PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419075
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419075
Prosthetics And Orthotics Market size was valued at USD 6,790.3 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
For those with physical disabilities or functional limitations, prostheses (artificial hands and legs) and orthoses (braces and splints) allow them to live healthy, productive, independent, and dignified lives as well as engaging in social, educational, and economic activities.
Global market growth is anticipated due to factors such as the frequency of sports injuries and auto accidents, the increase in diabetes-related amputations, and the increasing occurrence of osteosarcoma worldwide. Over 3.5 million children in the United States sustain sports-related injuries each year, according to John Hopkins University. During the forecast period, sports-related injuries are expected to fuel demand and support market expansion.
One of the main causes of driving amputation is also the startling increase in the number of traffic accidents. As of June 2021, the World Health Organization estimated that traffic accidents claimed the lives of almost 1.3 million people annually. The Association for Safe International Road Travel (ASIRT) estimates that traffic accidents have left 20-50 million persons injured or incapacitated worldwide. Orthotics and prosthetics technology advancements are anticipated to accelerate market growth in the coming years. Limb Forge's 3D printed prosthetics are anticipated to become more popular in underdeveloped nations.
The Global Prosthetics And Orthotics Market is segmented on the basis of Type, Technology, End-User, and Region.
The market is divided into two categories based on Type: orthotics and prosthetics The orthotics segment dominates the market. The increasing number of sports injuries is boosting segment growth.
The market is divided into three categories based on Technology: conventional, electric-powered, and hybrid prosthetics. The conventional segment dominates the market and is likely to maintain its dominance during the forecast period. The increased adoption of existing and conventional system are majorly boosting the market growth.
The market is divided into three categories based on End-User: hospitals, prosthetics clinics, and others. The hospitals segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand from orthopedic and prosthetic treatment in hospitals is augmenting the market growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
There are a variety of domestic and international companies in the prosthetics and orthotics sector. The businesses have carried out several strategic initiatives. For example, Otto Bock purchased suitX, a U.S.-based business that specializes in the study and creation of medical and occupational exoskeletons, in November 2021.
In June 2023, Fillauer introduced the Myo/One Electrode system, designed in partnership with Coapt. It is a efficient, waterproof result with one preamplifier offer two EMG signal channels for myoelectric strategies as well as replaces fabrication aids.
In May 2023, WillowWood announced the introduction of the Alpha Control Liner System, an groundbreaking prosthetic liner with entrenched electronics, in partnership with Coapt.
In January 2023, Steeper Group launched the LIMB-art Prosthetic Leg Covers for its lower limb portfolio, featuring unique designs and customizations to increase patient self-esteem and confidence.
The scope of this report covers the market by its major segments, which include as follows: