Orthotic Devices Market to Showcase Robust Growth, estimates DelveInsight | Major pharma companies: Ottobock, Boston Orthotics & Prosthetics, LeTourneau Prosthetics and Orthotics, B BOUNDLESS BIOMECHANICAL BRACING INC., Becker Orthopedic, Trulife, Hanger

The 2021 valuation of the Global Orthotic Devices Market stood at USD 2.51 billion, and it is projected to experience a Compound Annual Growth Rate (CAGR) of 5.13% from 2023 to 2028. This growth trajectory is expected to propel the market to reach USD 3.38 billion by 2028. Key drivers for this expansion include the increasing prevalence of degenerative bone disorders, a rise in neuromuscular diseases, a growing geriatric population, a surge in accident and trauma cases, and an increasing incidence of sports-related injuries, among other contributing factors.

DelveInsight's "Orthotic Devices Market Insight & Forecast" report will offer an in-depth understanding of the Orthotic Devices market, further benefiting the competitors or stakeholders operating in the Orthotic Devices arena.

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Orthotic devices, commonly known as orthotics, are specialized medical tools designed to offer support, correct anatomical alignment, and alleviate various musculoskeletal conditions. These devices play a crucial role in enhancing musculoskeletal function, improving biomechanics, and managing pain or deformities. Here's an overview of orthotic devices:
Types of Orthotic Devices:
Foot Orthotics:
Insoles/Inserts: Custom or over-the-counter inserts placed inside shoes to provide support, cushioning, and alignment for conditions like flat feet, plantar fasciitis, and overpronation.
Ankle-Foot Orthotics (AFOs):
Devices that support and control the ankle and foot, often prescribed for managing conditions such as drop foot, ankle instability, and certain neurological disorders.
Knee Orthotics:
Knee Braces: Designed to stabilize and support the knee joint, with different types catering to various knee conditions and injuries.
Spinal Orthotics:
Back Braces: Provide spine support for conditions like scoliosis, herniated discs, and spinal fractures, ensuring stability and proper posture.
Wrist and Hand Orthotics:
Wrist Splints: Used to immobilize and support the wrist, particularly in conditions like carpal tunnel syndrome and wrist sprains.
Elbow Orthotics:
Elbow Braces: Designed to provide support and alleviate conditions such as tennis elbow or golfer's elbow.
Cervical Orthotics:
Neck Braces/Collars: Utilized to immobilize and support the neck, often prescribed after neck injuries or surgeries.
Functions and Benefits:
Correcting Alignment:
Orthotics help in correcting anatomical alignment, ensuring proper joint positioning and function.
Support and Stability:
They provide support to weakened or injured body parts, enhancing stability during movement.
Pain Management:
Orthotic devices can help alleviate pain associated with musculoskeletal conditions, injuries, or deformities.
Prevention of Further Injury:
In some cases, orthotics are used preventively to avoid exacerbation of existing conditions or reduce the risk of injury during activities.
Improved Function:
By addressing biomechanical issues, orthotics can enhance overall musculoskeletal function and improve gait.
Customization and Prescription:
Custom Orthotics:
Some orthotic devices are customized based on an individual's specific anatomical characteristics, crafted after a thorough assessment by a healthcare professional.
Prescription by Healthcare Providers:
Orthotic devices are typically prescribed by healthcare providers such as orthopedic specialists, physical therapists, or podiatrists based on the specific needs and conditions of the patient.
Orthotic devices play a pivotal role in managing and treating various musculoskeletal conditions, offering diverse applications from addressing foot problems to providing support for the spine and other joints. The selection and use of orthotics should be guided by healthcare professionals to ensure proper fit and effectiveness.

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Orthotic Devices Market Drivers

The orthotic devices market is anticipated to experience growth due to various factors, including the increasing incidence of degenerative bone disorders, a rise in neuromuscular diseases, a growing geriatric population, an uptick in accident and trauma cases, and a surge in sports-related injuries. The market's trajectory is expected to remain positive, driven by these factors.

Categorized by functionality into static and dynamic orthotic devices, the market further segments into product types such as upper limb orthotic devices (shoulder, elbow, hand & wrist, and finger), lower limb orthotic devices (foot & ankle, knee, hip, and others), and spinal orthotic devices (cervical orthotic devices [CO], lumbosacral orthotic devices [LSO], and others). The market is also distinguished by customization, including prefabricated and customized orthotic devices. Furthermore, end-user segments encompass hospitals & clinics, ambulatory surgical centers, homecare settings, and others.

