New Study: Orthopedic Orthotics Market is increasing with $4,685 Million by 2023 | Spinal orthopedic orthotic devices segment is predicted to show highest CAGR during forecast period

Global Orthopedic Orthotics Market was valued at $3,130 Million in 2016, and is expected to reach $4,658 Million by 2023, with a CAGR of 5.8% from 2017 to 2023. Lower-limb orthopedic orthotic devices segment held more than two-fifths share of the total market in 2016.

Orthotic devices include braces, splints, and other artificial external devices that are commonly used to treat conditions of the upper and lower extremities, frequently for patients with spina bifida, muscular dystrophy, and multiple sclerosis. Growth in geriatric population susceptible to osteoporosis, osteoarthritis, and other bone disorders, rise in prevalence of bone injuries and increase in sports-related injuries due to growing physical health consciousness fuel the market growth are expected to drive the growth of the global optical fibers in endoscopy market. However, high cost of the customized orthotic devices are expected to restrain the market growth.

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Key Findings of the Orthopedic Orthotics Market:

• The prefabricated orthotic devices segment is expected to grow at a significant CAGR of 4.7%, during the analysis period, i.e., 2017-2023.
• The upper limb orthotic devices segment is projected to grow at a CAGR of 6.1%.
• Custom-fabricated orthotic devices contributed for more than half of the global orthopedic orthotics market in 2016.
• The dynamic orthopedic orthotic devices segment is projected to grow at a CAGR of 6.1%.
• Japan is the major shareholder, accounting for more than one-third share of the Asia-Pacific orthopedic orthotics market in 2016.

Spinal orthopedic orthotic devices segment is expected to witness the highest CAGR of 7.0% during the forecast period. This is primarily attributed to the increasing accident cases which lead to spine injuries. On the other hand, Lower-limb orthopedic orthotic devices generated the maximum revenue, accounting for more than two-fifths share of the global Orthopedic Orthotics Market in 2016.

The major factors that contribute to the growth of the market include rise in geriatric population, which is at a higher risk of orthopedic diseases such as osteoporosis, arthritis and sclerosis. Moreover, rise in incidence of accident cases and sports injury in turn stimulates the use of optical fibers. However, the high cost of customized orthotic devices is expected to restrain the market growth.

Asia-Pacific is projected to grow at the highest CAGR of 6.9% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs.

The major companies profiled in the report include are Bauerfeind AG, Breg, Inc., BSN Medical, DeRoyal Industries, Inc., DJO Global, Ossur, Ottobock, and Truelife, Hanger, Inc., and Fillauer LLC.

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