The global Prosthetics and Orthotics Market is expected to witness robust growth Propelled by rising incidences of lower extremity injuries
The prosthetics and orthotics market involves manufacturing and distribution of artificial limbs and braces. Prosthetics are artificial devices that replace missing body parts like legs, arms or eyes. Orthotics are braces or supports used to align or improve the function of movable parts of the body like ankles, knees, back, elbows and wrists. The growing incidence of lower extremity injuries including accidents, diabetic foot ulcers and age-related degeneration is driving the demand for prosthetics and orthotic devices.
The global Prosthetics and Orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of 3D printing technology has opened up new avenues for customized prosthetics and orthoses. 3D printing aids in rapid prototyping and allows designing implants based on patients' scanned anatomical data,measurements and movement patterns. This enhances comfort, functionality and durability of prosthetics. As 3D printing reduces manufacturing costs and time, more insurers are willing to cover 3D printed prosthetics. As a result, several market players are actively investing in 3D printing capabilities to manufacture personalized prosthetics and orthotics. For example, Open Bionics offers 3D printed bionic hands for amputees including multi-grip locking systems and individualized fit. The advanced technology is expected to transform the prosthetics industry and drive higher adoption rates going forward.
SWOT Analysis
Strength: Prosthetics and orthotics help improve mobility and quality of life for patients. They provide support, stability and movement to replace or assist body parts.
Weakness: High costs associated with customized prosthetics and orthotics can limit access. Lack of reimbursement coverage in some countries further increases financial burden.
Opportunity: Growing geriatric population prone to mobility issues increases market potential. Technological advances enable more lifelike and functional prosthetics.
Threats: Threat of substitute treatments like surgeries limits market scope. Stringent regulations delay product approvals and market entry.
Key Takeaways
The global Prosthetics And Orthotics Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 6923.2 Mn by 2023, growing at an estimated CAGR of 11%.
Regional analysis: North America currently dominates the market, supported by advanced healthcare infrastructure and rising instances of amputations due to chronic diseases like diabetes. The Asia Pacific region is expected to offer lucrative growth opportunities owing to rapidly aging populations in China and India coupled with growing healthcare spending.
Key players: Key players operating in the prosthetics and orthotics market are Ottobock, Ossur, Fillauer, WillowWood, Blatchford, AlterG, and Freedom Innovations. Prosthetic and orthotic manufacturers are focusing on lightweight, comfortable and affordable solutions to expand market share. Technological innovations are helping achieve more life-like functionalities and cosmetic appearances.
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