The global prosthetics and orthotics market size is expected to be worth USD 9.31 billion by 2030 and reveal a CAGR of 4.3%. A rise in sports injuries, road accidents, diabetes-related disorders, and osteosarcoma across the world are primary factors likely to drive the industry’s growth during the forecast period. Besides, in the U.S., 3.5 million youths are affected by sports injuries as per a report by John Hopkins University, which is contributed to the increasing demand and growth of the industry in the forecast period.
The outbreak of the COVID-19 negatively impacted the industry wherein a decline in growth was observed by 3.05% from 2019 to 2020. For instance, there was a decline in the support and bracing sales of Ossur, a global leader in orthopedics by 15% which accounted for USD 257 million in 2020. This decline took place owing to a reduction in sports activities as well as the depletion of elective surgeries. To overcome the negative impact, various non-governmental organizations and regulatory agencies positively responded to the changing situation. For instance, on March 19, 2020, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) initiated the support of state governors for the continued provision of prosthetic and orthotics care services as an important part of the health benefits of patients, thus likely to drive the industry’s growth during the forecast period.
Road accident is one of the leading factors responsible for up-scaling the prosthetics and orthotics industry in the forecast period. For instance, according to the data report by the World Health Organization as of June 2021, a decline in population by 1.3 million has been observed every year on the account of road traffic incidents. Road accidents are considered the 9th leading cause of death across the world due to which the demand for prosthetics and orthotics is projected to expand, thus projected to uplift the industry during the forecast period.
In terms of segment, the orthotics segment dominated the market owing to factors like a rise in the existence of osteoarthritis, sports injury cases, and an increase in the penetration of orthopedic technology. Besides, the primary benefits of orthotics include the provision of assistance to patients to run and walk mechanically and comfortably, reduction of excessive stress on feet, and depletion of risks associated with pain and injuries. All these factors and benefits are expected to cater to the growth of the industry during the forecast period.
In terms of regional growth, North America dominated the market and is further projected to expand in the forecast period. This growth is attributed to the formation of healthcare centers, the rise in research and development (R&D) investment by organizations, and successful reimbursement policies. Additionally, a huge surge in the presence of osteosarcoma sports injury incidents are likely to increase the demand and boost the industry. Besides, the healthcare system in the U.S. is focused on value and quality-based care services which are considered essential factors for prosthetics and orthotics. On the other hand, Asia Pacific is projected to expand during the forecast period owing to the rise in diabetes-related disorders, road crash incidents, and government strategies. Additionally, a report by the Asian Diabetes Prevention Initiative stated that 60% population in Asia, especially in India and China is affected by diabetes, which contributes to the industry’s growth in the coming years.
Key players are constantly on the verge to initiate essential contributions through the implementation of several strategies for the upliftment of the industry during the forecast period. For instance, Otto Bock, a global leader in prosthetics and orthotics, successfully acquired SuitX in November 2021. This resulted in the expansion of the company to strengthen its product portfolio in the field of medical exoskeletons, which is likely to boost the industry’s growth in the upcoming years.
Research Support Specialist, USA
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