Prosthetics And Orthotics Market Is Estimated To Witness High Growth Owing To Increasing Number Of Accidents
SWOT Analysis
Strength: Prosthetics and orthotics market have advanced technology which allows increase mobility and improved post-surgery recovery for patients. Customized design fulfill specific patient's need. Availability of various product options provide comfort and convenience.
Weakness: High cost of advanced prosthetics restricts access of lower-income group. Lack of qualified professionals in underdeveloped regions pose implementation challenges. Dependence on import for some key components increases overall cost.
Opportunity: Rise in number of amputees and elderly population drives the demand. Growing sports and outdoor activities increase scope of customized solutions. Investments in R&D of bio-engineering and 3D printing to develop innovative designs.
Threats: Strong dependence on reimbursement policies of governments and insurance agencies. Threat of substitutes like robotic prosthetics and exoskeletons. Stringent regulatory guidelines for new products prolong approval time.
Key Takeaways
Global Prosthetics And Orthotics Market Demand is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing prevalence of lifestyle diseases and accidents. North America dominates currently due to presence of major players and focus on product innovation. However, Asia Pacific is poised to grow at fastest pace on back of rapidly rising geriatric population demanding orthopedic solutions in China and India.
Regional analysis
Asia Pacific is projected to gain highest traction in prosthetics and orthotics market, advancing at a CAGR of around 4.6% during 2023-2030. This is attributed to rapidly swelling aging demographic susceptible to mobility issues in China and India. In addition, growing healthcare investments by various governments aim to provide affordable solutions to larger consumer base.
Key players
Key players operating in the prosthetics and orthotics market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. Major firms are focusing on strategic acquisitions to complement their product portfolio and expand manufacturing facilities in emerging regions. They also invest heavily in development of myoelectric and microprocessor controlled devices employing robotics.
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