Prosthetics & Orthotics Market Is Estimated To Support Growth By 2028

 Prosthetics & Orthotics Industry Overview

The global prosthetics and orthotics market size is expected to reach USD 8.6 billion by 2028, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing cases of osteosarcoma & sports injuries and a growing geriatric population are the key factors driving the market growth.

 

The rising geriatric population across the globe has become one of the key factors driving demand for prosthetics and orthotics. For instance, as per the United Nations, globally, the number of people aged 60 years or above is expected to increasing from 962 million in 2017 to 2.1 billion in 2050. People aged 60 years and above are more susceptible to conditions, such as osteoporosis and osteopenia, boosting the demand for various orthopedic solutions.

The increasing incidence of osteosarcoma in young adults and children is also driving the market to a great extent. Patients recovering from this surgery generally need orthopedic devices and prosthetics as a part of post-surgery treatment, which is slated to drive the market in the coming years. As per a study conducted in 2018, around 800 to 900 new cases of osteosarcoma were reported in the U.S. each year.


Prosthetics & Orthotics Market Segmentation

Grand View Research has segmented the global prosthetics and orthotics market on the basis of type and region:

Based on the Type Insights, the market is segmented into Prosthetics, and Orthotics.

  • The orthotics type segment held the dominant share of over 74% in the global market, in terms of revenue, in 2020. This may be attributed to the increased prevalence of osteoarthritis, incidences of sports injuries, and penetration of orthopedic technology. Upper limb orthotics accounted for the largest share owing to various benefits, such as reduced pain and rapid recovery, in terms of movement. Spinal orthotics is expected to exhibit the fastest growth rate from 2021 to 2028 owing to the factors, such as the increasing number of spinal injuries, rising target population, and unhealthy lifestyles. On the basis of type, the market is segmented into orthotics and prosthetics. The orthotics segment is further segmented into lower limb, upper limb, and spinal orthotics.
  • Prosthetics, on the other hand, comprises upper extremity and lower extremity prosthetics, liners, sockets, and modular components. The prosthetics segment is expected to show significant growth over the forecast period. Major companies manufacturing this product are Ossur and Blatchford Inc. An increase in disability rate across the globe is expected to drive the growth of this segment in the coming years. For instance, as per a report published by the Rehabilitation Research and Training Center on Disability Statistics and Demographics, in 2018, the percentage of people with disabilities in the U.S. increased from around 11.9% in 2010 to 12.9% in 2017, thereby resulting in a rising demand for prosthetics.

 

Prosthetics & Orthotics Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

There are several global and local players in this market. These companies have implemented strategic initiatives, such as mergers, acquisitions, collaborations, and new product launches, to gain higher market share. For instance, in September 2017, Ottobock launched pediatric prosthetic knee joints.In May 2018, Ossur introduced products, such as Ossur Formfit Pro Line of 3D knitted supports at OTWorld, to gain more market penetration. In July 2018, Blatchford launched a new sandal toe foot shell for its various products, such as Linx, Elan, and Echelon VAC, to improve its product portfolio. Some of the key players in the global prosthetics and orthotics market are:

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

 

Order a free sample PDF of the Prosthetics & Orthotics Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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