PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1501278
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1501278
The global orthotics market is on a trajectory towards substantial growth, expanding at a robust CAGR over the next decade. According to Fairfield Market Research, North America led the regional market with a significant share. The market is expected to grow from $4.82 billion in 2024 to approximately $7.93 billion by 2031, driven by a 7.4% compound annual growth rate (CAGR).
Orthotics: Enhancing Neuromuscular and Skeletal Functionality
Orthoses, externally placed devices that modify the structural and functional features of the neuromuscular and skeletal systems, are gaining increased focus. These devices are integral to comprehensive treatment plans addressing various conditions, primarily targeting pain and discomfort in the legs and feet. The objectives of orthotic treatment include correcting foot abnormalities, improving foot or ankle function, supporting the ankle, and reducing the risk of further injuries.
Diverse Materials for Personalized Orthotic Products
Orthotic devices can be crafted from various materials, ranging from rigid to soft, based on individual health needs and symptoms. Physicians prescribe materials tailored to specific conditions. Common materials include plastic and carbon fiber, known for their flexibility and cushioning properties. Orthotics can take many forms, from full shoe inserts similar to those found in sporting shoes to tiny heel inserts and ankle-foot supports with shoe inserts and calf wraps.
Market Share and Revenue Insights
Orthosis sales accounted for a significant share of the global prosthetics and orthotics market. The orthotics market has seen a steady expansion, driven by factors such as increasing life expectancy, rising prevalence of lifestyle-related disorders, and various forms of arthritis.
Technological Advancements and Market Growth
Technological advancements present lucrative opportunities for market growth. Innovations such as 3D printing and digital technologies have enhanced the manufacturing process of insoles, providing additional features and comfort to users. Hospitals, in particular, have a high demand for insoles produced using these advanced techniques.
Opportunities for Manufacturers
Government regulations globally are designed to ensure better treatment options for patients. For instance, the National Association for the Advancement of Orthotics & Prosthetics (NAAOP) has emphasized the importance of orthotics and prosthetics providers as vital healthcare professionals, particularly during the COVID-19 pandemic. This recognition underscores the critical role of manufacturers and suppliers in patient care.
Challenges Restraining Market Growth
Despite the positive growth trajectory, certain factors restrain the market to some extent. Potential negative effects of orthotic devices, such as exacerbating foot pain or causing postural alterations, deter some users. Additionally, the high cost of custom devices poses a significant barrier, even though they offer numerous advantages over mass-produced alternatives.
Regional Insights
United States: A Leading Market for Orthotics
The United States held a significant share of the global market, driven by the increasing number of patients with osteoporosis and the rising demand for treatment. The European Journal of Rheumatology reports a high prevalence of osteoporosis-related hip fractures, particularly among women in Europe and the United States.
Germany: Quality Healthcare and Awareness Drive Market
Germany accounted for a notable share of the global market. The high quality of healthcare and increased awareness of health issues, including diabetes, contribute to market growth. According to the International Diabetes Federation, Germany has a significant prevalence of diabetes, posing risks for complications like diabetic foot ulcers.
Category-wise Insights
Custom Orthotics: Tailored for Individual Needs
Custom orthotics generated substantial revenue, with the segment expected to expand at a notable CAGR during the forecast period. Custom devices are preferred due to the varying sizes of feet and legs among individuals, with soft insoles being more popular than rigid ones.
Medical Applications: Leading Revenue Generation
Orthotics for medical purposes held a leading market share, with the segment projected to grow significantly. These devices are widely used to realign joints and reduce pain in affected areas.
Preferred Materials: Ethyl Vinyl Acetate (EVA)
Orthosis made from ethyl vinyl acetate (EVA) accounted for a high market share, expanding significantly. EVA materials are preferred for their control and shock absorption properties, easing foot and ankle pain by cushioning the foot and relieving pressure.
Key Market Developments
Ossur announced a collaboration with the Alfred Mann Foundation to explore mind-controlled prosthetic devices using implanted myoelectric sensors. Gait Up partnered with SIDAS, a global leader in the footwear retail market, to enhance their presence and offerings.
Competitive Analysis
Orthotics Industry Research Segmentation