Prosthetics and Orthotics Market

Global Prosthetics and Orthotics Market: Overview

The increase in the prevalence of osteoarthritis, rising number of sports accidents, and advancements in the orthopedic technology are some of the major driving forces shaping the trajectory of the global prosthetics and orthotics market. Some of the key types of products offered by the manufacturers and players operating within the global prosthetics and orthotics market include orthotics (including lower limb, upper limb, and spinal) and prosthetics (including lower extremity, sockets, upper extremity, liners, and modular components). The orthotics products held a dominant share in the global prosthetics and orthotics market in recent past, while the prosthetics segment is likely to display excellent growth rate in the industry in near future.

Global Prosthetics and Orthotics Market: Major Trends and Drivers

Some of the most essential drivers favouring the expansion of the global prosthetics and orthotics market in coming years are the rising cases of road accidents as well as sports injuries around the world, the increase in the cases wherein the patient requires amputation owing to diabetes, and rise in the global prevalence of osteosarcoma. Furthermore, rising advancements in the technologies used to design and manufacture personalized and customized prosthetics and orthotics are expected to boost the demand in the global prosthetics and orthotics market in coming years. Moreover, the rising usage as well as the increasing affordability of 3D printing technologies is also likely to facilitate growth and increased sales in the global prosthetics and orthotics market, especially from the developing economies, in the coming years.

Global Prosthetics and Orthotics Market: Key Players and Manufacturers

Some of the leading and most significant manufacturers and players operational within the global prosthetics and orthotics market include Fillauer LLC, Ossur, Ottobock Healthcare GmbH, Blatchford, Inc., The Ohio Willow Wood Company, Steeper Group, and Ultraflex Systems, Inc., among others. The landscape of the global prosthetics and orthotics market is considered to be fragmented, owing to the strong presence of numerous regional or local as well as international players in the industry. Dominant manufacturers and players functional within the global prosthetics and orthotics market are adopting several different strategies in order to attract a larger base of conusmers across the world.

Some of the major strategies adopted by the players in the global prosthetics and orthotics market include new product launches, collaborations, and mergers and acquisitions, among others. For instance, a new sandal toe foot shell was launched by the Blatchford in 2018 to support their several products, such as Echelon VAC, Elan, and Linx. This move helped them in diversifying their product potfolio. Elsewhere in 2018, new line of products, such as a line of 3D knitted supports called Ossur Formfit Pro Line was launched by the Ossur.

Global Prosthetics and Orthotics Market: Regional Assessment

The North America region accounted for a substantial share in the global prosthetics and orthotics market in recent past. The region is expected to continue leading the global prosthetics and orthotics market through the forecast years as well. Some of the key drivers shaping the global prosthetics and orthotics market in North American region include rising investments in research and development activities by the industry players, presence of favourable reimbursement policies in regional economies such as the United States as well as Canada, and string presence of well-trenched healthcare and medical infrastructure in the regional economies.

Furthermore, the rising instances of various sports injuries as well as the increase in the prevalence of osteosarcoma is also expected to boost the global prosthetics and orthotics market in North America in coming years. On the other hand, another region likely to witness lucrative growth opportunities in the global prosthetics and orthotics market through the forecast period is expected to be Asia Pacific. This trend can be attributed to various factors, such as increase in the number of road accidents, growing cases of diabetes related amputations, and supportive initiatives by various regional governments.