Prosthetics & Orthotics Market by Type, Technology, Application

Description

List of Tables

[184 Pages Report] The Prosthetics & Orthotics Market size was estimated at USD 7.10 billion in 2023 and expected to reach USD 7.47 billion in 2024, at a CAGR 5.38% to reach USD 10.24 billion by 2030.

The prosthetics and orthotics market encompasses the design, manufacturing, and distribution of artificial limbs (prosthetic devices) and supportive or corrective medical braces (orthotic devices) designed to support, align, prevent, or correct deformities or to enhance the operation of movable parts of the body. Prosthetics are custom-made to fit the individual's unique needs, while orthotics can be customized or off-the-shelf. Increasing incidences of sports-related injuries and road accidents, along with a growing geriatric population and rising prevalence of osteosarcoma, drive market growth. Increasing adoption of braces, splints, and non-invasive treatments also fuels the market growth. High cost and lack of accessibility for orthotics & and prosthetics, complex designs, and discomfort related to prosthetics & orthotics pose a challenge to market growth. Rising product developments using advanced prosthetic manufacturing techniques make them more accessible and affordable. Moreover, developing ecosystems for start-ups manufacturing robotic prosthetic arms and exoskeletons also poses potential opportunities for the market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 7.10 billion
Estimated Year [2024]	USD 7.47 billion
Forecast Year [2030]	USD 10.24 billion
CAGR (%)	5.38%

Type: Rising popularity for prosthetics to improve quality of life by providing movement and independence

Orthotics refers to externally applied devices designed to modify the structural and operational characteristics of the neuromuscular and skeletal systems. They cover a range of products, including shoe inserts, braces, and supports used to correct or accommodate the alignment, support body segments, and reduce pain. Lower limb orthotics are designed to support, align, prevent, or correct deformities or improve the function of movable body parts, ranging from the hip to the foot. Spinal orthotics, or orthoses, are devices that support or correct the function of the spine. They are used to treat various conditions, from scoliosis to post-operative immobilization. Upper limb orthotics encompass devices for the upper extremities, including the shoulder, arm, elbow, wrist, and hand.

Prosthetics are artificial devices that substitute missing body parts lost through trauma, disease, or congenital conditions. The need for prosthetics can be life-changing for amputees, aiding in mobility and functionality, improving the quality of life, and fostering independence. Liners are used as a cushioning interface between the residual limb (stump) and the prosthetic socket. They provide comfort, reduce friction, and help to distribute pressure evenly to protect the residual limb. Lower extremity prosthetics include artificial limbs designed to replace legs from below or above the knee. These prosthetics are complex devices that enable mobility and functionality, thereby improving the life of the amputee. Modular components in prosthetics are the interchangeable parts used in constructing a prosthesis. These include joints, connectors, and adjustable sections, allowing for a customizable fit to the user's needs and similar functions to the natural limb. The socket is the prosthesis portion that makes direct contact with the residual limb, serving as an anchor point for the rest of the device. Upper extremity prosthetics are artificial limbs that replace missing arms or parts of the arm, including the hand. These prosthetics can be body-powered, using cables and harnesses, or externally powered, using battery-operated motors to mimic the movement of a natural limb. When comparing orthotics and prosthetics, both serve distinct purposes and are individualized to the wearer's needs. Orthotics primarily focus on support and functionality improvement, while prosthetics aim to replace a lost limb or body part. The technological advancements in prosthetics tend to be more intricate, such as the development of bionic limbs, compared to those in the field of orthotics.

Application: Rising usage of prosthetics and orthotics in the hospitals to cater to a larger patient base with a wider variety of health concerns

Prosthetics and orthotics clinics are specialized facilities where individuals receive personalized fitting and adjustment services for prosthetic limbs and orthotic devices. These clinics are often chosen by patients who require more comprehensive, often time-intensive service in terms of customization and fitting. Hospitals represent another primary application segment where prosthetics and orthotics services are provided, often alongside other medical interventions. This setting is particularly important for immediate post-operative care and for patients who require integrated medical services due to multiple health issues. Rehabilitation centers are specialized facilities focused on helping patients regain or improve their physical capabilities, usually post-injury or surgery, through targeted therapy and support, including the use of prosthetics and orthotics. While clinics provide customization and hospitals offer immediacy of care, rehabilitation centers offer a middle ground that includes therapeutic care and the gradual integration of prosthetics and orthotics into daily life. These centers are usually equipped to provide long-term rehabilitation and are ideal for a slow and steady recovery process

