Prosthetics & Orthotics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.95 Billion |
| Market Size (2029) | USD 8.95 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Prosthetics & Orthotics Market Analysis
The Prosthetics and Orthotics Market size is estimated at USD 6.95 billion in 2024, and is expected to reach USD 8.95 billion by 2029, growing at a CAGR of 5.20% during the forecast period (2024-2029).
The COVID-19 pandemic is an unprecedented health concern. Medical services were severely impacted by the restrictions imposed to prevent the spread of infection caused by the SARS-CoV-2 virus, which had an adverse impact on the prosthetics and orthotics market. For instance, as per the report published by Prosthetics and Orthotics International in June 2022, the shorter duration of prosthesis use can be attributed to more time spent at home, which created a lower demand for the devices. However, as per the same source, alternative methods for the management of lower limb amputation (LLA) in Norway were established through digital meetings or small gatherings for persons with LLA who live alone. Hence, the market is expected to grow slowly over the forecast period due to the alternative management approaches created during the pandemic and the continuation of the same in the post-pandemic period.
The growth of the market is attributed to the growing burden of sports injuries, a rising number of road accidents, the increasing burden of osteosarcoma, the growing burden of diabetes-related amputations, and the rising geriatric population.
As per the WHO report 2021, an estimated 305 million people across the world suffer from musculoskeletal injuries, while 222 million people suffer from neck pain. As per the 2021 statistics by the Brain Injury Research Institute, about 1.6 million-3.8 million recreation and sport-related concussions occur each year in the United States. The increasing number of road accidents led to a rise in the number of casualties, which may increase the demand for prosthetics in the market. For instance, as per the StatBel statistics published in June 2022, there were 34,640 road traffic accidents in 2021, bringing the total number of casualties to 42,566, including 38,952 slightly injured and 3,098 seriously injured in Belgium. These statistics show the high burden of accidents and casualties, which may increase the demand for prosthetics and drive the market's growth.
Several strategic initiatives are also being launched due to the increasing demand. For instance, in March 2022, the National Defense Industrial Association (NDIA) reported an increase in the upper limit of mid-cost assistive technology (AT) from USD 5,000 to USD 15,000. This increase will improve access to AT under the National Disability Insurance Scheme (NDIS) and is expected to drive the market over the forecast period. However, the lack of developed healthcare infrastructure in developed and under-developed economies and the high cost of devices are the major factors hindering the market's growth.
Prosthetics & Orthotics Market Trends
This section covers the major market trends shaping the Prosthetics & Orthotics Market according to our research experts:
Lower Extremity Under Prosthetic Segment is Expected to Hold a Significant Share in the Market During the Forecast Period
Lower extremity prostheses offer limb restoration to patients at all lower limb levels, ranging from amputation through the pelvis or hip joint down to partial foot amputations. The major drivers of the segment are the growing burden of sports injuries, the rising number of road accidents, and new studies, along with new product approvals and launches, which help increase the widespread usage of these devices.
In August 2021, the Hanger Institute for Clinical Research and Education and Ottobock partnered with Hanger Clinic Prosthetists to conduct a landmark five-year clinical study to collect data on potential health benefits of microprocessor-controlled knee (MPK) technologies for people aged 65 years and older. This endeavor established evidence that could expand and support new coverage policies, offering greater access to seniors with above-knee limb loss. It is also expected to increase the demand for lower extremities and drive the market's growth.
In May 2021, Ottobock launched the new Kenevo microprocessor knee. The new Kenevo has extended functionality to simplify and enrich the life of the user. It makes the intuitive assisted descent of ramps and use of a bicycle ergometer possible.
Hence, such new product launches may help expand the applications of the products and boost the market over the forecast period.
Understand The Key Trends Shaping This Market
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
Within North America, the United States holds a major share of the market. The major factors boosting the market's growth in the country are the increasing number of sports injuries, growing focus on R&D, a well-established healthcare infrastructure, and the presence of several market players.
For instance, according to the American Cancer Society statistics 2022, bone and joint cancer cases were estimated at 3,910 in the United States. Osteosarcoma and Ewing tumors are substantially more prevalent in children and teenagers than chondrosarcoma or other types of bone malignancies. This high burden of bone cancers may include acute and chronic cancers, which are expected to be managed using resection and may have a positive impact on the market during the forecast period.
According to the American Orthotics and Prosthetic Association (AOPA), in July 2021, AOPA introduced the Medicare Orthotics and Prosthetics Patient-centered Care Act in the Senate. Such developments are contributing to the increasing demand for prosthetics and orthotics in the United States. In December 2022, NYU Langone Hospitals completed their first set of surgeries using US FDA-approved implantable prosthetics for people with limb loss, which are also available in greater New York City. The procedure is known as osseointegration, which is done to improve the quality of life for people with limb loss by enhancing the connection between limb and prosthesis.
