Prosthetics and Orthotics is Estimated to Witness High Growth Owing to Rising Number of Road Accidents
Prosthetics refer to artificial limbs that replace missing parts of the body, while orthotics are devices used to support weak or ineffective joints or limbs. Prosthetics and orthotics include medical devices such as braces, supports, spinal orthotics, braces, dental braces and more. They are used to treat problems related to any part of the body ranging from legs, arms, back, dental to spine. With growing number of accidents and injuries requiring replacement or support to joints and bones, the demand for prosthetics and orthotics devices is on the rise. 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 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising number of road accidents remains a key driver fueling growth of the global prosthetics and orthotics market size over the forecast period. As per the WHO estimates, over 1.35 million people die in road accidents each year globally. Such accidents often lead to loss of limbs and cause injuries requiring prosthetic or orthotic support. Thus, growing cases of road accidents and injuries are expected to drive demand for prosthetics and orthotics.
Another major driver is increasing prevalence of diabetes globally. Diabetes patients are highly prone to developing wounds, injuries and infections in lower limbs often requiring amputation. This in turn is expected to propel market growth over the forecast period. According to International Diabetes Federation estimates, over 537 million adults were living with diabetes in 2021 globally, with number projected to rise to 643 million by 2030 and 784 million by 2045.
SWOT Analysis
Strength: Prosthetics and orthotics can help improve mobility and quality of life for patients suffering from limb loss or musculoskeletal disabilities. Advanced biomaterials used for prosthetic components are lightweight and durable. Many insurance providers offer coverage for prosthetic devices and services.
Weakness: The costs associated with advanced prosthetics and custom-made orthotics can be very high. Not all insurance plans provide full coverage. Certain disabilities may not have viable prosthetic solutions.
Opportunity: Rising incidences of trauma injuries, diabetes, and vascular diseases are increasing the demand for prosthetics and orthotics globally. Growing geriatric population prone to mobility issues widens the potential market. Technological advances may lead to more affordable and effective solutions.
Threats: Stringent regulatory approvals and medical standards delay the launch of new products. Intense competition from local and global players increases pricing pressures. Economic slowdowns can negatively impact the discretionary spending on such devices.
Key Takeaways
The global prosthetics and orthotics market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: The Asia Pacific region offers immense growth opportunities for prosthetics and orthotics manufacturers. Countries like China, Japan, and India have a huge population suffering from disabilities. The growing medical capabilities and healthcare infrastructure in these countries are attracting medical tourists. Additionally, governments are raising awareness about advanced rehabilitation solutions and offering subsidies to make them more affordable.
Key players operating in the prosthetics and orthotics market include Applied Materials, Inc., ASML Holding, Canon, Tokyo Electron, Lam Research, KLA-Tencor, Dainippon Screen, Advantest, Teradyne, and Hitachi High-Technologies. These companies are focusing on developing customized prosthetic components using lightweight 3D printed materials and myoelectric sensors for better mobility. Partnerships with healthcare providers and investments in R&D are helping them expand globally.
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