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Prosthetics & Orthotics Market Size, 2028 | Industry Trends Report

Prosthetics & Orthotics Market Analysis Report By Type, By Region And Segment Forecasts From 2021 To 2028

Report ID: MN17620239  |  Published: May 2021  |  No of Pages: 110
Format: Electronic (PDF)  |  Industry: Medical Devices  |  Publisher: Grand View Research

Synopsis

With reference to the report published, the global prosthetics & orthotics market was prized by USD 6.11 billion in 2020. It is estimated to witness 4.2% CAGR from 2021 to 2028.

Drivers

The rising incidences of road accidents as well as sports injuries, the globally rising occurrences of osteosarcoma, plus the increasing number of diabetes associated amputations, are the factors, composed to impel the global market for the prosthetics and orthotics.

Many persons are opting sports in the form of a career, in these days. As stated by the American Physical Therapy Association (APTA), the sports injury percentage, per annum, in the U.S. was approximately 8.7 million in 2018. This factor is expected to propel the demand for the product and help the enlargement of the market during the forecast period. The upsetting growth in the rate of road accidents is one of the important reasons of augmented cases of amputation.

North America prosthetics orthotics market

Consistent with the Association for Safe International Road Travel (ASIRT), in 2018, approximately 20-50 million people, globally, were either disabled or wounded, due to the road accidents. The accidents due to the traffic on the road are the 9th most important global source of death. Besides, theAssociation for Safe International Road Travel (ASIRT) informed that more than 38000 persons in the U.S. annually expire due to the road accidents. 

According to the Government of India, Ministry of Road Transport and Highways, in 2018, approximately 4,67,044 citizens were wounded due to the road accidents, in 2018. This is additionally powering the demand for the prosthetics & orthotics, in the market. Rising occurrences of osteosarcoma are, moreover, increasing the demand for the prosthetics & orthotics products. As per report published by the National Cancer Institute, approximately 3,450 fresh global cases of joint and bone cancer were expected, in 2018. This may cause 1590 deaths.

Technical progressions in the prosthetics & orthotics are estimated to increase the expansion of the market, during the nearby prospect. Such as, owing to their price efficiency and simplicity of usage the 3D printed prosthetics, by means of Limb Forge, is anticipated to increase the penetration in the budding regional markets.

Effect of Covid-19

Due to the increasing infection of Covid-19, the fear about the scarcity of necessary life saving apparatuses, as well as additional crucial remedial provisions, so as to avert the distribution of this pandemic, as well as offer the best possible care to the infected patients moreover broadens. The ventilators performs such as the fundamental preference of the treatment for the Covid-19 patients, those might need essential treatment. Furthermore, there is an earnest requirement for speeding up the procedure of manufacturing a variety of test kits.

Type Insight

In 2020, the orthotics type sector was accountable for the leading, more than 74% share of the global prosthetics and orthotics market, in terms of the revenue. The infiltration of the orthopedic technology, augmented occurrence of the osteoarthritis and rising frequency of the sports wound. These are the factors, possibly credited to the development of the market.

Global prosthetics orthotics market share

As a result of the several benefits, for example fast recovery in the conditions of the movement along with the decreased pain upper limb orthotics, held the major share of the market. Due to the factors like, the unhealthful way of life, rising number of spinal injuries and increasing targeted populace spinal orthotics is projected to demonstrate the highest development percentage during the forecast period. On the source of the type, the market is classified into orthotics and prosthetics. The orthotics sector is moreover segmented into spinal orthotics, upper limb and lower limb.

In contrast prosthetics, include modular components, sockets, liners, upper extremity and lower extremity prosthetics. The prosthetics section is estimated to demonstrate the large expansion during the forecast period. Main manufacturing companies of this product are Ossur and Blatchford Inc. The globally augmented speed of the disability is projected to power the expansion of this sector, during the near future.  

Regional Insight

In 2020, North America held more than 37% revenue share of the global prosthetics & orthotics market. It is expected to observe the identical development, during the forecast period. This enlargement can be credited to the encouraging compensation policies, rising company funding for the R&D activities and existence of an entrenched healthcare infrastructure, within the region.

The growing rate of sports injuries and the increasing occurrence of osteosarcoma are anticipated to furthermore push the expansion of the market. The concentration of the U.S. healthcare system on excellence of treatment and value-based services has caused a positive surrounding to the market for prosthetics & orthotics.

Asia Pacific market is anticipated to be the speedily rising local market, during the forecast period. The local market is provoked by the helpful government proposals, growing cases of the diabetes associated amputations, and growth in the amount of road collisions.

Companies

There are a number of indigenous as well as the international companies, operating in this market. These companies have executed tactical program, like the presentation of innovative product, mergers & acquisitions and partnerships, to achieve superior share of the market.

Some of the companies for prosthetics & orthotics market are:

    • Otto bock Healthcare GmbH
    • Ossur
    • Fillauer LLC
    • Ultra flex Systems, Inc.
    • Steeper Group
    • The Ohio Willow Wood Company
    • Blatchford, Inc.

Report Scope

Report Attribute

Details

Market size value in 2021

USD 6.39 billion

Revenue forecast in 2028

USD 8.6 billion

Growth rate

CAGR of 4.2% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Sweden; Denmark; Belgium; The Netherlands; Spain; Japan; China; India; Brazil; Mexico; South Africa; Saudi Arabia

Key companies profiled

Blatchford, Inc.; Fillauer LLC; The Ohio Willow Wood Company; Ossur; Steeper Group; Ottobock Healthcare GmbH; Ultraflex Systems, Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insights has segmented the global prosthetics and orthotics market report on the basis of type and region:

• Type Outlook (Revenue, USD Million, 2016 - 2028)
    • Prosthetics
        • Upper Extremity
        • Lower Extremity
        • Liners
        • Sockets
        • Modular Components
    • Orthotics
        • Upper Limb
        • Lower Limb
        • Spinal

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
        • Italy
        • Sweden
        • Denmark
        • Belgium
        • The Netherlands
        • Spain
    • Asia Pacific
        • Japan
        • China
        • India
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa
        • South Africa

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