Regional Insights

The prosthetics and orthotics market in North America is highly developed, with significant demand for advanced prosthetics and orthotic devices, driven by the growing elderly population, increasing prevalence of diabetes and obesity, and many amputations due to vascular diseases. The United States is among the major market share due to its robust healthcare infrastructure, R&D investments, and the presence of major industry players. In South America, the market for prosthetics and orthotics is expanding, and improving economic conditions and government efforts to enhance healthcare infrastructure are creating growth opportunities. In the Asia-Pacific (APAC) region, the prosthetics and orthotics market is rapidly growing due to its vast population, increasing healthcare expenditures, and growing awareness of available prosthetic and orthotic services. Countries such as China, Japan, India, and Australia are home to many local manufacturers producing low-cost devices, making it a competitive and diverse market. Europe is more advanced in terms of technology adoption in prosthetics and orthotics. The growing aging population and the subsequent rise in musculoskeletal disorders propel the European market. In the Middle East and Africa, there is increasing the potential for market growth due to economic development and a growing awareness of mobility aids. The region's focus on improving healthcare services and investments in training healthcare professionals in prosthetics and orthotics are important trends.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Prosthetics & Orthotics Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Prosthetics & Orthotics Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Prosthetics & Orthotics Market, highlighting leading vendors and their innovative profiles. These include B.Braun SE, Bauerfeind AG, Beast Prosthetics, Blatchford Limited, Boston Scientific Corporation, COAPT LLC, COVVI Ltd, Globus Medical Inc., Hanger, Inc., Howard Orthopedics, Inc., Human Technology, Inc., Johnson & Johnson Services, Inc., Merck & Co, Inc., Olympus Corporation, Ortho Europe, OrthoPediatrics Corp., Ossur HF, Ottobock SE & Co. KGaA, Shadow Robot Company, Shapeways Holdings, Inc., Smith & Nephew PLC, Steeper Inc., Stryker Corporation, Synergy Prosthetics, Inc., Ultraflex Systems, Inc., WillowWood Global LLC, and Zimmer Biomet Holdings, Inc..

Market Segmentation & Coverage

This research report categorizes the Prosthetics & Orthotics Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Orthotics
  - Lower Limb
  - Spinal
  - Upper Limb

Prosthetics
- Liners
- Lower Extremity
- Modular Components
- Sockets
- Upper Extremity

Technology
- Conventional
- Electric Powered
- Hybrid Prosthetics

Application
- Clinics
- Hospitals
- Rehabilitation Centers

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Prosthetics & Orthotics Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Prosthetics & Orthotics Market?

3. What are the technology trends and regulatory frameworks in the Prosthetics & Orthotics Market?

4. What is the market share of the leading vendors in the Prosthetics & Orthotics Market?

5. Which modes and strategic moves are suitable for entering the Prosthetics & Orthotics Market?

Product Code: MRR-A339DAEFAE14

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing Incidences of Sports Injuries and Road Accidents
  - 5.1.1.2. Growing Geriatric Population and Rising Prevalence of Osteosarcoma
  - 5.1.1.3. Increasing Adoption of Braces and Splints and Non-Invasive Treatments
- 5.1.2. Restraints
  - 5.1.2.1. High Cost and Lack of Accessibility for Orthotics & Prosthetics
- 5.1.3. Opportunities
  - 5.1.3.1. Rising Product Developments Using Advanced Manufacturing Techniques in Prosthetics
  - 5.1.3.2. Developing Ecosystem for Start-ups Manufacturing Robotic Prosthetic Arms and Exoskeletons
- 5.1.4. Challenges
  - 5.1.4.1. Complex Designs and Discomfort Related to Prosthetics & Orthotics
5.2. Market Segmentation Analysis
- 5.2.1. Type: Rising popularity for prosthetics to improve quality of life by providing movement and independence
- 5.2.2. Application: Rising usage of prosthetics and orthotics in the hospitals to cater to a larger patient base with a wider variety of health concerns
5.3. Market Trend Analysis
5.4. Cumulative Impact of Russia-Ukraine Conflict
5.5. Cumulative Impact of High Inflation
5.6. Porter's Five Forces Analysis
- 5.6.1. Threat of New Entrants
- 5.6.2. Threat of Substitutes
- 5.6.3. Bargaining Power of Customers
- 5.6.4. Bargaining Power of Suppliers
- 5.6.5. Industry Rivalry
5.7. Value Chain & Critical Path Analysis
5.8. Regulatory Framework Analysis
5.9. Client Customization

6. Prosthetics & Orthotics Market, by Type

6.1. Introduction
6.2. Orthotics
6.3. Prosthetics

7. Prosthetics & Orthotics Market, by Technology

7.1. Introduction
7.2. Conventional
7.3. Electric Powered
7.4. Hybrid Prosthetics

8. Prosthetics & Orthotics Market, by Application

8.1. Introduction
8.2. Clinics
8.3. Hospitals
8.4. Rehabilitation Centers

9. Americas Prosthetics & Orthotics Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Prosthetics & Orthotics Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Prosthetics & Orthotics Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. OrthoPediatrics acquires Boston Orthotics & Prosthetics
- 12.3.2. VIT-AP University inks pact to establish prosthetics and orthotics center
- 12.3.3. Spentys and Arize by HP partner to expand digital solutions to Orthotics and Prosthetics market in the US

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio