Prosthetics and Orthotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Global Prosthetics and Orthotics Market is Segmented by Product (Orthotic Products (Upper Limb, Lower limb and Spinal), and 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 report offers the value (in USD million) for the above-mentioned segments.

Market Snapshot

Prosthetics And Orthotics Market Size
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: >4 %

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Market Overview

The global prosthetics and orthotics market is expected to register a CAGR of more than 4% over the forecast period, 2022-2027.

The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the prosthetics and orthotics market globally. For instance, in April 2020, the International Society for Prosthetics and Orthotics (ISPO) released a working document titled "Suggestions for Prosthetic Orthotic Clinics that Must Remain open during the COVID-19 Pandemic" that guides people and organizations that provide prosthetics and orthotics services and can continue serving people who require assistive devices during the COVID-19 pandemic. In addition, as per an October 2021 published article titled, "How has the COVID-19 pandemic affected orthotic services in the United Kingdom?", over 90% reported using telehealth appointments for orthotic services. Thus, the demand for orthotic products was significant during the pandemic, thereby depicting an overall positive impact on the market growth.

The growth of the market is attributed to the factors such as the growing burden of sports injuries and rising number of road accidents, increasing burden of osteosarcoma and growing burden of diabetes-related amputations, and rising geriatric population.

The growing burden of sports injuries is driving the market growth. For instance, according to the 2021 statistics by the World Health Organization (WHO), an estimated 305 million people across the globe suffer from musculoskeletal injuries, while 222 million people suffer from neck pain. In addition, as per the 2021 statistics by the Brain Injury Research Institute, about 1.6 million to 3.8 million recreation and sport-related concussions occur each year in the United States. Moreover, according to research from the American Academy of Orthopedic Surgeons, 2020, 25 percent of athletic injuries are foot and ankle-related. Such statistics indicate that the demand for prosthetics and orthotics is significant, thereby driving the market growth. Furthermore, as per an October 2021 update, by 2020, the number of people aged 60 years and older will outnumber children younger than 5 years, and in 2050, 80% of older people will be living in low- and middle-income countries. As the geriatric population is prone to suffer from musculoskeletal and orthopedic conditions, the anticipated increase in population is expected to increase the demand for prosthetics and orthotics in the coming period.

Several strategic initiatives are also being launched owing 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 will improve access to AT under the National Disability Insurance Scheme (NDIS).

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 growth.

Scope of the Report

As per the scope of this report, a prosthetic implant is an artificial device that replaces a missing body part that may be lost due to trauma, disease, or a congenital disorder. An orthosis is an externally applied device used to influence the structural and functional characteristics of the neuromuscular and skeletal system. The 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-mentioned segments.

By Product
Orthotic Products
Upper Limb
Lower Limb
Spinal
Prosthetic Products
Upper Extremity
Lower Extremity
Liners
Sockets
Modular Components
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Upper Extremity Segment is Expected to Hold a Significant Market Share in the Prosthetics and Orthotics Market

With prosthetic products, the upper extremity segment is expected to hold a significant share in the market. The major factors fueling the growth of the segment are the increasing research and development as well as the growing number of strategic initiatives undertaken by the market players.

The major components of upper limb prostheses include the terminal device (TD), interposing joints, socket, suspension, and control system. There are several different types of upper extremity prostheses, such as cosmetic, body-powered, hybrid, and myoelectric.

The increasing research and development in this segment are contributing to the market growth. For instance, as per an August 2021 update by the Massachusetts Institute of Technology (MIT), engineers at MIT and Shanghai Jiao Tong University have designed a soft, lightweight, and potentially low-cost neuroprosthetic hand. The researchers found the prosthetic, designed with a system for tactile feedback, restored some primitive sensation in a volunteer’s residual limb. The new design is also surprisingly durable, quickly recovering after being struck with a hammer or run over with a car.

In addition, several market players are also engaged in the implementation of strategic initiatives, thereby driving market growth. For instance, in August 2021, an Illinois startup, Psyonic, developed a more affordable bionic hand that was launched in the United States. Moreover, New York-based engineering startup Esper Bionics developed a prosthetic arm with intuitive self-learning technology that can predict intended movement faster than similar prosthetics.

Thus, due to the above-mentioned developments, the market segment is expected to witness significant growth over the forecast period.

