by The prosthetics and orthotics market is concerned with medical devices that replace missing body parts or support the movement of weakened or impaired body parts. These devices help patients regain functions and mobilize independently. The increased instances of amputations due to diabetes, vascular diseases, and injuries have augmented the demand for prosthetics and orthotics.
The global Prosthetics And Orthotics Market is estimated to be valued at US$ 6,923.2 Mn or Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased demand for technologically advanced prosthetics and orthotics devices is one of the key trends in the market. Manufacturers are focusing on integrating robotics and bionics technologies with prosthetics and orthotics to improve their functionality. For instance, researchers are developing bionic hands that can sense touch and pressure. Similarly, robotic knees and ankles are being developed that can improve mobility by storing and releasing energy. Such innovations are improving product quality and fueling market growth.
SWOT Analysis
Strength: The prosthetics and orthotics market offers a wide range of products to address the needs of different amputees and patients. Technological advancements are helping improve product design and functionality.
Weakness: High costs associated with prosthetics and orthotics can limit their adoption in developing regions. Limited insurance coverage also poses financial challenges for many patients.
Opportunity: Rising prevalence of amputations and physical disabilities worldwide is driving the need for prosthetics and orthotics. 3D printing technologies can help reduce costs and improve customization.
Threats: Stringent regulations and standards make market entry difficult for new players. Potential trade barriers may impact international business growth.
Key Takeaways
Global Prosthetics And Orthotics Market Demand is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing prevalence of amputations, accidents, diabetes, and sports injuries.
Regional analysis
North America dominates the global prosthetics and orthotics market, owing to the rapid adoption of advanced technologies and availability of well-developed healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising medical tourism, increasing healthcare expenditure, and growing incidence of amputations in heavily populated countries of China and India.
Key players
Key players operating in the prosthetics and orthotics market include Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. These companies have strong distribution networks and offer a variety of technologically advanced products to serve customer needs globally.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
