Global Prosthetics & Orthotics Market Overview:
Prosthetics & orthotics are types of medical devices that enable people with disability or functional limitations to live independently, healthy, productive, and with dignity like other people. Prosthetics involves solutions such as artificial legs, arms, etc. for people with disability. Orthotics are devices that refer to people who need support for weakened body parts due to injury, accidents, or any other reason. Rising incidences of accidents and sports-related injuries are expected to drive the market during the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Adoption of 3D Printing Technology and integration of Cutting Edge Technologies and Growing Popularity of Myoelectric Prosthetics and Orthotics Devices That Use Muscle’s Electricity
Market Growth Drivers:
Rising Limb Loss and Physical Disabilities Incidences Due to Trauma, Accidents, and Sports Related Injuries and Increasing Ageing Population Is Likely to Create Demand for Orthotics Devices
Challenges:
Lack of Awareness and Limited Access in Rural and Underdeveloped Areas
Restraints:
High Cost of Devices and Stringent Regulations for Approval
Opportunities:
High Investment in Healthcare Sector and Demand for Bionic and Robotic Prosthetics and Orthotics Solutions
Competitive Landscape:
The key players are targeting the innovations of the Solutions with better quality, and better technical characteristics. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market.
Some of the key players profiled in the report are Otto Bock (Germany), Medtronic PLC (Ireland), Stryker Corporation (United States), Zimmer-Biomet Holdings, Inc. (United States), Smith and Nephew PLC (United Kingdom), Conmed Corporation (United States), Donjoy, Inc. (United States), NuVasive, Inc. (United States), Aesculap Implant Systems, LLC (United States), BSN Medical (Germany) and DeRoyal Industries, Inc. (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Prosthetics & Orthotics market by 2030. Considering Market by Technology, the sub-segment i.e. Conventional will boost the Prosthetics & Orthotics market. Considering Market by Material Type, the sub-segment i.e. Thermoplastics will boost the Prosthetics & Orthotics market. Considering Market by Age Group, the sub-segment i.e. Children will boost the Prosthetics & Orthotics market. Considering Market by End User, the sub-segment i.e. Hospitals will boost the Prosthetics & Orthotics market.
According to Sec. 890.3025 Prosthetic and orthotic accessory of the Food and Drug Administration. A prosthetic and orthotic accessory is a device intended for medical purposes to support, protect, or aid in the use of a cast, orthosis (brace), or prosthesis. Examples of prosthetic and orthotic accessories include the following: A pelvic support band and belt, a cast shoe, a cast bandage, a limb cover, a prosthesis alignment device, a postsurgical pylon, a transverse rotator, and a temporary training splint.
What Can be Explored with the Prosthetics & Orthotics Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Prosthetics & Orthotics Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Prosthetics & Orthotics
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Prosthetics & Orthotics market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Prosthetics & Orthotics market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Prosthetic and Orthotics Manufacturers, Suppliers & Distributors, Raw Material Providers, Government Regulatory Bodies, Research Organizations and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.