Global Prosthetics and Orthotics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028: Ken Research
The 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.
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Key Growth Drivers
- 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.
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
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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.
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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 Össur, among others.
The leading global Prosthetics and Orthotics companies such as Bauerfeind, Össur, 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, Össur 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.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, Global Prosthetics and Orthotics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four region’s Prosthetics and Orthotics Market. The revenue used to size and forecast the market for each segment is US$ billion.
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