Prosthetic and Orthotics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2028
Global Prosthetics and Orthotics Market: Snapshot
The global prosthetics and orthotics market is anticipated to gain growth with the rising incidence of osteosarcoma. On the other hand, increasing number of diabetes-related amputations could raise a whole lot of demand in the global prosthetics and orthotics market. Among the two, orthotics is expected to secure a commanding share of the global prosthetics and orthotics market. Factors such as rising penetration of orthopedic technology and rising prevalence of sports injuries could help orthotics to gain a stronger share of the global prosthetics and orthotics market.
There are various types of orthotics available in the global prosthetics and orthotics market: spinal, upper limb, and lower limb orthotics. Among these, spinal orthotics is foreseen to show quicker growth in the global prosthetics and orthotics market in terms of demand. This could be due to the commonness of unhealthy lifestyles, increasing geriatric population, and rising count of spinal injuries. However, upper limb orthotics is foretold to account for a stronger share of the global prosthetics and orthotics market. Among prosthetic types, upper extremity prosthetics could show dominance in the global prosthetics and orthotics market in terms of demand.
Favorable reimbursement policies, rising investments in research and development, and availability of impressive healthcare infrastructure are projected to support the demand for prosthetics and orthotics in North America. Technological development could also stoke the demand in the region. On the other hand, Asia Pacific could bank on increasing count of promising government initiatives, road accidents, and diabetes-related amputations to become an attractive market for prosthetics and orthotics. Rising awareness about prosthetics and orthotics could be another factor increasing the demand in the developing region.
Leading companies are projected to adopt new product launch, collaboration, agreement, and merger and acquisition to gain a foothold in the global prosthetics and orthotics market.
Global Prosthetics and Orthotics Market: Overview
The demand within the global market for prosthetics and orthotics has been rising on account of the efforts to enhance the quality of life of individuals with physical disabilities. Over the past decade, the healthcare industry has been studying statistics and figures with regards to the people affected with physical injuries that permanently handicap individuals. The alarming numbers that have come out of these studies have compelled the healthcare fraternity to develop a system for helping people with physical disabilities. Owing to these factors, the field of prosthetics and orthotics has received the attention of several medical researchers and scientists over the past decade. Prosthetics essentially refer to artificial body parts substitute the amputated body parts or limbs of individuals, while orthotics help in enhancing the movement of a person’s natural limbs. Both of these devices are extremely useful for patients with physical disabilities and have helped these people in performing several tasks that otherwise seem impossible. Hence, it is safe to estimate that the global market for prosthetics and orthotics would expand at a starry rate in the years to come.
The global market for prosthetics and orthotics can be segmented based on the following criteria: type and region. It is important to scrutinize the aforementioned segments in order to get a broad-based view of the global market for prosthetics and orthotics.
A report on the global market for prosthetics and orthotics has pointed to several factors that have aided the growth of the global market in recent times. Furthermore, the report gives an analysis of the regional segments that have cumulated towards the growth of the global market for prosthetics and orthotics.
Global Prosthetics and Orthotics Market: Trends and Opportunities
The demand within the global market for prosthetics and orthotics has been rising on account of huge-scale investments made towards development of effective and flexible artificial limbs and aids. Furthermore, the uptake of sports and a range of strenuous activities has also increased the risk of injuries and fractures that can cause permanent disabilities. This has in turn generated tremendous demand within the global market for prosthetics and orthotics, while giving lucrative opportunities to market stakeholders and vendors. The number of annual road accidents has also been on a rise over the past decade, and this has also led to a boisterous rate of growth for the global prosthetics and orthotics market.
On the negative end, the low income status of a large population, especially in the emerging economies, has taken a large chunk of consumer base away from the market. Furthermore, the demand within the global prosthetics and orthotics market is also restrained by the rising cases of duplication in this industry.
Global Prosthetics and Orthotics Market: Regional Analysis
The demand within the market for prosthetics and orthotics in North America has been escalating at an unprecedented rate, majorly due to the presence of established providers of prosthetics in the US. Furthermore, the skill and proficiency of medical experts and doctors in the region has prompted people from other regions to go there for prosthetic treatments. It is anticipated that the market for prosthetics and orthotics in Europe and Asia Pacific will also gather momentum over the coming years.
Global Prosthetics and Orthotics Market: Competitive Landscape
Some of the key players in the global market for prosthetics and orthotics are Zimmer Biomet Holdings Inc., Ossur, and Blatchford Inc.
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