Prosthetics And Orthotics Market Size, Strategies and Opportunities Forecast 2022-28

According to Precision Business Insights (PBI), the latest report, the market value of the prosthetics and orthotics market is expected to be valued at USD 8,421 million in 2022 and is expected to grow at a CAGR of 5.3% in 2022-2028. The primary factors that drive the market are growing cases of road accidents and sports injuries, the increasing number of amputations related to diabetes, and the rising prevalence of osteosarcoma worldwide.

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Orthotics to Dominate the Prosthetics & Orthotics Market:
Based on product type, orthotics holds the highest market share. The major factor for the rise of this segment is the exceptional uses in orthopedics such as avoiding, accommodating, and fixing foot deformities and supporting and aligning the foot and ankle. The increasing number of spine injuries and growing incidences of osteoarthritis and the potential of orthotics at lessening pain and addressing other physical or postural problems can drive the global prosthetics & orthotics market growth.

North America Prosthetics & Orthotics Market:
North America leads the global prosthetics & orthotics market growth due to the growing incidence of osteosarcoma and growing incidences of sports injuries. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of prosthetics & orthotics in this region. Apart from this, the major factor that drives the market in this region is the emphasis of the U.S. healthcare system on value-based services and quality of care.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global prosthetics & orthotics market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In April 2022, Animal Orthocare announced that it will provide fit paws which is a high-quality canine conditioning and rehab gear. In July 2022, Sheffield launched a specialist prosthetics and orthotics company.

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The prosthetics & orthotics market is segmented based on, product type, technology, end users, and region.
Based on the product type, the market is segmented into the following:
• Orthotics
• Prosthetics

Based on the technology type, the market is segmented into the following:
• Conventional
• Electric-powered
• Hybrid Orthopedic Prosthetics

Based on the end users, the market is segmented into the following:
• Hospitals
• Prosthetics Clinics
• Rehabilitation Centre
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the prosthetics & orthotics market report are Ossur, Fillauer LLC, Ottobock Healthcare GmbH, Blatchford Inc., Ultraflex Systems Inc., Shapeways, Inc., Hanger, Inc., and Bauerfeind AG

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