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Prosthetics And Orthotics Market 2023- 2032: Business Opportunities, Key Players, Future Growth And Share Analysis | Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited
Prosthetics & Orthotics Market
The Business Research Company's Prosthetics & Orthotics Global Market Report 2023 identifies increase in sports injuries and road accident cases as the major driver for the Prosthetics & Orthotics Market's growth in the forecast period. Road accidents are caused by distracted driving and high speeding. These conditions cause many disabilities in the injured people, entailing the use of prosthetics and orthotics for recovery and restoring normal day-to-day function. According to the report by National Crime Records Bureau, India, In July 2021, road crash deaths in the country have increased by 1.3 percent to 1,54,732 from 1,52,780. Additionally, the leading cause of sports injuries is the year-round participation of athletes in a single sport, resulting in more injuries.
The global prosthetics & orthotics market size grew from $6.6 billion in 2022 to $6.99 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The prosthetics & orthotics market size is expected to grow to $8.46 billion in 2027 at a CAGR of 4.9%.
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Major competitors in the Prosthetics & Orthotics Market are Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, WillowWood Global LLC, The Ohio Willow Wood Company, Steeper Group, Johnson and Johnson, Stryker Corporation, Smith & Nephew PLC, Howard Orthopedics Inc., Shapeways Inc., Hanger Inc., and Coloplast.
A key trend in the Prosthetics & Orthotics Market includes technological advancement. Major companies operating in the prosthetics and orthotics market are focused on providing technologically advanced products to strengthen their market position. These companies are implementing next-generation technologies into their products and related services, such as automation, artificial intelligence (AI), microprocessor, neuromuscular signal technology, sensory control, and others, to provide smoother, more natural motions and functions. For instance, in February 2022, Ossur, an Iceland-based orthotics and prosthetics (O&P) company, launched POWER KNEE. POWER KNEE is the first actively powered microprocessor prosthetic knee for persons with limb differences or above-knee amputations. The POWER KNEE generates motion by offering active powered assistance while recognizing whether the wearer is seated or standing or walking on different surfaces, inclines, or declines.
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The Prosthetics & Orthotics Market is segmented -
By Type: Prosthetics, Orthotics
By Category: Upper limb, Lower limb, Spinal
By Technology: Conventional, Electric-Powered, Hybrid Orthopedic Prosthetics
By Application: Hospitals, Clinics, Rehabilitation Centers, Other Applications|
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Prosthetics & Orthotics Market.
The Business Research Company's "Global Prosthetics & Orthotics Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Prosthetics & Orthotics Market Include:
1. Executive Summary
2. Prosthetics & Orthotics Market Characteristics
3. Prosthetics & Orthotics Market Trends And Strategies
4. Prosthetics & Orthotics - Macro Economic Scenario
5. Prosthetics & Orthotics Market Size And Growth
……
26. Africa Prosthetics & Orthotics Market
27. Prosthetics & Orthotics Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Prosthetics & Orthotics Market
29. Prosthetics & Orthotics Market Future Outlook and Potential Analysis
30. Appendix
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