Prosthetics and Orthotics Market to Hit US$ 14.63 Bn by 2029

The global prosthetics and orthotics market size is estimated to hit US$ 14.63 billion by 2029 and growing at a CAGR of 5% from 2021 to 2030.

 The growing prevalence of osteosarcoma, rising cases of sports injuries, growing incidences of road traffic accidents, and increasing number of amputations related to diabetes are some of the prominent factors that are held responsible for the growth of the global prosthetics and orthotics market. The number of person opting sports as a career option is growing significantly. Along with the rising participation in sports, the cases of sports injuries have increased rapidly.

According to the American Physical Therapy Association, around 8.7 million people had sport related injuries in US in 2018. Furthermore, an alarming rise in the road traffic accidents has significantly propelled the growth of the global prosthetics and orthotics market.As per the Association for Safe International Road Travel, around 20 to 50 million people were injured or disabled due to the road traffic accidents across the globe in 2018. Road accidents are the 9th leading cause of death across the globe.

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Further, the surging prevalence of osteosarcoma across the globe is fostering the demand for the prosthetics and orthotics. According to a report of National Cancer Institute, approximately 3,450 new cases of joint and bone cancer were recorded in 2018 and around 1,590 people died due to it all over the globe. It is estimated that around 30 new cases of osteosarcoma is diagnosed among children every year in UK.

Report Highlights:

• Based on the type, the orthotics segment dominated the global prosthetics and orthotics market in 2020. The surging prevalence of osteoarthritis, rising cases of sports injuries, and rising penetration of the orthopedic technologies are the major factors that has augmented the growth of the orthotics segment across the globe. The low pain and instant recovery are the major benefits associated with the upper limb orthotics, which has significant contributions in the growth of the orthotics market.

• North America accounted for the largest revenue share and dominated the global prosthetics and orthotics market in 2020. The presence of developed healthcare infrastructure, increased healthcare infrastructure, favorable reimbursement policies, and the increased investments by the top plyers in the research and development are the prominent drivers of the North America prosthetics and orthotics market. The rising cases of road accidents in US is an essential factors that drives the growth of the market. According to the Association for Safe International Road Travel, more than 38,000 people die in road accidents every year in US. Furthermore, the growing participation in sports and increasing number of sports injuries is supporting the growth of the prosthetics and orthotics market in the region.

• Asia Pacific is estimated to be the most opportunistic market during the forecast period. The increased road traffic accidents in the emerging nations is amongst the major market drivers. According to the World Health Organization, 93% of the road traffic accidents across the globe, occurs in the low and middle income countries. Furthermore, the increased prevalence of diabetes and the amputations related to diabetes in the region is significantly driving the growth of the prosthetics and orthotics market. According to the report of Asian Diabetes Prevention Initiative, around 60% of the people in Asia Pacific are diabetic.

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Future of Prosthetics and Orthotics Market

The technological advancements in the prosthetics and orthotics powered by the huge investments in the research and development by the top market players and new product launches are the major factors that are anticipated to provide growth prospects to the market players in the forthcoming future. Furthermore, the increasing awareness regarding the prosthetics and orthotics is expected to have a significant impact in the developing markets.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 pandemic adversely impacted the growth of the prosthetics and orthotics market in 2020. The increased number of COVID-19 patients in the hospitals resulted in the cancellation and delay of the prosthetics and orthotics procedures.
• The travelling restrictions and lower visits in hospitals has negatively impacted the market owing to low volume of procedures. The lockdown restriction resulted in lower cases of sports injuries and the low road traffic accidents, which further declined the demand for the prosthetics and orthotics across the globe.

Key Developments in the Marketplace:

• In September 2017, Ottobock introduced new pediatric prosthetic knee joints that expanded its portfolio.
• In May 2018, Ossur products OssurFormfit Pro Line for expanding its market share.

By Type

• Orthotics
  • Upper Limb
  • Lower Limb
  • Spinal Orthotics
• Prosthetics
  • Upper Extremity
  • Lower Extremity
  • Liners
  • Sockets
  • Modular Components

By Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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