Newark, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the prosthetics and orthotics market will grow to USD 8.64 billion in 2022 and reach USD 13.60 billion by 2032. In just ten years, the increasing number of diabetes-related amputations and the rising prevalence of osteosarcoma worldwide are also helping to boost market growth. Further, the raised road traffic accidents in emerging nations and the increasing product innovations and development due to technological advancements worldwide are expected to drive market growth during the forecast period.
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Key Insight of the Prosthetics and Orthotics Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in prosthetics and orthotics. Key factors favouring the growth of the prosthetics and orthotics market in North America include the increasing prevalence of osteosarcoma and growing incidences of sports injuries are helping to boost the market growth in this region. Furthermore, the presence of established providers of prosthetics in the U.S. and an increasing amount of sports damage are also helping to boost the market growth in this region. Additionally, the high prevalence rate of bone disorders like osteosarcoma and the growing number of strategies and trends adopted by the market players are helping to stimulate market growth in this region.
The electric-powered segment is expected to augment the prosthetics and orthotics market during the forecast period.
The technology segment is divided into electric-powered, conventional, and hybrid orthopedic prosthetics. The electric-powered segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increased company R&D investments.
The orthotics segment market size was USD 4.85 billion in 2022
The type segment is divided into prosthetics and orthotics. The prosthetics segment is subdivided into lower extremity, upper extremity, sockets, modular components, and liners. The orthotics segment is subdivided into lower limb, upper limb, and spinal orthotics. The orthotics segment market size was USD 4.85 billion in 2022 due to the increase in the prevalence of osteoarthritis, sports injuries and the penetration of orthopedic technologies.
The hospital segment is anticipated to dominate the market by 45.08% in 2032.
The end-user segment is divided into prosthetics clinics, hospitals, rehabilitation center, and others. The hospital segment is anticipated to dominate the market in the forthcoming years due to the increasing incidence of road injuries.
Advancement in market
For example, in July 2022, WillowWood announced the release of the META Shock X, the third high-activity prosthetic foot in the META series.
For example, the Hanger Clinic announced in March 2022 that its exclusive limb protector, AmpuShield, had been awarded an innovative technology contract from Vizient, Inc., the largest member-driven health improvement company.
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Market Dynamics
Driver: The increasing geriatric population:
The increasing burden of sports injuries, along with the rising geriatric population, is one of the market growth. Further, the increasing focus on providing quality care, rising focus on improving the condition of healthcare facilities, and improving the overall healthcare infrastructure are also propelling the market growth during the forecast period. Additionally, the rising prevalence of peripheral artery illness and the high awareness among people about disease management are helping to boost market growth. However, the vast accessibility of technically innovative orthopedic prosthetics and the increasing promotion of the Internet of Things in developing prosthetics are helping to stimulate market growth.
Restraint: The high costs associated with prosthetic and orthotic devices:
The high cost of the machines and technologies of prosthetics are the restraining factor of the market growth. Further, the shortage of proper healthcare infrastructure, especially in developing or low-income countries, along with the low-income status of large populations, is expected to hinder market growth. Moreover, the limited infrastructural facilities & absence of awareness in the backward economies are anticipated to hamper market growth.
Opportunity: Advancements in prosthetic & orthotic technologies:
The market has witnessed the development of prosthetic and orthotic appliances that are smart and innovative, with rapid developments in disciplines like robotics, bioengineering, and material sciences. These prosthetics and orthotics deliver improved functionality, comfort, and integration with the body. The combination of sensors, artificial intelligence (AI), and microprocessors has improved the accuracy of prosthetic limbs replicating accurate movements. Such developments improve the quality of patients & raise the demand for cutting-edge products. Therefore, advancements in prosthetic and orthotic technologies are expected to drive market growth in the forecast period.
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Some of the major players operating in the prosthetics and orthotics market are:
• Ottobock Healthcare GmbH
• Fillauer LLC
• Ultraflex Systems Inc.
• Ossur
• Shapeways, Inc.
• Blatchford Inc.
• Bauerfeind AG
• Hanger, Inc.
Key Segments cover in the market:
By Technology:
• Electric-powered
• Conventional
• Hybrid Orthopedic Prosthetics
By Type:
• Prosthetics
o Lower Extremity
o Upper Extremity
o Sockets
o Modular Components
o Liners
• Orthotics
Lower Limb
Upper Limb
Spinal Orthotics
By End-User:
• Prosthetics Clinics
• Hospitals
• Rehabilitation Centre
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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