Enjoy complimentary customisation on priority with our Enterprise License!
The prosthetics and orthotics market is estimated to grow at a CAGR of 6.1% between 2022 and 2027. The market size is forecasted to increase by USD 2,944.61 million. The growth of the market depends on several factors, including advancements in prosthetic and orthotic technologies, the increasing prevalence of chronic diseases and disabilities, and the growing demand for personalized and customized solutions.
This prosthetics and orthotics market report extensively covers market segmentation by type (orthotics and prosthetics), end-user (clinics, hospitals, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Advancements in prosthetic and orthotic technologies are notably driving market growth, although factors such as high costs associated with prosthetic and orthotic devices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
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.
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.
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.
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.
Global Prosthetics and Orthotics Market Customer Landscape
Vendors 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the orthotics segment will be significant during the forecast period. Orthotics are devices that are applied externally and support, align, prevent, or rectify musculoskeletal deformities or anomalies.
Get a glance at the market contribution of various segments View the PDF Sample
The orthotics segment was valued at USD 5,355.14 million in 2017 and continued to grow until 2021. The increasing incidence of musculoskeletal defects and orthopedic conditions across the world is driving the growth of the orthotics segment. The demand for orthotics is growing due to several factors, such as an aging population, sedentary lifestyles, and a rise in the prevalence of sports injuries. These devices help relieve pain, increase mobility, and improve the overall quality of life of people with conditions such as arthritis, plantar fasciitis, and spinal abnormalities. Technological innovations such as the creation of lightweight, adaptable medical devices and the advantages of orthotic therapies are further driving the adoption of orthotic devices.
For more insights on the market share of various regions Download PDF Sample now!
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.
In 2020, the outbreak of COVID-19 declined the demand for prosthetics and orthotics significantly in North America. The CDC had urged all clinics and hospitals to cease treatments other than urgent or emergency care. In addition, the implementation of stringent lockdowns negatively impacted manufacturing. However, the lockdowns were lifted in the second half of 2020 owing to large-scale COVID-19 vaccination drives, which led to the resumption of routine operations in clinics and hospitals in the first half of 2021. This increased the demand for prosthetics and orthotic devices. Moreover, companies such as Ossur are investing in new product launches to provide more optimum ways of providing prosthetics and orthotics to people with disabilities. Such factors are expected to provide new opportunities for prosthetics and orthotics device manufacturers and, in turn, drive the growth of the prosthetics and orthotics market in North America during the forecast period.
The prosthetics and orthotics market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the prosthetics and orthotics market as a part of the global healthcare equipment market, which covers products and companies engaged in R&D of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Technavio calculates the global healthcare equipment market size based on combined revenue generated by manufacturers of various diagnostic equipment and devices used across the therapy areas. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Prosthetics And Orthotics Market Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.1% |
Market growth 2023-2027 |
USD 2,944.61 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.12 |
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 Vendors, Market Positioning of Vendors, 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our 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.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.