by The Global Prosthetics And Orthotics Market is estimated to be valued at US$ 6,653.0 Mn in 2022 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 Overview:
The Prosthetics and Orthotics Market primarily focuses on the development and manufacturing of artificial limbs (prosthetics) and orthopedic braces and supports (orthotics). These products are used to support and assist individuals with disabilities, enabling them to regain mobility and improve their quality of life. Prosthetic limbs include devices such as artificial arms, hands, legs, and feet, while orthotics involve braces, supports, and other devices that provide support to joints, muscles, and bones. These products find applications in various medical fields, including orthopedics, neurology, and rehabilitation.
Market Dynamics:
The growing incidence of disabilities, such as injuries, amputations, and age-related conditions, is a major driver propelling the market growth. Additionally, technological advancements in materials, design, and manufacturing processes have led to the development of more advanced and customized prosthetics and orthotics, further fueling market growth. Furthermore, the rising geriatric population and increasing awareness about mobility aids contribute to the market expansion. However, cost limitations and the lack of reimbursement policies in developing countries may hinder market growth to some extent. Nonetheless, the introduction of innovative products, such as bionic limbs and smart orthotics, is expected to create lucrative opportunities in the market.
Segment Analysis:
The prosthetics and orthotics market can be segmented based on product type, end user, and geography. In terms of product type, prosthetics segment is expected to dominate the market. This segment is further categorized into upper extremity prosthetics and lower extremity prosthetics. The lower extremity prosthetics sub segment is expected to dominate the market due to the high prevalence of lower limb disabilities and the rising number of lower limb amputations.
PEST Analysis:
Political: The political factors influencing the prosthetics and orthotics market include government regulations and policies related to healthcare and medical devices. For instance, the approval process for prosthetic devices and the reimbursement policies for prosthetic services can impact the market.
Economic: The economic factors affecting the market include the healthcare expenditure and budget allocation by governments, as well as the affordability and accessibility of prosthetic and orthotic devices for patients.
Social: The social factors influencing the market include the increasing awareness about the availability of advanced prosthetic and orthotic devices, as well as the rising prevalence of disabilities and chronic diseases leading to the need for such devices.
Technological: The technological factors impacting the market include advancements in materials used for prosthetic and orthotic devices, such as lightweight and durable materials, as well as the integration of sensors and robotics in the devices to enhance functionality and improve patient comfort.
Key Takeaways:
The Global Prosthetics And Orthotics Market Size is expected to witness high growth, exhibiting a CAGR of 3.1% over the forecast period (2023-2030), due to the increasing prevalence of disabilities and chronic diseases, technological advancements in prosthetic and orthotic devices, and growing awareness about the availability of advanced devices.
In terms of regional analysis, North America is expected to be the fastest growing and dominating region in the prosthetics and orthotics market. This can be attributed to the high healthcare expenditure, favorable reimbursement policies, and presence of key market players in the region.
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 key players are focusing on product innovations, strategic collaborations, and mergers and acquisitions to maintain their market dominance and expand their product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
