Prosthetics and Orthotics Market Size

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.