With a steady forecasted Compound Annual Growth Rate (CAGR) until 2028, the orthotic devices market is poised for growth, driven by the increasing geriatric population and a rise in the prevalence of neuromuscular disorders.

Orthotic Devices Market Dynamics

The increasing global population of older adults is a significant driver for the orthotic devices market. Enhanced healthcare facilities and higher disposable incomes contribute to an improved quality of life and increased life expectancy worldwide. The elderly demographic is particularly vulnerable to various bone-related disorders and degenerative bone diseases. According to the United Nations in 2020, approximately 727 million individuals aged 65 and above were living globally. Projections suggest that this elderly population is anticipated to double, exceeding 1.5 billion over the next three decades. Older adults are more prone to developing degenerative bone disorders, including common conditions such as osteoarthritis, osteoporosis, and scoliosis, compared to their younger counterparts.

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Orthotic Devices Market Insights

North America is anticipated to hold a significant market share in the orthotic devices market, outpacing other regions. The dominance of North America in this market is attributed to several factors, including a high prevalence of osteoporosis and other bone diseases, a growing elderly population, an increasing incidence of neuromuscular diseases, and heightened awareness among the population regarding disease management. Affordability and accessibility to such devices also contribute to the region's dominant market position.

The prevalence of neuromuscular disorders is a crucial factor fostering the growth of the orthotic devices market in North America. According to data from the Muscular Dystrophy Organization in 2021, Duchenne Muscular Dystrophy has a prevalence of 6 per 100,000 individuals in North America. This rare neuromuscular disorder primarily affects the muscles of the upper arm, thighs, and hips during its early stages.

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Orthotic Devices Market Segmentation Analysis

1. Orthotic Devices Market by Functionality: Static Orthotic Devices And Dynamic Orthotic Devices
2. Orthotic Devices Market by Product Type: Upper Limb Orthotic Devices [Shoulder, Elbow, Hand & Wrist, And Finger], Lower Limb Orthotic Devices [Foot & Ankle, Knee, Hip, And Others], Spinal Orthotic Devices [Cervical Orthotic Devices (CO), Lumbosacral Orthotic Devices (LSO), and Others])
3. Orthotic Devices Market by Customization: Prefabricated And Customized
4. Orthotic Devices Market by End User: Hospitals & Clinics, Ambulatory Surgical Centers, Homecare Settings, and Others
5. Orthotic Devices Market by Geography: North America, Europe, Asia-Pacific, and Rest of the World

Orthotic Devices Companies

Some of the prominent companies in the orthotic devices market include Ottobock, Boston Orthotics & Prosthetics, LeTourneau Prosthetics and Orthotics, B BOUNDLESS BIOMECHANICAL BRACING INC., Becker Orthopedic, Trulife, Hanger Clinic, Fillauer LLC, Basko Healthcare, Bauerfeind, Breg, Inc., DJO, LLC, Acor Orthopaedic, Inc., Aspen Medical Products, LLC, Aetrex Worldwide, Inc., Allard USA Inc, Steeper Inc, ORTHOMERICA PRODUCTS, INC, Conwell Medical Co., Ltd, Kinetec Medical Products UK Ltd, and others.

To understand key companies related to the Orthotic Devices Market, get a snapshot of the Orthotic Devices Regulatory and Patent Analysis, visit: https://www.delveinsight.com/report-store/orthotic-devices-market?utm_source=openpr&utm_medium=pressrelease&utm_campaign=kpr

Table of Contents

1. Orthotic Devices Market Report Introduction
2. Orthotic Devices Market Executive Summary
3. Regulatory and Patent Analysis
4. Orthotic Devices Market Key Factors Analysis
5. Orthotic Devices Market Porter's Five Forces Analysis
6. COVID-19 Impact Analysis on Orthotic Devices Market
7. Orthotic Devices Market Layout
8. Orthotic Devices Market Global Company Share Analysis - Key 3-5 Companies
9. Orthotic Devices Market Company and Product Profiles
10. Project Approach
11. KOL Views
12. DelveInsight Capabilities
13. Disclaimer
14. About DelveInsight

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