Prosthetics and Orthotics Market: Expected to Exceed US$ 12 Billion by 2023 with a 6% Compound Annual Growth Rate

According to Future Market Insights' most recent report, sales of the Prosthetics and Orthotics Market worldwide were estimated to reach US$ 6.5 billion in 2022. By 2033, the market is anticipated to surpass US$ 12 billion with a 6% CAGR from 2023 to 2033. From 2023 to 2033, the market for orthotics is predicted to develop at a CAGR of about 6% and bring in a sizable amount of money.

The market for Orthotics is expected to swell at a CAGR of 5.9% throughout the projection period. The orthotics type, category had a significant revenue share of the global market in 2020. This might be due to an increase in the frequency of arthritis in the older population's sports injuries, and orthopedic technology penetration.

Due to a range of benefits, including less pain and faster mobility recovery, upper limb orthotics accounted for the majority of the market. From 2021 to 2028, spinal orthotics is expected to grow at the fastest pace due to factors such as an increased incidence of spine injuries, a growing target population, and unhealthy lifestyles.

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The rising senior demographic has become one of the main factors for the swelled demand for prosthetics and orthotics globally. According to the United Nations, the number of people aged 60 and over will more than double, from 962 million in 2017 to 2.1 billion in 2050. Elderly people are more vulnerable to such health conditions as osteoporosis and osteopenia, making them regular clients of orthopedic medications.

The increasing prevalence of osteosarcoma in young people and children is further upscaling the demand. The most common bone tumor in children is osteosarcoma. Osteosarcoma is typically treated with chemotherapy, surgery, and radiation. Post-operative treatment for patients recuperating from this procedure usually includes orthopedic devices and prostheses.

In 2022, North America held a significant share of the global Prosthetics & Orthotics market. Government support for the Prosthetics and Orthotics sector's development, a high level of awareness about cardiovascular and neurological disorders for an aging population, and increased awareness to spend on sports injuries are expected to propel the demand forward. Besides, easy access to high-quality medical facilities and attractive reimbursement policies are some of the key drivers of regional market growth.

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Competitive Landscape

-Ossur
-Blatchford, Inc.
-Fillauer LLC
-Otto Bock Healthcare GmbH
-The Ohio Willow Wood Company
-Ultraflex Systems
-Steeper Group

Some of the recent developments of key Prosthetics and Orthotics providers are as follows:

-In October 2022, Endolite announced that Linx, its fully integrated, microprocessor-controlled lower limb system has been awarded a German Design Award in the 'Universal Design' category.

Market Segments Covered in Prosthetics & Orthotics Market Analysis

By Type:

>Prosthetics
-Upper Extremity
-Lower Extremity
-Liners
-Sockets
-Modular Components
>Orthotics
-Upper Limb
-Lower Limb
-Spinal

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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This release was published on openPR.