Prosthetics are artificial replacements of parts of the body such as arms, legs, shoulders or hips while orthotics are artificial devices used to support weak or ineffective joints or limbs. Prosthetics and orthotics help replace missing body parts or supporting weak body parts. They are prescribed by doctors for various conditions such joint pain, arthritis, injuries or birth defects. Advancement in materials and designs help prosthetics and orthotics closely mimic natural body function and movement. 3D printing is also helping develop customized prosthetics and orthotics.
The Prosthetics And Orthotics Market is estimated to be valued at US$ 6,923.2 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increase in the prevalence of musculoskeletal disorders and injuries is a major driver of the prosthetics and orthotics market. According to the Arthritis Foundation, around 1 in 4 adults in the U.S. suffers from arthritis which leads to joint pains and limited movement. Accidents and injuries can also damage joints and ligaments requiring prosthetic or orthotic support. Additionally, with growing elderly population, age related muscle and joint issues are rising further propelling demand. Secondly, improved reimbursement policies are encouraging more patients to opt for prosthetics and orthotics treatment. For instance, in the U.S. private and public insurers provide around 80% coverage for prosthetics and orthotics prescribed by a doctor. Such favorable reimbursements make treatment more affordable boosting market growth.
Segment Analysis
Prosthetics And Orthotics market is segmented into upper extremity devices, lower extremity devices, spine devices, and other. Lower extremity devices is the dominating segment and accounts for over 50% of the total prosthetics and orthotics market share. This is due to high incidence of lower limb amputation such as leg amputation due to diabetes, vascular disease, and trauma. Moreover, increasing number of hip and knee replacement surgeries also contribute to higher adoption of prosthetics and orthotics for lower extremities.
PEST Analysis
Political: The governments of various countries are taking initiatives to increase healthcare funding and coverage for prosthetics and orthotic devices which is positively impacting the market growth.
Economic: Rising per capita income and growing GDP in developing countries have increased consumer spending on healthcare and medical devices including prosthetics and orthotics.
Social: Growing geriatric population suffering from disabilities and chronic diseases leading to higher limb amputation is driving the demand for prosthetics and orthotics.
Technological: Advancements in materials science have led to the development of innovative lightweight, durable and comfortable prosthetics and orthotics devices with enhanced quality of life. 3D printing technologies are enabling customized prosthetics.
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 geriatric population suffering from disabilities and chronic diseases.
The North America prosthetics and orthotics market accounted for the largest revenue share in 2023 and is expected to maintain its dominance over the forecast period. This is attributed to presence of major players, rising healthcare expenditure, availability of advanced treatment and reimbursement policies in the region.
Asia Pacific prosthetics and orthotics market is projected to witness fastest growth during the forecast period owing to rapidly aging population, increasing healthcare spending, growing medical tourism, and penetration of key players in the region.
Key players operating in the prosthetics and orthotics market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others. These players are focusing on new product launches, partnerships, and expansion in emerging markets to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
