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Global Prosthetics & Orthotics Market Overview Covering Forecast Market Size And Growth Rate 2033
Prosthetics & Orthotics Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to rising prevalence of disabilities and amputations, advancements in materials and manufacturing techniques, increasing awareness and acceptance of prosthetics, healthcare infrastructure development, growth in sports and rehabilitation..
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%. The growth in the forecast period can be attributed to customized and patient-specific prosthetic solutions, integration of ai and robotics in prosthetics, sustainable and eco-friendly prosthetic materials, expansion in pediatric prosthetics and orthotics, adoption of telehealth for orthotic services.. Major trends in the forecast period include neurological-controlled prosthetics, regulatory compliance in prosthetic safety and standards, smart prosthetics with sensory feedback, personalized prosthetic solutions for individual needs, transparency in prosthetic pricing and insurance..
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Prosthetics & Orthotics Market 2024 Key Insights:
• 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%.
• Demand For Prosthetics And Orthotics Expected To Surge Due To Increase In Sports Injuries And Road Accidents
• Companies In Prosthetics And Orthotics Market Focus On Technological Innovation To Gain Competitive Edge
• North America was the largest region in the prosthetics orthotics market in 2023
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