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Prosthetics & Orthotics Market 2024 Mega Trends, Industry Growth, Future Outlook And Forecast To 2033
Prosthetics & Orthotics Market
As per the report, the prosthetics & orthotics market size has grown strongly in recent years. It will grow from $8.1 billion in 2023 to $8.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The prosthetics & orthotics market size is expected to see strong growth in the next few years. It will grow to $10.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
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Demand For Prosthetics And Orthotics Expected To Surge Due To Increase In Sports Injuries And Road Accidents
The increase in sports injuries and road accident cases significantly drive the prosthetics and orthotics market. 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. For instance, according to the National Security Council, which is America's nonprofit safety advocate, in 2022, 3.6 million people were treated in emergency departments for injuries involving sports and recreational equipment in the US . Therefore, increasing sports injuries and road accident cases are expected to boost demand for prosthetics and orthotics during the forecast period.
Companies In Prosthetics And Orthotics Market Focus On Technological Innovation To Gain Competitive Edge
Technological advancement is a new trend gaining popularity in the prosthetics and orthotics market. 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.
The prosthetics & orthotics market covered in this report is segmented -
1) By Type: Prosthetics, Orthotics
2) By Category: Upper limb, Lower limb, Spinal
3) By Technology: Conventional, Electric-Powered, Hybrid Orthopedic Prosthetics
4) By Application: Hospitals, Clinics, Rehabilitation Centers, Other Applications
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Major companies operating in the prosthetics & orthotics market include Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, Ability Matters Group Ltd., Steeper Inc., Össur hf, WillowWood Global LLC, Ultraflex Systems Inc., Hanger Inc., Mobius Bionics LLC, Ohio Willow Wood Co., Esper Bionics Inc., ToughWare Prosthetics Inc., Campbell Soup Company, College Park Industries Inc., Hosmer Dorrance Corporation, Kingsley Manufacturing Company, Mica Manufacturing Company, Sterling Check Corp., Carbon Copy Pathfinder, Proteor SA, Seattle Systems Company, Bhagwan Mahaveer Viklang Sahayata Samiti, Endolite Ltd., Freedom Innovations LLC, Spinal Technology LLC, Trulife Group Limited, Fillauer Europe AB, Ortho Europe Abingdon Ltd.
Contents of the report:
1. Executive Summary
2. Prosthetics & Orthotics Market Report Structure
3. Prosthetics & Orthotics Market Trends And Strategies
4. Prosthetics & Orthotics Market - Macro Economic Scenario
5. Prosthetics & Orthotics Market Size And Growth
…..
27. Prosthetics & Orthotics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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