July 21, 2024
Prosthetics And Orthotics Market

Prosthetics and Orthotics is Estimated to Witness High Growth Owing to Rising Geriatric Population

Prosthetics are artificial devices that replace missing body parts, such as arms or legs. Orthotics are devices used for supporting weak or ineffective joints or muscles, or for correcting abnormal body parts, such as spines or limbs. Common prosthetic and orthotic devices include ankle foot orthotics, Finger Prosthetics, Hip Knee Prosthetics, Orthotic Braces and supports, Wrist Hand Finger Orthotics etc. These devices help people with disabilities in performing their routine tasks with greater ease.

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 growth of the global prosthetics and orthotics market is majorly driven by rising geriatric population worldwide. As per United Nations report, the share of global population aged 60 years or over grew from 9.2% in 1990 to 11.7% in 2013 and it is projected to jump to 21.1% by 2050. As aging increases the risks of disabilities and diseases leading to amputations and musculoskeletal disorders, the demand for prosthetics and orthotics is expected to rise substantially. Additionally, advancement in technologies is enabling the development of lightweight, cosmetically appealing and functional devices with better comfort, which is further supporting the market growth over the forecast period. However, high cost of complex prosthetic and orthotic devices may hamper the market growth.

SWOT Analysis
Strength: Prosthetics and orthotics help millions of people with physical disabilities to regain mobility and live independently. Technological advancements have improved the design, comfort and functionality of prosthetics and orthotics over recent years. 3D printing and other modern manufacturing methods allow for highly customized solutions based on an individual’s specific needs and activities.
Weakness: Access to prosthetics and orthotics is not equal around the world, as their high costs can put them out of reach for many. Prosthetics require regular maintenance, replacement of worn parts, and periodic upgrades to remain effective which adds to the lifetime expenses. Some insurance plans have limited coverage for such devices and services.
Opportunity: Growing elderly population and rise in lifestyle diseases such as diabetes that can lead to amputations present a significant growth opportunity. Increased acceptance and endorsement of prosthetics in sports can help expand the market. The focus on user experience and comfort levels through innovative designs and materials provides new avenues.
Threats: Threat of substitute products and therapies. Economic slowdowns can negatively impact the disposable incomes available for such specialized devices and services. Stringent regulations around new product approvals also pose challenges.

Key Takeaways

The global Prosthetics And Orthotics Market Share is expected to witness high growth over the forecast period of 2023 to 2030, estimated to reach nearly US$ 6923.2 Million by 2030, registering a CAGR of 11%. Rapidly aging populations, increased incidence of limb loss due to accidents or medical conditions, and technological advancements are driving market expansion.

Regional analysis comprising
North America currently dominates the prosthetics and orthotics industry due to supportive reimbursement structures and high expenditure on healthcare. The strong presence of leading manufacturers also contribute to the region’s large market share. Asia Pacific is projected to showcase the fastest growth rate during the forecast period with growing medical tourism and a rising middle class population in nations such as China, India, and Japan seeking orthopedic care.

Key players related content comprising

Key players operating in the prosthetics and orthotics market are Össur, Ottobock, Fillauer LLC, Streifeneder USA, College Park Industries, and Proteor. Össur and Ottobock maintain a large global presence with a wide range of product offerings which has helped them maintain strong market positions. Fillauer specializes in upper extremity prosthetics and is a leader in sports-related custom prosthetics.

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