opportunity of USD 320 Million.
- USA:
- Orthotics Segment Growth:
- Orthotics is forecasted to grow at the highest CAGR of 5.9% (2023–2033).
- The rise in diabetes-related amputations globally is fueling the demand for orthotics.
- Innovative orthotics designs, such as polypropylene orthotics, provide enhanced flexibility, durability, and tailored support for patients, contributing to segment expansion.
- Therapeutic Advancements:
- Orthotics are increasingly used in physiotherapy procedures like gait retraining, muscle strengthening, and balance improvement.
- These non-invasive solutions aim to reduce reliance on surgical interventions and enhance patient outcomes.
The report highlights significant regional and segment-specific growth drivers, making the Prosthetics & Orthotics Market a lucrative opportunity for stakeholders in the coming decade.
Enhanced Market Demand! Discover Thorough Trends and Insights in Our Complete Report!
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.
Recent Developments:
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.
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)
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐌𝐈’𝐬 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐎𝐧𝐠𝐨𝐢𝐧𝐠 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 𝐨𝐧 𝐇𝐞𝐚𝐥𝐭𝐡𝐜𝐚𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐃𝐨𝐦𝐚𝐢𝐧:
Directed Energy-Based Surgical Systems Industry
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