July 21, 2024
Prosthetics And Orthotics Market

The Global Growth of Prosthetics and Orthotics Industry is Driven by Increasing Prevalence of Road Accidents

The prosthetics and orthotics industry deals with the production and distribution of orthopedic braces and artificial limbs. Prosthetics are artificial devices that replace missing or deficient body parts like legs, arms, hands etc, while orthotics are devices that support or correct deformities and abnormalities of the body. The major applications of prosthetics and orthotics include pediatric, lower extremity and upper extremity applications. Increasing cases of road accidents, injuries and birth defects have boosted demand for prosthetic and orthotic devices. Furthermore, advancements in materials science have enabled development of lightweight, durable and comfortable prosthetics that closely mimic natural limbs and gait. Carbon fiber, thermoplastic resin and 3D printing technologies are being used to manufacture customized prosthetics.

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:
There has been rise in number of trauma cases, amputations and limb loss disorders globally due to various reasons such as diabetes, vascular diseases, tumors, injuries etc. As per reports, around 185,000 amputations are performed annually in the US. This has boosted demand for prosthetic and orthotic devices. Furthermore, 3D printing technologies are enabling fabrication of customized prosthetics as per individual dimensions, thereby enhancing comfort and usability. Companies are also focusing on development of myoelectric and microprocessor controlled prosthetics that can mimic natural movements more closely. Rising incomes in developing nations is also expected to drive market growth during the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants into the Prosthetics And Orthotics market is moderate as it requires large capital investments and technological capabilities to produce quality products.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established brands for buyers to choose from.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of a variety of raw material suppliers in the market.

Threat of new substitutes: The threat of new substitutes is low as prosthetics and orthotics products have limited substitutes.

Competitive rivalry: The competitive rivalry in the market is high due to presence of global as well as regional players.

Key Takeaways

The Global Prosthetics And Orthotics Market Demand is expected to witness high growth. 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.

North America dominates the market currently owing to presence of major players and rising geriatric population in countries like US and Canada. Europe accounts for significant share in the market due to increasing investment in healthcare sector by governments. Asia Pacific is expected to witness fastest growth over the forecast period supported by growth in healthcare sector and increasing disposable income in countries like China and India.

Key players

Key players operating in the Prosthetics And Orthotics market are Corteva Agriscience, Gujarat State Fertilizers & Chemicals Ltd, Koppert Biological Systems Inc., Marrone Bio Innovations Inc., Valent Biosciences LLC.

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