What Is The Size Of Global Prosthetics & Orthotics Industry?
Global Prosthetics & Orthotics market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 9 Bn by 2028.
The Prosthetics & Orthotics Market is largely driven by the growing prevalence of osteosarcoma along with the increase in disability rate.
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.
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.
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Global Prosthetics & Orthotics Market By Type
The Global Prosthetics & Orthotics market is segmented by Type into Orthotics, Upper Limb, Lower Limb, Spinal Orthotics, Prosthetics, Upper Extremity, Lower Extremity, Liners, Sockets and Modular Components.
Orthotics segment held the largest share of the Global Prosthetics and Orthotics Market in 2022, 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.
Global Prosthetics & Orthotics Market By Technology
The Global Prosthetics & Orthotics market is segmented by Technology into Conventional, Electric-powered and Hybrid Orthopedic Prosthetics.
The conventional segment held the largest share of the Global Prosthetics and Orthotics Market in 2022, 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.
Global Prosthetics & Orthotics Market By Geography
The Global Prosthetics & Orthotics market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.
North America region accounted for the largest share of the Global Prosthetics and Orthotics Market in 2022, 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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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
- Fillauer LLC
- Bauerfeind
- Ottobock
- Zimmer Biomet
- Blatchford Limited
- Steeper Inc.
- Johnson and Johnson
- Stryker
- Smith+Nephew
- Össur
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Notable Emerging Companies Mentioned in the Report
- Sarcos Robotics
- Ekso Bionics
- ReWalk Robotics
- Xilloc Medical
- Cyberdyne
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Prosthetics and Orthotics Manufacturers
- Healthcare Research Institutes
- Market Research & Consulting Firms
- Research and Development Associations
- Investment Banking & Financial Institutes
- PE and VC Firms focused on Medical Devices
- Research & Development Institutes for Prosthetics and Orthotics Sector
- Prosthetics and Orthotics Providers
- Prosthetics and Orthotics Suppliers
- Investors in Prosthetics and Orthotics Start-ups
- Prosthetics and Orthotics Distributors
- Government Regulatory Authorities of Healthcare
- Investors in Prosthetics and Orthotics Companies
- Potential Entrants into Prosthetics and Orthotics
- Potential Entrants into Medical Devices
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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