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The prosthetics and orthotics market size is forecasted to increase by USD 2.85 billion, at a CAGR of 5.68% between 2023 and 2028. The Prosthetics and Orthotics market is experiencing significant growth, driven by several key factors. Firstly, advancements in technology continue to revolutionize the design and functionality of prosthetic and orthotic devices. Secondly, the prevalence of chronic diseases and disabilities is increasing, leading to a higher demand for these solutions. Lastly, there is a growing trend towards personalized and customized prosthetic and orthotic solutions, catering to the unique needs of each patient. These factors collectively contribute to the expansion of the Prosthetics and Orthotics market.
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Road accidents often result in severe injuries, sometimes necessitating amputations due to trauma such as osteosarcoma or other injuries. The prosthetics segment plays a crucial role in rehabilitating individuals affected by these conditions, offering artificial limbs and advanced technologies like brain-monitored prosthetics to enhance functionality. Organizations like Naked Prosthetics and Ottobock innovate in this field, investing heavily in RD to develop customized and personalized solutions. Reimbursement regulations impact accessibility, particularly for the low-income population needing support devices due to chronic illnesses or musculoskeletal weakness. Clinical specialties in orthopedics and neurological diseases provide specialized care for those requiring limb amputation procedures or dealing with osteoporosis complications. Improving road transport and highways safety can potentially reduce the incidence of such injuries, highlighting the intersection of healthcare and public policy in mitigating these challenges.
Advances in prosthetic and orthotic technologies are notably driving market growth. The market has witnessed the development of prosthetic and orthotic devices that are innovative and smart, with rapid developments in disciplines such as bioengineering, material sciences, and robotics. These prosthetics and orthotics offer improved comfort, functionality, and integration with the body.
Moreover, the combination of sensors, microprocessors, and artificial intelligence (AI) has improved the accuracy with which prosthetic limbs can replicate real movements. Such developments enhance the quality of patients and increase the demand for cutting-edge products. Hence, Advances in prosthetic and orthotic technologies are expected to fuel the growth of the market during the forecast period.
The integration of robotics and artificial intelligence is a key trend in the market. The use of cutting-edge technologies improves the performance and effectiveness of orthotic and prosthetic devices. With the help of robotics and AI, intelligent prostheses can be made to adjust to a user's movements and offer a comfortable experience.
Moreover, the devices can be monitored continuously and customized with the help of data collection and analysis. For example, in robotic-assisted therapy, AI and robotics are used for advanced rehabilitation methods, thereby enhancing patient outcomes and quality of life. These technologies are revolutionizing the industry and offering cutting-edge solutions for people who have lost limbs or have other physical limitations. Such factors are expected to support the growth of the market during the forecast period.
The high costs associated with prosthetic and orthotic devices may impede market growth. Orthotic and prosthetic devices are generally costly, as they involve the use of sophisticated technology, expensive raw materials, and design and manufacturing expertise. Apart from the initial equipment purchase, the cost covers the upkeep, repairs, and new parts.
However, the financial burden restricts access for people who would benefit from orthotics or prostheses, especially in low-income areas or in countries with fewer healthcare resources. It is challenging to come up with methods that lower the cost of these products without compromising on quality. Hence, the high cost of these devices is expected to hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aesthetic Prosthetics Inc. - The company offers prosthetics and orthotics such as OrthoCash Pro. It also manufactures and distributes prosthetics, orthotics, and specialist seating products.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the clinics segment will be significant during the forecast period. Clinics provide a variety of services, such as consultations, assessments, and the fitting of orthotics and prostheses. They work closely with patients to fully grasp their specific demands and present them with solutions that are specialized to meet those needs. Clinics are additionally equipped with cutting-edge technology and qualified specialists who are capable of delivering superior orthotics and prosthetics.
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The clinics segment was valued at USD 3.50 billion in 2018. To help patients become accustomed to their prostheses and orthotics and lead normal lives, clinics also provide rehabilitation treatments and follow-up care. Hence, due to the range of flexibility and motion offered by prosthetics and orthotics and their ease of access, the clinic end-user segment is expected to witness significant demand and hence, drive the growth of the global prosthetics and orthotics market during the forecast period.
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North America is estimated to account for 38% of the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the market in North America is attributed to factors such as the rising prevalence of musculoskeletal conditions and disabilities. In addition, technological advances have led to the development of novel orthotic and prosthetic devices with enhanced comfort and efficacy. Manufacturers are introducing cutting-edge products such as bionic prostheses and sophisticated braces that closely resemble natural limbs in terms of function and offer easy movement and support. Moreover, improvement in consumer awareness about access to orthotics and prosthetics has helped with market expansion. Manufacturers are focusing on expanding their distribution networks, working with healthcare professionals, and putting reimbursement plans in place to increase awareness.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Diabetes-related amputations are a significant concern in healthcare, prompting advancements in prosthetic devices like the Power Knee and electric prosthesis to enhance mobility and quality of life for patients. Regulatory bodies such as the Therapeutic Goods Administration (TGA) oversee the approval of new medical equipment and prostheses, ensuring precision and accuracy in their functionality. RD investments drive technological developments in orthopedic prosthetic devices, focusing on customized orthotic devices and modular components to cater to diverse patient needs. The geriatric population, prone to osteoarthritis and bone injuries, benefits from new product development in orthopaedic prosthetic appliances that aim for pain reduction and improved functional outcomes. Clinical specialties in neurological disease and orthopedics collaborate with prosthetists, orthopedists, and allied health professionals to optimize alignment and construction of prosthetic limbs and orthoses.
Moreover, innovative approaches like advanced algorithms for human movement analysis enable prostheses to mimic natural motions, enhancing speed and cadence while maintaining a natural appearance. Eco-friendly solutions in healthcare systems support sustainability efforts amidst rising concerns over obesity and unhealthy lifestyles affecting global health. Reimbursement guidelines and favourable reimbursement scenarios are pivotal for widespread adoption of lightweight materials and electric-powered or hybrid orthopedic prosthetics across orthotics clinics and rehabilitation centers. These developments underscore the importance of well-established healthcare infrastructure and skilled professionals in advancing orthopedic care in both developed and underdeveloped regions.
Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.68% |
Market growth 2024-2028 |
USD 2.85 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.29 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Germany, France, Japan, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ability Matters Group Ltd., Aesthetic Prosthetics Inc., Aether Biomedical sp. z o.o., Bauerfeind AG, Bionic Prosthetics and Orthotics Group LLC, Blatchford Ltd., Fillauer LLC, Globus Medical Inc., Hanger Inc, Mobius Bionics LLC, Ossur hf, Ottobock SE and Co. KGaA, Sarcos Technology and Robotics Corp., Steeper Inc., Stryker Corp., SynTouch Inc., THUASNE, Ultraflex Systems, WillowWood Global LLC, and Zimmer Biomet Holdings Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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