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.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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