The prosthetics and orthotics market involves manufacturing and fitting of artificial limbs and braces. Prosthetics are artificial devices that replace missing body parts, such as arms and legs. Orthotics are devices used to support weak or ineffective joints or limbs, such as knees, ankles, back, neck, and arms. Technological innovations in materials and devices have provided novel options for amputees and those with mobility difficulties. 3D printing technology has enabled customized and low-cost prosthetic solutions.
The global prosthetics and orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the prosthetics and orthotics market size is the rising adoption of 3D printed prosthetics. 3D printing, also known as additive manufacturing, allows for complex internal geometries to be constructed in prosthetics. As highlighted in the market heading, 3D printing technology enables customized prosthetics according to an individual’s anatomy, which conventional prosthetics fail to provide. 3D scanning of the residual limb coupled with 3D printing facilitates a good fit without discomfort. Better fit translates to more usability of the prosthetic device. With technological advancements, 3D printed prosthetics are becoming economical as well. All these factors are contributing to the higher acceptance of 3D printed prosthetics globally.
Another factor propelling the prosthetics and orthotics market growth includes the increasing incidence of amputations owing to the rising prevalence of diabetes and vascular diseases. According to the International Diabetes Federation, almost 463 million adults aged 20-79 years were living with diabetes in 2019 and the number is projected to rise to 700 million by 2045. Diabetes is a leading cause of non-traumatic amputations. Vascular diseases like peripheral artery disease can also potentially lead to limb amputations if left untreated. With the growing diabetic and geriatric population worldwide, demand for prosthetic devices is surging consequently.
Segment Analysis
The prosthetics and orthotics market can be segmented into products and technology. By product, it is segmented into upper extremity and lower extremity. The lower extremity segment dominates currently due to the rising number of amputations caused by diabetes, vascular diseases, and osteoarthritis. By technology, it is segmented into conventional, electric-powered, and hybrid orthotics. The conventional orthotics segment dominates currently as they are cost-effective and easy to use by both patients and healthcare professionals.
PEST Analysis
Political: Governments across the world are increasing funding for research initiatives to develop advanced prosthetics and orthotics. regulations regarding the quality and safety of these devices are also being strengthened.
Economic: Rising healthcare expenditure and improving reimbursement policies are driving the market growth. The high cost of advanced prosthetics remains a challenge.
Social: Growing incidence of amputations due to chronic diseases, accidents, and injuries is a major factor. Increased awareness is encouraging users to adapt prosthetic and orthotic devices.
Technological: 3D printing, myoelectric components, robotic technologies are enhancing functional capabilities. Smart prosthetics with sensors and IoT integration are areas of active research.
Key Takeaways
The global prosthetics and orthotics market is expected to witness high growth due to the aging population, rising incidence of amputations, and growing demand for affordable solutions.
Regional analysis: North America dominates currently driven by availability of reimbursement and presence of major players. Asia-Pacific is expected to grow at the fastest pace led by China and India on account of large patient pool and improving access to care.
Key players: The key players operating in the prosthetics and orthotics market are Applied Materials, Inc., ASML Holding, and Ottobock. Apart from product development, these companies are expanding into emerging markets through collaborations.