Global Market Research Reports : Ken Research: Prosthetics and Orthotics Industry

Thursday, November 10, 2022

Major Companies in Prosthetics and Orthotics Market | Prosthetics and Orthotics Market – Ken Research

Driven by the advancement in technology in prosthetics and orthotics along with the rising incidence of road accidents, sports injuries, and the increasing number of diabetes-related amputations, the Global Prosthetics and Orthotics Market is Forecasted to reach nearly US$ 9 Bn by 2028 says Ken Research Study.

Prosthetics is the branch of surgery that deals with the fitting of prosthetic devices, especially artificial limbs in individuals who have lost their limbs. Orthotics is a medical field that deals with the design, manufacture, and fabrication of artificial devices like braces, splints, and others to support damaged or weak joints, bones, muscles, and others.

Ken Research shares 3 key insights on this dynamic market from its latest research study.

1. Rising Advancement in Technology to Design Personalized Prosthetics and Orthotics Encourage Market Growth

The increase in disabilities globally along with the advancement in technology for the development of prosthetics and orthotics devices is likely to augment the growth of the market. The large-scale investments made toward the development of effective and versatile artificial limbs are anticipated to aid in the growth of the Global Prosthetics and Orthotics Market. However, the high cost of artificial limbs and the low-income status of a large population may hinder the growth of the market.

According to Ken Research estimates, the Global Prosthetics and Orthotics Market – valued at around US$ 6 Bn in 2017 and estimated to reach nearly US$ 7 Bn by 2022 – is expected to grow to around US$ 9 Bn opportunity by 2028.

2. Rising Incidence of Sports Injuries is Driving the Market Growth

The rising incidence of sports injuries globally along with the curiosity about sports among people has increased the risk of wounds and fractures that may lead to serious injuries or disabilities, which is expected to boost the demand for prosthetics and orthotics. According to the National Safety Council people playing basketball suffered most sports injuries. An alarming rise in the frequency of sports injuries is likely to poise the growth of the market globally.

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The below graph depicts the frequency of a number of sports injuries in 2020 within American population.

3. High Operation Cost of Prosthetic Devices Is the Most Significant Barrier to the Growth of the Market.

The high cost of devices of prosthetics and orthotics devices along with a large population with low-income status, especially in developing countries, may hamper the growth of the market. A large number of the population in developing countries comes from a middle-class or lower-class family which makes it difficult to afford such high-priced artificial limbs, which may restrict the growth of the market.

The below graph depicts the high operating cost of Myo Prosthesis in US$.

For more information on the research report, refer to the below link:

Prosthetics and Orthotics Manufacturing Companies

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Wednesday, November 9, 2022

3 Key Insights on Competitive Landscape in the Global Prosthetics and Orthotics Market

Regional Players Dominate the Market Holding nearly 45% of Revenue Share Despite the Presence of about 150 Competitors Comprising Global Players, Regional Players, and Country-Niche Players find a recent market study on the Global Prosthetics and Orthotics Market by Ken Research.

Ken Research shares 3 key insights on the competitive landscape of this dynamic market from its latest research study.

Country-Niche players constitute ~50% of the Total Number of Competitors and hold ~25% of the Total Market Revenue

A comprehensive competitive analysis conducted during the Research Study found that the Global Prosthetics and Orthotics Market is highly competitive with ~150 players which include globally diversified players, regional players as well as a large number of country-niche players who have their niche in Prosthetics and Orthotics Market. The global players comprise ~15% in terms of the number of companies and hold about 30% of the market share. Key players in the market are focused on launching new products and are engaged in extensive research and development for developing advanced prosthetics and orthotics to gain significant market share.

Leading Players Focused on Extensive R&D and Product Development of Prosthetics and Orthotics Products

Detailed comparative analysis of key competitors available within the Research Study shows that specialist players such as Bauerfeind, Össur, Fillauer LLC, and Ottobock are highly focused on providing advanced products with new features to cater to the demand of the end users. Furthermore, several companies are aggressively involved in extensive R&D for the development of new products, which is expected to fuel the growth of the market.

In April 2022, Warsaw, an orthopediatrics corp. acquired MD Orthopaedics for US$19.6 million. The company aimed to expand its product portfolio by acquiring MD Orthopaedics’ patented system for the treatment of clubfoot and custom fit bracing system that has supported the dissemination of the Ponseti Technique – the gold standard treatment for clubfoot.
In July 2021, Össur launched the ReboundPost-Op Elbow Brace, an anon-invasive, featherlight adjustable brace with intuitive design features. The company aimed to optimize the befitting experience for clinicians as well as ease of use for cases who are retrieving from a severe elbow injury or surgical operations.