The Prosthetics and Orthotics Market is Estimated to Witness High Growth Owing to Increasing Incidences of Accidents
Prosthetics and orthotics refer to medical devices that are used as a replacement for missing body parts or as an aid for physically impaired individuals. Prosthetics refer to artificial limbs such as legs or arms that replace missing biological limbs, while orthotics refer to devices used to support weak or ineffective joints or limbs. Common orthotic devices include ankle braces, knee braces, and diabetic footwear.
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 Dynamics:
The increasing incidences of accidents and injuries are a key driver contributing to the growth of the prosthetics and orthotics market. According to the WHO, road accidents account for nearly 1.35 million deaths each year globally. The number of amputations performed each year due to accidents or as a result of conditions like diabetes is steadily rising. The growing geriatric population is also fueling the demand for orthotic and prosthetic devices as the risk of disabilities and mobility issues increase with age. Furthermore, increasing investments and development of advanced prosthetics that provide better mobility and comfort are also boosting the market growth. Technological advances have led to the development of microprocessor-controlled prosthetic knees and ankles, myoelectric prosthetics that are controlled by muscle signals, and 3D printed sockets and prosthetic covers providing superior fit and usability.
SWOT Analysis
Strength: Prosthetics and Orthotics market has strength due to growing demands in developing countries. There is increase in sports injuries and road accidents which is boosting the market. Advances in material science is improving the comfort and functionality of prosthetics and orthotics.
Weakness: High costs of customized prosthetics can limit growth potential in low income countries. Lack of awareness in rural areas regarding prosthetics availability is a challenge.
Opportunity: Untapped markets in rural areas provide major growth opportunity. Advancements in 3D printing can help lower production costs.
Threats: Strict regulations and quality standards increase compliance costs for companies. Threat from drug therapy or alternative treatment options.
Key Takeaways
The Global Prosthetics And Orthotics Market Demand is expected to witness high growth. The market size is projected to reach US$ 6923.2 Mn by 2023 from US$ 3628.9 Mn in 2018, growing at a CAGR of 11.4% during the forecast period.
Regional analysis
The Asia Pacific region is expected to witness fastest growth in the prosthetics and orthotics market. Presence of large patient pools and improving access to healthcare drives the market in the region. China dominates the Asia Pacific market due to growing elderly population and rising incidence of orthopedic diseases. India and other Southeast Asian countries are also emerging as lucrative markets with increasing investments in healthcare sector.
Key players related content comprises Key players related content (Key players operating in the (incorporate given market name) are incorporate given list of key players.)
Key players operating in the prosthetics and orthotics market are Ottobock, DJO Global, Ossur Corporate, Fillauer, and Freedom Innovations. These players are focusing on new product launches, expansions, and acquisitions to gain leading position in the market.
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