Global Prosthetics and Orthotics Market which was valued at $4 billion in 2022, is projected to witness a decent growth rate of 5% by 2027

Prostheses and orthoses enable patients with physical impairments or functional limitations to live a healthy, productive and an independent life. Prosthetic products include artificial lower and upper limbs, liners, and related products for amputees while bracing & supports products are used to support joints and other body parts for osteoarthritis patients and those with sports injuries.

Potential Role of Orthotics in Reducing the Foot & Ankle Pain Drives the Growth of Prosthetics and Orthotics Market

Orthoses are used mainly to control, stabilize or immobilize a joint. It can be used as fixed or mobile support, depending on the treatment plan to address many symptoms of pain and discomfort in the feet and legs such as correcting foot deformities, providing support to the ankle, reducing risks of further injuries, and helping the foot or ankle function better.

Rapid Technological Innovations and Developments Fuels the Growth of the Prosthetics and Orthotics Market

Technological advanced solutions and developments in this segment improves the quality of life of amputees and those suffering from neurological diseases such as stroke, spinal cord injury, and multiple sclerosis.

Further, technological advancements in the orthopedic area such as the 3D printing of implants and the introduction of bionic technology, and sensor technology in prosthetic limbs provides a lucrative growth opportunity in the global prosthetics and orthotics market.

For instance,
In July 2022, WillowWood company announced the launch of its META Shock X, the third high-activity prosthetic foot from the META family.
In March 2022, Hanger Clinic announced that its proprietary AmpuShield limb protector has received an innovative technology contract from Vizient, Inc., the nation's largest member-driven healthcare performance improvement company.

Emerging Trend Towards 3D Printed Prosthetics, Sensitive Limb-Based Products & Brain-Controlled Prosthetics is Driving the Growth of the Prosthetics and Orthotics Market

Prosthetic technologies have advanced rapidly to include lightweight running legs and more responsive legs and feet, thus allowing for more effective navigation. The growing trend towards building more sensitive limb-based products and brain-controlled prosthetics with the advent of neuroprosthetics. Many of these technologies are still in development process and can take many more years before the most advanced products reach the global prosthetics and orthotics market. Some of the new trends are 3D printing, sensitive limbs, brain-controlled prosthetics, and passive prosthetics devices.

North America is Projected to Hold a Larger Market Share in the Global Prosthetics and Orthotics Market

From a geographical overview, North America holds a larger market share in the global prosthetics and orthotics market. This can be mainly attributed to the rising number of sports injuries and road accidents, growing number of diabetes-related amputations, technological developments in prosthetics & orthotics devices and better healthcare coverage in this region.

Competitive Landscape Analysis: Prosthetics and Orthotics Market

Some of the leading and established players in the global prosthetics and orthotics market are Ossur, Ottobock Healthcare GmbH, Blatchford Inc., and Hanger, Inc., among others.

Growth Strategies Adopted by the Leading Market Players to Establish Their Strong Foothold in Prosthetics and Orthotics Market

All top and established players operating in the global prosthetics and orthotics market are adopting aggressive growth strategies such as collaborations, acquisitions, advancements and new product launches to gain a larger market share.

For instance,
In January 2023, WillowWood Global announced that they have formed a strategic alliance with Reboocon Bionics B.V., the inventor and manufacturer of the motorized prosthetic knee, INTUY Knee.
In December 2022, Adapttech entered into a partnership with Alfred to distribute its prosthetic fitting solutions to the Nordic market.

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Ruta Halde
Associate, Medi-Tech Insights
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1050 Brussels, Belgium
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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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