Orthopedic Orthotics Market - Key Trend of Research and Development among Leading Players to Increase Geographic Presence

The global orthopedic orthotics market is expanding due to an increase in the number of neuromuscular and musculoskeletal disorders and hip fractures across the globe. The global orthopedic orthotics market was valued over US$ 3.4 Bn in 2017 and is projected to expand at a cumulative annual growth rate (CAGR) of over 5.5% from 2018 to 2026 to surpass a value of US$ 5.5 Bn by 2026. The market is expanding at a relatively higher growth rate owing to increasing digitization of pain management practices, high incidences of orthopedic surgery, occurrence of neuromuscular disorders among the geriatric population, increase in fractures in men and women, and rise in demand for surgery-free treatment procedures.

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Orthopedic orthotics are administrative as well as clinical tools that help in improving operational efficiency of orthopedic surgery or fractures. They are widely used to control physical deformities or for the treatment of injured/malfunctioned parts of the body. They are also known as supportive of corrective devices. The main objectives of these products are to provide comfort to patients while performing daily functions, reduce pain, support an injury, and correct the shape of a particular body part. For instance, these devices help in body movements and alignment by supporting the ankle or foot or both.

Orthopedic orthotics aid patients suffering from bone disjunction, fractures, sport injuries, or any other serious accidental injury in order to improve overall operational efficiency as well as patient care. High prevalence and incidence rates of neuromuscular disorders and fractures and increase in the number of cases of osteoarthritis and orthopedic injuries among the global population have resulted in an increase in patient flow to private clinics and hospitals. These factors are projected to drive demand for global orthopedic orthotics in the near future. Moreover, the development of e-commerce platforms is estimated to fuel the expansion of the orthopedic orthotics market in the near future.

The global orthopedic orthotics market has been segmented based on product, application, material, distribution channel, and region. In terms of product, the global market has been categorized into upper-limb orthotics, lower-limb orthotics, spine orthotics, and others. The upper-limb orthotics segment has been further divided into hand, elbow & wrist orthotics, and others. The lower-limb orthotics segment has been further classified into knee orthotics, foot & ankle orthotics, and others. The lower-limb orthotics segment accounted for a key share (in terms of revenue) of the global market in 2017. The spine orthotics segment is estimated to expand at a rapid pace during the forecast period and is estimated to report significant gains in its market share by the end of 2026. Spine orthotics offer several advantages such as easy recovery from spine surgery, spine disorders, general back pain, etc. Thus, spine orthotics is increasingly gaining popularity among orthopedic and neurology physicians.

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In terms of application, the global orthopedic orthotics market has been segmented into neuromuscular and musculoskeletal disorders, fractures, sports injuries, and others. The neuromuscular and musculoskeletal disorders segment dominated the global market and is likely to maintain its dominance throughout the forecast period with a marginal increase in its market share. Increase in the adoption of pain free treatment procedures for orthopedic surgery and treatment of neuromuscular disorders by the younger population; value added features provided by orthotics devices; and increasing stimulation of cell proliferation, microprocessor systems, etc. have led to the prominent share of the segment in the global market. Based on material, the orthopedic orthotics market has been classified into carbon fibers, plastic, metal, rubber, and others. In terms of distribution channel, the global market has been categorized into hospitals pharmacies, online pharmacies, footwear retailer, and others.

Based on region, the global orthopedic orthotics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market and is projected to lose market share by the end of 2026. The market in North America is primarily driven by a rapidly increasing geriatric population; high adoption of orthopedic orthotics for pain management; and rise in the incidence of spine disorders, sports injuries, and neuromuscular and musculoskeletal disorders among the population in the U.S.. Moreover, an increase in microprocessor orthotics practices has been observed in the U.S., which is projected to fuel the expansion of the lower-limb orthotics market in the country during the forecast period. Asia Pacific is projected to be a rapidly expanding region of the global orthopedic orthotics market in the coming years. In Asia Pacific, China dominated the orthopedic orthotics market, whereas the market in the Rest of Asia Pacific is estimated to expand at a significant CAGR during the forecast period.

Companies such as Hanger, Inc., DJO Global, Inc., Ossur Corporate, Ottobock SE & Co. KGaA (Ottobock Holding), etc. were major contenders in the global orthopedic orthotics market in 2017. In March 2017, DJO Global, Inc. announced the launch of Exprt Revision Hip. The product has efficient design and is offered at a price that is 40%-70% lower than that of comparable revision hip systems. Other global players operating in the market include Fillauer LLC, Basko Healthcare, Bauerfeind AG, Breg, Inc., BSN medical, and DeRoyal Industries, Inc.. Market players are adopting the strategy of acquisitions and collaborations with parallel companies to improve and strengthen their geographic presence in the international market.

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