NEWARK, Del, Jan. 04, 2024 (GLOBE NEWSWIRE) -- According to a comprehensive report by Future Market Insights (FMI), the prosthetics and orthotics market is set to soar with a projected Compound Annual Growth Rate (CAGR) of 6% from 2023 to 2033. Starting at a market value of US$ 6.8 billion in 2023, the industry is anticipated to reach a staggering US$ 12.2 billion by 2033.
The market for Orthotics is expected to swell at a CAGR of 5.9% throughout the projection period. The orthotics type, the category had a significant revenue share of the global market in 2020. This might be due to an increase in the frequency of arthritis in the older population’s sports injuries, and orthopedic technology penetration.
Request A Sample Copy of This Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-16484
Due to a range of benefits, including less pain and faster mobility recovery, upper limb orthotics accounted for the majority of the market. From 2021 to 2028, spinal orthotics is expected to grow at the fastest pace due to factors such as an increased incidence of spine injuries, a growing target population, and unhealthy lifestyles.
The rising senior demographic has become one of the main factors for the swelled demand for prosthetics and orthotics globally. According to the United Nations, the number of people aged 60 and over will more than double, from 962 million in 2017 to 2.1 billion in 2050. Elderly people are more vulnerable to such health conditions as osteoporosis and osteopenia, making them regular clients of orthopedic medications.
The increasing prevalence of osteosarcoma in young people and children is further upscaling the demand. The most common bone tumor in children is osteosarcoma. Osteosarcoma is typically treated with chemotherapy, surgery, and radiation. Post-operative treatment for patients recuperating from this procedure usually includes orthopaedic devices and prostheses.
In 2022, North America held a significant share of the global Prosthetics & Orthotics market. Government support for the Prosthetics and Orthotics sector's development, a high level of awareness about cardiovascular and neurological disorders for an aging population, and increased awareness to spend on sports injuries are expected to propel the demand forward. Besides, easy access to high-quality medical facilities and attractive reimbursement policies are some of the key drivers of regional market growth.
Prosthetics and Orthotics Market Outlook (2023 to 2033):
Attribute | Details | |
Global Prosthetics and Orthotics Market (2023) | US$ 6.8 Billion | |
Global Prosthetics and Orthotics Market (2033) | US$ 12.2 Billion | |
Global Prosthetics and Orthotics Market CAGR (2023 to 2033) | 6% | |
USA Prosthetics and Orthotics Market CAGR (2023 to 2033) | 5.6% | |
Key Companies Profiled |
|
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights: https://www.futuremarketinsights.com/checkout/16484
Recent Developments:
Some of the recent developments of key Prosthetics and Orthotics providers are as follows:
- In October 2022, Endolite announced that Linx, its fully integrated, microprocessor-controlled lower limb system has been awarded a German Design Award in the ‘Universal Design’ category.
Market Segments Covered in Prosthetics & Orthotics Market Analysis:
By Type:
- Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
- Orthotics
- Upper Limb
- Lower Limb
- Spinal
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI’s related ongoing Coverage on the Healthcare Market Insights Domain:
Veterinary Orthotics-Prosthetics Market Size: According to the latest report published by Future Market Insights (FMI), the veterinary orthotics-prosthetics market size is predicted to surpass US$ 66.5 million in 2023. The veterinary orthotics-prosthetics market is projected to reach US$ 164.2 million in 2033 and is anticipated to thrive at a CAGR of 9.5% during the forecast period.
Orthopaedic Prosthetics Market Share: The orthopaedic prosthetics market size is anticipated to be over US$ 2.33 Billion in 2022, the orthopaedic prosthetics market is expected to surpass US$ 3.62 Billion by 2032 to grow at 4.5% CAGR through 2032.
3D Printed Prosthetics Market Overview: The global 3D printed prosthetics market will most likely garner a market value of US$ 1.62 Billion in 2023 and is expected to accumulate a market value of US$ 3.50 Billion by registering a CAGR of 8% in the forecast period 2023 to 2033.
Infection Prevention Market Growth: The global infection prevention industry is on a collision course with global dominance in the future decade. Global infection prevention revenue is expected to reach around US$ 40,845.2 million by 2024. The market is expected to increase at a 3.1% CAGR between 2024 and 2034, reaching a value of US$ 55,379.1 million by that year.
Femtech Market Outlook: The global femtech market is expected to be worth US$ 27,956.4 million in 2024. For 2023, the value was tipped to be US$ 26,818.2 million. The market is projected to show an average growth over the period from 2024 to 2034, with a CAGR of 4.5%. By 2034, the size of the market is predicted to expand to US$ 43,406.1 million.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
![](https://ml.globenewswire.com/media/N2ZiZTVlMWEtNGQ2Zi00MTM3LWE1NmUtMDljNzFjZjRiNmU0LTEwOTU2NDU=/tiny/Future-Market-Insights-Global-.png)