The global prosthetics and orthotics market is estimated to be valued at US$ 7,186.3 Mn in 2024 and is expected to exhibit a CAGR of 3.8% over the forecast period 2024 to 2031, according to a new report.
This report provides an overview of key growth drivers and trends in the prosthetics and orthotics market. It covers major players in the industry and analyzes important market trends and dynamics that will impact growth.
Market Overview
Prosthetics are devices that replace missing body parts, such as arms or legs. Orthotics are devices used to support weak or ineffective joints or limbs, such as braces or supports. Together, they help enhance mobility and independence for millions worldwide.
The global prosthetics and orthotics market is estimated to be valued at US$ 7,186.3 Mn in 2024. Growth is expected to be driven by rising incidence of amputations and orthopedic diseases, increased accessibility of advanced products, and greater demand for customized and lightweight devices.
Competitive Landscape
Major players in the global prosthetics and orthotics market include Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC. These companies offer a wide variety of products to address different needs as well as high-quality custom designed solutions. Partnerships with clinics and hospitals have helped drive continued innovation.
Market Trends
A key trend in the market is the growing demand for myoelectric and electronically-powered prosthetics and orthoses. Technological advancements are enabling more lifelike and functional devices controlled by muscle signals or brain-computer interfaces. Another major trend is the increasing focus on aesthetics, with cosmetic covers and 3D-printed parts allowing for more natural appearances.
Market Dynamics
Major drivers fueling growth in the prosthetics and orthotics market include the rising geriatric population susceptible to mobility issues as well as increasing incidence of diabetes and vascular diseases globally. Additionally, improved reimbursement policies in several countries are supporting greater access to life-enhancing devices. Notable opportunities include the ongoing development of personalized 3D-printed solutions as well as myoelectric and bionic technologies. Stringent regulations remain a challenge however.
Future Outlook
The prosthetics and orthotics market is expected to witness significant growth over the forecast period of 2024 to 2031, driven by rising geriatric population, increasing incidence of diabetes and related amputations, and technological advancements. With continued focus on product innovation, the market is poised to transform. It is anticipated that sensor-based smart prosthetics integrated with artificial intelligence would be an emerging trend. Market players are exploring the potential of myoelectric prosthetic limbs that can be controlled using muscle signals. 3D printing applications are also gaining prominence for personalized prosthetics. Carbon-fiber based lightweight prosthetic technologies are coming up that enable better mobility. Adoption of virtual and augmented reality during rehabilitation and training is likely to drive further innovation.
SWOT Analysis
Strength: The market has strong presence of prominent multinational players with widespread geographic reach and robust distribution networks.
Weakness: High costs associated with technologically advanced prosthetics limit accessibility especially in developing regions.
Opportunity: Rapid technological progressions such as use of biomaterials, robotics, and artificial intelligence present significant opportunities for product differentiation and value creation.
Threats: Stringent regulatory approvals delay market entry of novel solutions and threat of substitute technologies emerges.
Market drivers
Growing geriatric population prone to limb loss driven diseases is a key factor fueling demand. As per estimates, over 60% of amputations are performed on the elderly. Secondly, rising prevalence of diabetes which is a major cause of non-traumatic limb amputation cases worldwide is propelling the market growth. Additionally, increased healthcare spending and focus on quality of life after limb loss is positively impacting the market.
Opportunities
Adoption of 3D printing and additive layer manufacturing presents significant opportunities. 3D printed prosthetics have advantages of precision, lighter weight and comfort. Further, there is significant opportunity associated with convergence of robotics and artificial intelligence. Integrating biosensors and neuromuscular interfaces for anthropic prosthetic control enables superior functionality. Advancements in materials science such as use of carbon fiber, thermoplastic and biomaterials helps to address unmet needs and further drive adoption.
Key Takeaways
Growing demand: Rising incidence of amputations, rapid aging population and improving access to advanced technologies is fueling overall demand for prosthetics and orthotics worldwide.
Global expansion: Key market players are expanding their geographical footprints especially in emerging nations of Asia Pacific and Latin America which serves a massive customer base.
Technological advancements: Technologies pertaining to 3D printing, biomaterial sciences, robotics, myoelectrics and artificial intelligence are revolutionizing prosthetics design and function. Priority is being given todevelop more authenticand intuitive prosthetic solutions.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