Thus, the new product launches and rising number of osteosarcoma cases are increasing the demand for prosthetics and orthotics, which may boost the market further during the forecast period.
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Prosthetics & Orthotics Industry Overview
The prosthetics and orthotics market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the key market players in the market are Ossur, Blatchford Inc., Ottobock, Bauerfeind AG, WillowWood Global LLC, and Ability Matters Group.
Prosthetics & Orthotics Market Leaders
Blatchford Inc
Össur
Ottobock
Bauerfeind AG
WillowWood Global LLC
*Disclaimer: Major Players sorted in no particular order
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Prosthetics & Orthotics Market News
- In December 2022, Orthotic Holdings Inc. secured a majority investment from Summit Partners Credit Advisors. This investment will help support the development of improved customer support and innovative products and technologies.
- In December 2022, Adapttech partnered with Alfimed to distribute its prosthetic fitting solutions to the Nordic market. Adapttech's focus is to create and develop devices that aid lower-limb amputees to improve their quality of life through innovative technologies.
Prosthetics & Orthotics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Sports Injuries and Rising Number of Road Accidents
4.2.2 Increasing Burden of Osteosarcoma
4.2.3 Growing Burden of Diabetes-related Amputations and Rising Geriatric Population
4.3 Market Restraints
4.3.1 Lack of Developed Healthcare Infrastructure in Developing and Underdeveloped Economies
4.3.2 High Cost of Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product
5.1.1 Orthotic Products
5.1.1.1 Upper Limb
5.1.1.2 Lower Limb
5.1.1.3 Spinal
5.1.2 Prosthetic Products
5.1.2.1 Upper Extremity
5.1.2.2 Lower Extremity
5.1.2.3 Liners
5.1.2.4 Sockets
5.1.2.5 Modular Components
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ability Matters Group
6.1.2 Steeper Inc.
6.1.3 Blatchford Inc.
6.1.4 Fillauer LLC
6.1.5 Össur
6.1.6 Ottobock
6.1.7 WillowWood Global LLC
6.1.8 Ultraflex Systems
6.1.9 Aether Biomedical
6.1.10 Bauerfeind AG
6.1.11 THUASNE
6.1.12 Mobius Bionics
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Prosthetics & Orthotics Industry Segmentation
As per the scope of the report, a prosthetic is an artificial body part, such as an arm or foot, which replaces a missing part. Orthotics is a branch of mechanical and medical science that deals with the design and fitting of orthoses. Orthoses are external devices or apparatuses, such as a brace or splint, used in orthopedics to support or immobilize the spine or limbs.
The prosthetics and orthotics market is segmented by product (orthotic products (upper limb, lower limb, and spinal), prosthetic products (upper extremity, lower extremity, liners, sockets, and modular components)) and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
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Prosthetics & Orthotics Market Research FAQs
How big is the Prosthetics and Orthotics Market?
The Prosthetics and Orthotics Market size is expected to reach USD 6.95 billion in 2024 and grow at a CAGR of 5.20% to reach USD 8.95 billion by 2029.
What is the current Prosthetics and Orthotics Market size?
In 2024, the Prosthetics and Orthotics Market size is expected to reach USD 6.95 billion.
Who are the key players in Prosthetics and Orthotics Market?
Blatchford Inc, Össur, Ottobock, Bauerfeind AG and WillowWood Global LLC are the major companies operating in the Prosthetics and Orthotics Market.
Which is the fastest growing region in Prosthetics and Orthotics Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Prosthetics and Orthotics Market?
In 2024, the North America accounts for the largest market share in Prosthetics and Orthotics Market.
What years does this Prosthetics and Orthotics Market cover, and what was the market size in 2023?
In 2023, the Prosthetics and Orthotics Market size was estimated at USD 6.61 billion. The report covers the Prosthetics and Orthotics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Prosthetics and Orthotics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the latest advancements in Prosthetic and Orthotic Market?
The latest advancements in Prosthetic and Orthotic Market are a) Bionic limbs b) 3D printing for customization c) AI-powered prosthetics for improved control
Prosthetics & Orthotics Industry Report
The global prosthetics and orthotics market is on the rise, due to an aging population, medical device advances, and an increase in sports and road injuries. With orthotics in high demand for a range of conditions and prosthetics benefiting from tech improvements, the sector sees a diverse demand spectrum. North America leads the market, buoyed by a strong healthcare system and awareness, while Asia-Pacific is poised for rapid growth due to health initiatives and a rise in diabetes-related amputations. Challenges such as high costs and low awareness in some areas remain, but with robust R&D investment and supportive policies, the market outlook is positive, aiming to improve lives with innovative prosthetic and orthotic solutions. For detailed insights, Mordor Intelligence™ Industry Reports provide comprehensive analysis, including market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.
Prosthetics & Orthotics Market Report Snapshots
