July 25, 2024
Prosthetics and Orthotics Market

Prosthetics and Orthotics Market to Reach US$ 6,653.0 Mn by 2023

Market Overview:

The global prosthetics and orthotics market is anticipated to reach a value of US$ 6,653.0 Mn by 2023 and is projected to exhibit a CAGR of 3.1% during the forecast period 2023-2030.

Prosthetics and orthotics are artificial limbs and braces that aid individuals with physical disabilities or injuries in restoring their mobility and enhancing their quality of life. These devices provide numerous advantages, including improved mobility, better limb function, and increased independence for individuals with limb amputations or musculoskeletal impairments. The growing prevalence of chronic diseases, such as diabetes and osteoarthritis, coupled with the increasing number of accidents leading to limb injuries, is driving the demand for prosthetics and orthotics.

Market Key Trends:

One key trend in the prosthetics and orthotics market is the integration of advanced technology in these devices. The incorporation of robotics, sensors, and artificial intelligence has revolutionized the field of prosthetics and orthotics, enabling the development of more sophisticated and customizable solutions. These technological advancements ensure better fit, improved functionality, and enhanced comfort for users. For instance, the use of myoelectric prostheses, which are controlled by muscle signals, allows individuals to have more natural movements and perform delicate tasks with increased precision. Furthermore, the integration of sensors in orthotic braces enables real-time monitoring and adjustments, enhancing the effectiveness of rehabilitation therapies and promoting faster recovery for patients. The adoption of advanced technology in prosthetics and orthotics is expected to drive market growth and provide better outcomes for patients in the coming years.

Segment Analysis:

The prosthetics and orthotics market can be segmented based on product type and end-user. In terms of product type, prosthetics segment dominates the market. Prosthetics are artificial limbs used to replace missing body parts such as arms, legs, hands, and feet. This segment is expected to witness high growth due to the rising number of amputations across the globe. Factors such as road accidents, sports injuries, and the prevalence of diseases like diabetes and cancer contribute to the growing demand for prosthetics. Additionally, advancements in technology have led to the development of more innovative and functional prosthetic devices, further driving the segment’s growth.

Key Takeaways:

The Global Prosthetics and Orthotics Market Growth is expected to witness high, exhibiting a CAGR of 3.1% over the forecast period from 2023 to 2030. This growth can be attributed to several factors. Firstly, the increasing prevalence of conditions such as diabetes and cancer, which often lead to the need for amputation, drives the demand for prosthetic and orthotic devices. Moreover, the rising incidence of road accidents and sports injuries also contribute to the market growth.

From a regional perspective, North America is expected to be the fastest-growing and dominating region in the prosthetics and orthotics market. This can be attributed to the well-established healthcare infrastructure, high healthcare expenditure, and the presence of key market players in the region. Furthermore, increasing awareness about advanced prosthetic and orthotic devices among healthcare professionals and patients propels the market growth in North America.

Key players operating in the prosthetics and orthotics market include Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. These players are actively involved in strategic initiatives such as mergers and acquisitions, collaborations, and product launches to expand their product portfolios and strengthen their market position. These key players have a wide range of prosthetic and orthotic products catering to various patient needs, further driving their dominance in the market.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2.  We have leveraged AI tools to mine information and compile it