OTTAWA, Nov. 13, 2020 (GLOBE NEWSWIRE) -- The global prosthetics and orthotics market size was valued at USD 9.1 billion in 2019 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.8% during period 2020 to 2027.
The global prosthetics and orthotics market size is anticipated to hit over USD 13.2 billion by 2027, according to a new report by Precedence Research.
Prosthetics improve the routine and role of persons with limb injury by means of artificial limbs also called prostheses. In order to match the functional needs of an individual, the prosthesis must be an exceptional combination of design, alignment, materials, and construction. These functional needs are composite and contrast for lower and upper extremities. At present, maximum orthotic and prosthetic devices available in the medical sector are emphasis on serving individuals to overcome deficits of the lower extremities with the help of diabetic footwear and prosthetic limbs.
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Orthotics is a term of medicine concerned with the design, fabrication, and manufacture of artificial devices termed as outhouses. Orthotic controls weakened or deformed regions of the body of a physically challenged person. It is placed on the body to modify or correct the structural and functional characteristics of the neuromuscular and skeletal systems. These can be used to allow movement (mechanical), restrict movement, as a rehabilitation device after the removal of a cast, to correct the shape or function of part of the body, to decrease weight-bearing pressure, or to affluence the pain.
Growth Factors
The rising occurrences of sports wounds, aggregate occurrence of osteosarcoma, and intensifying elderly populace are the crucial influences boosting the prosthetics and orthotics market. Currently, more people are choosing sports as a career, growing the likelihood of numerous sports injuries. The elderly are more vulnerable to conditions, for example, osteoporosis, and osteopenia making them common users of numerous orthopedic solutions. Growing the frequency of osteosarcoma in children and adults is furthermore pouring the growth of prosthetics and orthotics market considerably. Patients improving from surgery frequently need orthopedic devices and prosthetics as a part of post-surgery treatment, which is slated to propel the market growth in the upcoming years. Moreover, the technological advancement in orthotics and prosthetics is expected to provide lucrative opportunities to the market in the near future. Conversely, the high cost of the customized orthotic devices is anticipated to hinder the market growth during the forecast period.
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Regional Snapshots
Geographically, the North America region is projected to create the largest revenue in the prosthetics and orthotics market and is expected to continue its dominance over the projection period. Furthermore, technological development could also stoke demand in the region. The availability of impressive healthcare infrastructure, increasing investments in research and development, favorable reimbursement policies and are anticipated to support the demand for prosthetics and orthotics in the North America region. Additionally, the increasing prevalence of osteosarcoma and rising incidences of sports injuries are anticipated to boost the market growth. However, the Asia Pacific region is expected to witness the fastest growth during the projection period owing to the increasing count of road accidents, promising government initiatives, and diabetes-associated amputations to become an attractive market for prosthetics and orthotics. Moreover, the growing consciousness for orthotics and prosthetics has emerged as crucial factor improving the sale in the emerging region.
Key Players & Strategies
The prosthetics and orthotics market is moderately competitive, and the degree of competition will remain the same during the forecast period. These vendors are constantly focusing on improving R&D and facilitate other organic strategies to gain a competitive edge in the market. Although the escalating growth impetus will offer enormous growth prospects, more prices of prosthetics and orthotics products and treatments will challenge the growth of the market participants. Furthermore, to make the most of the prospects, the prosthetics and orthotics industry participants would emphasis further on the development forecasts in the rapidly expanding segments, while upholding their footprint in the slow-growing segments.
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Report Highlights
- The orthotics segment is projected to witness considerable growth in terms of revenue, over the forecast period. Growing cases of diabetes-related amputations across the world are acting as the pouring factor for this segment.
- The Asia Pacific region is projected to exhibit the highest growth rate over the projection period. An upsurge in disposable income and supportive government initiatives will propel the market growth in the coming years.
- Rising pervasiveness of bone-related illnesses such as osteoporosis, osteosarcoma, and osteopenia are predicted to accelerate demand for orthotics across the globe
- Product launches, acquisitions, mergers and partnerships & collaborations are considered as fundamental strategies adopted by the plentiful market players to expand their market share and gain a competitive advantage.
- Development of microprocessor-controlled prosthetics will offer usual prosthetic problems with a front-line tactic and will offer smoother and natural motions via improvement of this technology for prosthetics
Market Segmentation
By Type
- Orthotics
- Upper Limb
- Lower Limb
- Spinal Orthotics
- Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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