by Prosthetics refers to artificial device that replaces a missing body part, such as leg or arm, while orthotics refers to artificial device used to modify the function of the legs, feet, and spinal curves. Prosthetics and orthotics are used for patients who are suffered from limb loss, deformities, or weaknesses. Advancements in 3D printing technology has enabled the development of customized prosthetics and orthotics with enhanced aesthetics and functionality.
The global Prosthetics And Orthotics Market is estimated to be valued at US$ 6,923.2 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing adoption of 3D printing is a major trend witnessed in the prosthetics and orthotics market. 3D printing technology enables the development of highly customized prosthetics and orthotics as per the unique body structure and measurement of the patient. It allows designing prosthetics that closely mimic the appearance and functions of natural limbs. For example, 3D Systems partnered with University of Nebraska to develop a method to 3D print living tissues like nerves, blood vessels, and muscles directly into the prosthetic sockets, which will significantly improve prosthetics compatibility and user experience. The ability of 3D printing to produce customized solutions at reduced costs is fueling its adoption among prosthetics and orthotics manufacturers.
Porter’s Analysis
Threat of new entrants: The prosthetics and orthotics market requires large investments towards R&D and production facilities. Regulations in the healthcare industry also create barriers for new companies.
Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for prosthetics and orthotics devices. However, large healthcare organizations and insurance companies can negotiate on price and quality.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials and components used in prosthetics and orthotics. This gives them significant influence on pricing.
Threat of new substitutes: New materials and 3D printing technologies offer substitute options, but compatibility issues reduce their impact in the short run.
Competitive rivalry: The market has few global players with majority shares. Competition is centered around innovation, quality, and customer experience.
Key Takeaways
Global Prosthetics And Orthotics Market Demand is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period 2023 to 2030, due to increasing incidence of amputations and accidents. The market size for 2023 is estimated to be US$ 6,923.2 Mn.
Regional analysis: North America is expected to dominate the prosthetics and orthotics market during the forecast period. This can be attributed to rising healthcare spending and the presence of major manufacturers in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to growing medical tourism and improving reimbursement scenario.
Key players analysis: Key players operating in the prosthetics and orthotics market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. These companies are focusing on developing advanced prosthetic technologies using materials like carbon fiber and 3D printing methods. Partnerships with engineers and physicians are helping companies enhance product quality.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
