According to Coherent Market Insights, the global prostheticsand orthotics market size is calculated at 6,923.2 million in 2023 and isprojected to surpass USD 8,546.6 billion by 2030 with a remarkable CAGR of 3.1%from 2023 to 2030.
Market Dynamics: The Prosthetics and Orthotics market is driven byincreasing prevalence of osteoporosis across the globe. According to theInternational Osteoporosis Foundation, osteoporosis causes more than 8.9 millionfractures annually, resulting in an osteoporotic fracture every 3 seconds.Moreover, around 1 in 3 women over the age of 50 will experience osteoporoticfractures, as will 1 in 5 men aged 50 years and older. Thus, rising cases ofosteoporosis is fueling demand for orthopedic implants, prosthetics, andorthotics which provides support and enhances mobility. Moreover, technologicaladvancements in prosthetics and orthotics such as use of lightweight implantmaterials, myoelectric prosthetics which uses sensors and computers to detectelectrical signals from muscles and nerves is another factor augmenting themarket growth over the forecast period. Request Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/6003 Market Trends: 3D printing of prosthetics is one of the emergingtrends in the prosthetics and orthotics market. 3D printing allows forlightweight and customized prosthetics based on patient’s anatomy which offersbetter fit and comfort. For instance, Össur, one of the major players, offers3D printed prosthetics solutions called Pro-Flex which is 30% lighter thanother traditional sockets. Moreover, increasing adoption of carbonfiber as amaterial for prosthetics and orthotics is another trend witnessed in themarket. Carbonfiber is lightweight, durable and corrosion resistant which makesprosthetics and orthotics comfortable for long term use. For example, Ottobockuses carbonfibers for knees, feet, and arms. Prosthetics and Orthotics Market Report Coverage Report Coverage Details Market Revenue in 2023 $6,923.2 million Estimated Value by 2030 $8,546.6 million Growth Rate Poised to grow at a CAGR of 3.3% Historical Data 2018–2021 Forecast Period 2023–2030 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered By Type Geographies Covered North America, Europe, Asia Pacific, and Rest of World Growth Drivers • Increasing number of road accidents • Growing burden of sports injuries Restraints & Challenges • High cost of prosthetics and orthotics • Inadequate healthcare infrastructure Market Opportunities With the rising prevalence of diabetes and vasculardiseases globally, the incidences of limb amputations have increasedconsiderably over the past few years. As per estimates, over 185,000 lower-limbamputations are performed annually in the U.S. alone due to diabetes-relatedcomplications. Similarly, vascular diseases lead to several hundred thousandamputations worldwide each year. Since prosthetic devices are requiredpost-amputation to restore the patient's mobility, rising amputation ratestranslate to increasing adoption of prosthetic products. This rising diseaseburden and the subsequent increase in amputations present a lucrative growthopportunity for players in the prosthetics and orthotics market. Immediate Delivery Available | Buy This Premium Research Report @ Technological advancements are revolutionizing theprosthetics industry, with computer-assisted or bionic prosthetics gainingimmense popularity. Integrated with sensors, microprocessors, and patternrecognition technology, these myoelectric and electronically controlledprosthetic devices mimic the movements of muscles and joints more closely thantraditional elastic socket prosthetics. As the functionality and usability ofcomputer-assisted prosthetics continue to improve, their demand is acceleratingglobally. The unprecedented precision, high-energy return and natural motionprovided by computer-assisted solutions are boosting their adoption. This trendoffers significant growth prospects to innovative device manufacturersoperating in the prosthetics market. Competitor Insights Key Market Takeaways: The global prosthetics and orthotics market isanticipated to witness a CAGR of 3.1% during the forecast period 2023-2030.This is owing to the rapidly aging worldwide population and rising incidencesof age-related health conditions. On the basis of product, the orthotic products segmentis expected to hold a dominant position, accounting for over 60% market sharein 2030 due to the higher usage of orthotic devices for lower back pain, kneeinjury, ankle sprain and plantar fasciitis compared to prosthetics. On the basis of region, North America is expected tohold a dominant position over the forecast period. This is owing to the highprevalence of diabetes, rapid technological advancements, and supportivereimbursement policies in the region. Europe is also expected to capture amajor share of the global prosthetics and orthotics market over the comingyears. Competitor Insights - Össur, - Ottobock, - Bauerfeind AG, - Fillauer LLC, College Park Industries and Blatchford Group. These established market players are focusing on newproduct launches and geographical expansions to gain leadership positions inthe global market.
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Recent Developments in Prosthetic And Orthotics Market
Technological Integration and AI: The introduction ofAI and robotics into prosthetic devices is a significant trend. For example,WillowWood’s Alpha Control Liner System, released in May 2023, incorporatesmachine learning to improve myoelectric control, offering more precise userinteraction with prosthetic devices. This system helps enhance the comfort andfunctionality for prosthesis users by ensuring more consistent electrodecontact.
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DetailedSegmentation:
By Type:
- Prosthetics
- Orthotics
ByGeography:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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