Global $9 Billion Prosthetics and Orthotics Markets to 2028: Size, Segments, Outlook, and Revenue Forecasts - ResearchAndMarkets.com
11 Jan 2023
DUBLIN--(BUSINESS WIRE)--The "Global Prosthetics and Orthotics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Technology, and Regions" report has been added to ResearchAndMarkets.com's offering.
'Global Prosthetics and Orthotics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Technology, and Regions'
Global Prosthetics and Orthotics Market was valued at US$ 6 billion in 2017. It is estimated to be US$ 7 billion in 2022 and is expected to reach a market size of US$ 9 billion by 2028, owing to the rising incidence of road accidents and sports injuries coupled with the increasing number of diabetes-related amputations.
The growing prevalence of osteosarcoma along with the increase in disability rate is anticipated to propel the growth of the Global Prosthetics and Orthotics Market.
The advancement in technology for the development of prosthetic devices and adoption of technologies like 3D printed prosthetics owing to their cost-effectiveness and easy usage, next-generation technologies such as microprocessors, automation, artificial intelligence (AI), and others is likely to aid the growth of the market.
The Global Prosthetics and Orthotics Market face challenges due to the high cost of the devices and technologies of prosthetics.
The challenge faced by the Global Prosthetics and Orthotics Market is the lack of developed healthcare infrastructure in developed and under-developed economies. On the other hand, the high cost of devices is expected to obstruct the growth of the market.
Lack of proper healthcare infrastructure, especially in low-income or developing countries along with the low-income status of large populations may restrict the growth of the market.
COVID-19 negatively impacted the Prosthetics and Orthotics Market for short time due to the disruption in the supply chain globally, delays in approvals or launch of new medical equipment, and reduced healthcare spending. In addition, essential surgeries or medical procedures were taken into consideration during the initial stage.
However, many non-governmental organizations and regulatory agencies responded to the changing scenarios and were seeking approvals for the continuation of prosthetic and orthotic care services to offer essential health benefits to patients during the pandemic.
The demand for prosthetic and orthotic care is expected to become stable as physical operations are resumed, which is increasing the demand for the services among the existing amputee population with maintenance.
Competitive Landscape
The Prosthetics and Orthotics Market is highly competitive with ~150 players that include globally diversified players, regional players as well as a large number of country-niche players having their niche in Prosthetics and Orthotics.
Country-niche players comprise ~55% of the total number of competitors, while the regional players comprise the second highest of the total number of competitors. Some of the major players in the market include Fillauer LLC, Bauerfeind, Ottobock, Zimmer Biomet, Blatchford Limited, Steeper Inc., Johnson and Johnson, Stryker, Smith+Nephew, and Ossur, among others.
The leading global Prosthetics and Orthotics companies such as Bauerfeind, Ossur, Fillauer LLC, and Ottobock are highly focused on launching new orthotics and prosthetics products in the market and gaining investment for research and development process.
Recent Developments Related to Major Players
In February 2022, Ossur launched a new next-generation Power knee microprocessor prosthetic knee system. The company designed a motor-powered smart prosthesis with advanced algorithms for providing movement to humans. The algorithm detects the pattern of human movement, and learning, and adjusts to the speed and cadence in real-time of the wearer in. The company aimed to expand its product portfolio with the help of a new launch.
In June 2020, Ottobock partnered with World Para Athletics to launch Ottobock Get Together, a series of monthly live sessions on Facebook, which was hosted by Heinrich Popow, the eight-time Paralympic medalist. This series aims to know about the experience of Para athletes from their life and experiences. The first edition of the session was based on prosthetic legs. The partnership aimed to spread awareness regarding prosthetic legs by sharing the experience of world-class athletes.
Conclusion
The Global Prosthetics and Orthotics Market is forecasted to continue sluggish growth, primarily driven by the increasing frequency of road accidents and sports injuries globally.
Furthermore, advancements in technology in the development of prosthetic devices and increasing penetration of new technologies including next-generation technology, 3D printing, and others in the market are anticipated to propel the growth of the market even in the forecasted period. Though the market is highly competitive with ~150 participants, regional players control the dominant market share.
Key Trends by Market Segment
By Type: Orthotics segment held the largest share of the Global Prosthetics and Orthotics Market in 2021, attributed to the increasing number of spinal cord injuries
The rising cases of road accidents or sports injuries coupled with increasing penetration of orthopedic technology to offer benefits like reduced pain and faster recovery in terms of movement is anticipated to augment the growth of the segment in the Global Prosthetics and Orthotics Market
By Technology: The conventional segment held the largest share of the Global Prosthetics and Orthotics Market in 2021, owing to its affordability.
The reliability of end-users on conventional technology of prosthetics and orthotics coupled with it also offers advantages such as safety, energy efficiency, stability, and affordability, which is expected to attract consumers and thus is anticipated to boost the growth of the segment in the market.
By Geography: North America region accounted for the largest share of the Global Prosthetics and Orthotics Market in 2021, due to the increasing focus on providing quality care along with the growing focus on research and development of new technologies for prosthetics and orthotics.
The increase in investment for research and development for prosthetics and orthotics along with favorable reimbursement policies along with well-established healthcare infrastructure in the region is expected to propel the growth of the region in the market.
Key Topics Covered in the Report
Snapshot of the Global Prosthetics and Orthotics Market
Industry Value Chain and Ecosystem Analysis of the Prosthetics and Orthotics Market
Market size and Segmentation of the Global Prosthetics and Orthotics Market
Historic Growth of the Overall Global Prosthetics and Orthotics Market and Segments
Competition Scenario of the Prosthetics and Orthotics Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Prosthetics and Orthotics Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall Global Prosthetics and Orthotics Market
Future Market Forecast and Growth Rates of the Global Prosthetics and Orthotics Market and by Segments
Market Size of Application/End-User Segments with historical CAGR and Future Forecasts
Analysis of the Prosthetics and Orthotics Market in Major Regions
Major Production/Consumption Hubs in the Major Regions
Major Production/Supply and Consumption/Demand Hubs in Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Prosthetics and Orthotics Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Region
Major Companies Mentioned in the Report
Bauerfeind
Ottobock
Smith+Nephew
Ossur
For more information about this report visit https://www.researchandmarkets.com/r/1gos6g
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