Press release
Demand For Prosthetics And Orthotics Expected To Surge Due To Increase In Sports Injuries And Road Accidents: Strengthening the Growth Trajectory of the Prosthetics & Orthotics Market
Prosthetics & Orthotics Market
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What Is the Expected CAGR for the Prosthetics & Orthotics Market Through 2025?_x000D_
The market size for prosthetics and orthotics has seen a substantial growth in recent years. The market is projected to expand from a value of $8.39 billion in 2024 to $8.87 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.7%. The historic growth in this sector has been fueled by factors such as the increased prevalence of disabilities and amputations, advancements in material technology and manufacturing procedures, augmented awareness and acceptance of prosthetics, development of healthcare infrastructure, as well as growth in sports and rehabilitation sectors._x000D_
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What's the Projected Size of the Global Prosthetics & Orthotics Market by 2029?_x000D_
The market for prosthetics & orthotics is predicted to witness robust expansion in the upcoming years, reaching $11.24 billion by 2029 with a CAGR of 6.1%. This growth projection for the period is linked to factors such as the rise of customised and patient-oriented prosthetic solutions, the incorporation of artificial intelligence and robotics into prosthetics, the development of environmentally-friendly prosthetic materials, the growth in the area of pediatric prosthetics and orthotics, and the increased use of telehealth for orthotic services. Key trends forecasted for this period encompass neurologically-controlled prosthetics, regulatory compliance with regards to prosthetic safety and standards, smart prosthetics equipped with sensory feedback, personalised prosthetic options to cater to individual requirements, and a more transparent pricing and insurance system for prosthetics._x000D_
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Top Growth Drivers in the Prosthetics & Orthotics Industry: What's Accelerating the Market?_x000D_
The prosthetics and orthotics market is being significantly propelled by the surge in sports injuries and road accident incidents. Factors such as distracted driving and extreme speed often lead to road accidents that result in numerous disabilities among those involved, thereby necessitating the application of prosthetics and orthotics to aid in recovery and resumption of everyday activities. For example, data from the National Highway Traffic Safety Administration, a U.S. government agency specializing in transportation safety, in April 2024 revealed that distracted driving caused the deaths of 3,308 people, in addition to wounding an estimated 289,310 individuals in collisions in 2022. On a parallel note, the primary reason for sports injuries is the consistent year-long participation of athletes in a single sports event, leading to higher injury rates. In conjunction with this, the National Security Council, a USA-based non-profit safety advocate, reported in 2022 that about 3.6 million individuals received emergency department treatment for injuries related to sports and recreational equipment use in the U.S. Therefore, an expected increase in sports injuries and road accident cases is likely to stimulate the demand for prosthetics and orthotics during the projection period._x000D_
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What Trends Will Shape the Prosthetics & Orthotics Market Through 2029 and Beyond?_x000D_
The wave of technological innovations is the latest trend sweeping the prosthetics and orthotics market. Key players in the prosthetics and orthotics market are zeroing in on offering technologically progressive products to fortify their market standing. They aim to integrate cutting-edge technologies like automation, artificial intelligence (AI), microprocessor, neuromuscular signal technology, sensory control, among others into their products and related services to deliver more fluid and natural movements and functions. In a case in point, Ossur, an orthotics and prosthetics firm based in Iceland, unveiled POWER KNEE in February 2022. The POWER KNEE marks the first actively powered microprocessor prosthetic knee geared toward individuals with limb differences or above-knee amputations. It creates motion via active powered assistance and identifies whether the user is seated, standing, or walking on varying surfaces, slopes, or descents._x000D_
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What Are the Main Segments in the Prosthetics & Orthotics Market?_x000D_
The prosthetics & orthotics market covered in this report is segmented -_x000D_
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1) By Type: Prosthetics, Orthotics_x000D_
2) By Category: Upper limb, Lower limb, Spinal_x000D_
3) By Technology: Conventional, Electric-Powered, Hybrid Orthopedic Prosthetics_x000D_
4) By Application: Hospitals, Clinics, Rehabilitation Centers, Other Applications_x000D_
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Subsegments:_x000D_
1) By Prosthetics: Lower Limb Prosthetics, Upper Limb Prosthetics, Cosmetic Prosthetics, Hybrid Prosthetics, Pediatric Prosthetics_x000D_
2) By Orthotics: Ankle-Foot Orthoses (AFO), Knee-Brace Orthoses, Spinal Orthoses, Wrist-Hand Orthoses (WHO), Custom Orthotics_x000D_
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Which Top Companies are Driving Growth in the Prosthetics & Orthotics Market?_x000D_
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., College Park Industries Inc., Hosmer Dorrance Corporation, Kingsley Manufacturing Company, Mica Manufacturing Company, 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._x000D_
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Which Regions Will Dominate the Prosthetics & Orthotics Market Through 2029?_x000D_
North America was the largest region in the prosthetics orthotics market in 2024. The Asia-Pacific is expected to be the fastest-growing region in the prosthetics orthotics market share during the forecast period. The regions covered in the prosthetics & orthotics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa._x000D_
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2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning._x000D_
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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