Prosthetics And Orthotics Market Trends

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

Within North America, the United States has held the major share of the market. The major factors boosting the market growth in the country are the increasing number of sports injuries, growing focus on research and development, well-established healthcare infrastructure, and presence of several market players.

For instance, as per a January 2022 update by the American Cancer Society, an estimated 3,910 people of all ages (2,160 men and boys and 1,750 women and girls) in the United States will be diagnosed with primary bone sarcoma. As per the same source, in 2020, it was estimated that about 400 of these cases occurred in people aged 15 to 19. As the consequences of osteosarcoma are associated with limb loss, the statistics indicate significant demand for prosthetics and orthotics in the United States.

In addition, as per a July 2021 update by the American Orthotics and Prosthetic Association (AOPA), 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.

Moreover, several market players are also engaged in the launch of innovative products that are contributing to market growth. For instance, in May 2022, Rehabtronics reported that its ReGrasp Bionic Glove, a rehabilitation device to improve hand mobility, is now available in the United States.

Furthermore, in July 2021, Arize Orthotic Solution, newly announced by HP Inc., is an end-to-end digital orthotic system that will allow providers to capture 3D data, fine-tune and prescribe personalized orthotic devices, all in less than five minutes, according to the company. Arize uses a combination of 3D printing and cloud-based software and provides unique customization features.

Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.

Prosthetics And Orthotics Market Analysis

Competitive Landscape

The prosthetics and orthotics market is competitive 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, mergers, and acquisitions. Some of the key players in the market are Steeper Inc., Blatchford Inc, Fillauer LLC, Össur, and Ottobock, among other players.

Recent Developments

In April 2022, Warsaw, Indiana-based OrthoPediatrics Corp., a company focused solely on pediatric orthopedics, purchased Wayland, Iowa-based MD Orthopaedics Inc., a company that specializes in the treatment of clubfoot. The acquisition includes MD Orthopaedic’s bracing products and its clubfoot treatment, the Mitchell Ponseti Ankle-Foot Orthosis (AFO).

In March 2022, Ability Matters Group acquired Crispin Orthotics. Leeds-based Crispin Orthotics specializes in producing and maintaining orthotic devices, and developing innovative products using digital workflows and 3D printing.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Burden of Sports Injuries and Rising Number of Road Accidents

      2. 4.2.2 Increasing Burden of Osteosarcoma

      3. 4.2.3 Growing Burden of Diabetes Related Amputations and Rising Geriatric Population

    3. 4.3 Market Restraints

      1. 4.3.1 Lack of Developed Healthcare Infrastructure in Developing and Under-Developed Economies

      2. 4.3.2 High Cost of Devices

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Product

      1. 5.1.1 Orthotic Products

        1. 5.1.1.1 Upper Limb

        2. 5.1.1.2 Lower Limb

        3. 5.1.1.3 Spinal

      2. 5.1.2 Prosthetic Products

        1. 5.1.2.1 Upper Extremity

        2. 5.1.2.2 Lower Extremity

        3. 5.1.2.3 Liners

        4. 5.1.2.4 Sockets

        5. 5.1.2.5 Modular Components

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Spain

        6. 5.2.2.6 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Middle-East and Africa

        1. 5.2.4.1 GCC

        2. 5.2.4.2 South Africa

        3. 5.2.4.3 Rest of Middle-East and Africa

      5. 5.2.5 South America

        1. 5.2.5.1 Brazil

        2. 5.2.5.2 Argentina

        3. 5.2.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Ability Matters Group

      2. 6.1.2 Steeper Inc.

      3. 6.1.3 Blatchford Inc

      4. 6.1.4 Fillauer LLC

      5. 6.1.5 Össur

      6. 6.1.6 Ottobock

      7. 6.1.7 WillowWood Global LLC

      8. 6.1.8 Ktwo Healthcare Pvt. Ltd (KARE)

      9. 6.1.9 Aether Biomedical

      10. 6.1.10 Bauerfeind AG

      11. 6.1.11 Ortho-Europe

      12. 6.1.12 Mobius Bionics

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Prosthetics and Orthotics Market market is studied from 2019 - 2027.

The Global Prosthetics and Orthotics Market is growing at a CAGR of >4% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Steeper Inc., Blatchford Inc, Fillauer LLC, Össur, Ottobock are the major companies operating in Global Prosthetics and Orthotics Market.

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