Prosthetics and Orthotics Market to grow by USD 2,944.61 Million from 2022 to 2027 | The advancement in the technology drive the market.
09 Aug 2023
NEW YORK, Aug. 9, 2023 /PRNewswire/ -- In a world witnessing remarkable advancements in healthcare technology, the prosthetics and orthotics market stands at the forefront of innovation and compassion. Embracing cutting-edge technologies, this dynamic sector offers a beacon of hope to millions worldwide, enhancing the lives of individuals facing physical challenges and disabilities.
According to the latest market analysis report by Technavio, the Prosthetics and Orthotics Market is set to achieve a staggering Compound Annual Growth Rate (CAGR) of 6.1% between 2022 and 2027, propelling the market size to skyrocket by an astonishing USD 2,944.61 million between 2022 to 2027. The report provides a comprehensive analysis of the market, segmenting it by type (orthotics and prosthetics), end-user (clinics, hospitals, and others), and geography (North America, Europe, Asia, and the Rest of the World). It also includes an in-depth examination of the drivers, trends, and challenges shaping the industry, with historical market data from 2017 to 2021, providing valuable insights for companies to refine their marketing strategies and gain a competitive edge. Click here to view the report.
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Source: PRNewswire
Technavio has announced its latest market research report titled Global Prosthetics and Orthotics Market 2023-2027
The research report also includes detailed analyses of the competitive landscape of the market and information about 16 market companies, including:
Aesthetic Prosthetics Inc.
Aether Biomedical sp. z o.o.
Bionic Prosthetics and Orthotics Group LLC
Mobius Bionics LLC
Ottobock SE and Co. KGaA
SynTouch Inc.
THUASNE
Key takeaways of the Prosthetics and Orthotics Market report:
Driving Factors: The market growth is driven by advancements in prosthetic and orthotic technologies, the increasing prevalence of chronic diseases and disabilities, and the growing demand for personalized solutions.
Technology Trends: The integration of robotics and artificial intelligence (AI) is a significant trend, enhancing the performance and effectiveness of prosthetic and orthotic devices.
Cost Challenges: High costs associated with prosthetic and orthotic devices pose a challenge to market growth, limiting access for some individuals in low-income areas or regions with fewer healthcare resources.
Promising Regions: North America is expected to account for 38% of the global market growth, driven by the increasing prevalence of musculoskeletal conditions and technological advancements.
Fastest-Growing Segment: The orthotics segment is projected to witness significant growth, attributed to the rising incidence of musculoskeletal defects and orthopedic conditions.
Companies Strategies: Market companies are adopting various strategies, such as strategic alliances, partnerships, mergers and acquisitions, and product launches, to enhance their presence and market position.
Customer Landscape: The report provides insights into the adoption lifecycle of the market, helping companies refine their growth strategies based on penetration rates in different regions.
Opportunity Amidst Challenges: While high costs remain a challenge, technological innovations, and increased consumer awareness present opportunities for market expansion.
Focus on Quality and Affordability: Addressing the high costs of prosthetic and orthotic devices while maintaining quality will be crucial to ensure broader access to these essential solutions. To get an insight into the Prosthetics and Orthotics Market drives and trends, download the sample report here.
The prosthetics and orthotics market is witnessing significant growth, fueled by technological advancements and a focus on personalized solutions for individuals with chronic conditions. Robotics and artificial intelligence are driving transformative changes, promising improved mobility and quality of life. With a commitment to innovation and accessibility, this market offers hope for a future where physical limitations are overcome, and lives are transformed. Don't miss out on this opportunity to stay ahead of the competition – Buy the report now and elevate your business to new heights!
Below, find a few related reports:
Orthopedic Prosthetics Market
: The orthopedic prosthetics market is estimated to grow at a CAGR of 5.55% between 2022 and 2027 and the size of the market is forecast to increase by USD 756.75 million. The report covers market segmentation by product (lower extremity orthopedic prosthetics and upper extremity orthopedic prosthetics), technology (conventional, electric-powered, and hybrid) and geography (North America, Europe, Asia, and Rest of World (ROW).
Prosthetics Market
: The prosthetics market has the potential to grow by USD 487.71 million during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 5.52%. The report covers market segmentation by component (lower extremity prosthetics and upper extremity prosthetics) and geography (North America, Europe, Asia, and ROW).
About Technavio
Technavio is a trusted source for industry news and insights that help companies stay ahead in today's competitive landscape. With a team of experienced analysts and researchers, we continuously scrutinize and evaluate the dynamic landscape of markets across the globe. Our comprehensive coverage, meticulous research methodologies, and pragmatic industry expertise have earned us the trust and reliance of a vast clientele, including over 100 esteemed Fortune 500 organizations.
SOURCE Technavio
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