The global prosthetics and orthotics market was valued at USD $6.70 billion in 2022 and it is predicted to surpass around USD $10.31 billion by 2032 with a CAGR of 4.40% from 2023 to 2032.
Report Scope of The Prosthetics And Orthotics Market:
|Market Size In 2022||USD $6.70 Billion|
|Revenue Forecast By 2032||USD $10.31 Billion|
|Growth Rate From 2023 to 2032||4.40%|
|Market Analysis (Terms Used)||Revenue In USD Million/Billion And CAGR From 2023 To 2032|
|Regional Scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Key Companies Profiled||Ossur; Blatchford Inc.; Fillauer LLC; Otto bock Healthcare GmbH; The Ohio Willow Wood Company; and Ultra flex Systems Inc.|
Increasing incidence of sports injuries and road accidents, rising number of diabetes-related amputations, and growing prevalence of osteosarcoma around the world are poised to drive the global market. According to John Hopkins University, every year more than 3.5 million children suffer from sports injuries in the U.S. Sports-induced injury is anticipated to drive the demand, aiding market growth during the forecast period.
During COVID-19, many regulatory agencies and non-governmental organizations responded to the changing scenario. For example, the National Association for the Advancement of Orthotics & Prosthetics (NAAOP) wrote an open letter to all state governors dated March 19, 2020, seeking the continuation of Prosthetic and Orthotic Care services as part of essential health benefits that patients must have access during the pandemic.
An alarming rise in the frequency of road accidents is also a leading factor in driving amputation. According to the World Health Organization, as of June 2021, around 1.3 million people die every year due to road traffic crashes. According to the Association for Safe International Road Travel (ASIRT), around 20-50 million people across the globe were injured or disabled owing to road accidents in 2018. Road traffic accidents account for the 9th leading cause of death, worldwide. ASIRT also reported that in the U.S., more than 38,000 people died in road accidents every year as of 2018. Such factors are fueling market growth.
Technological advancement in orthotics & prosthetics is expected to boost the market growth soon. 3D printed prosthetics by Limb Forge are expected to gain market penetration in developing regions due to their cost-effectiveness and ease of usage. Furthermore, in June 2020, Ossur launched the Balance Foot S and Balance Foot Torsion, Iceross Seal-In X Locking Liner for people suffering from limb loss and limb difference.
Global Prosthetics And Orthotics Market Segmentation: