The global prosthetics and orthotics market size was USD 6.39 billion in 2021, which is projected to expand at a CAGR of 4.3% and reach USD 9.31 billion by 2030. Primary reasons likely to drive this growth include the increase in sports injuries as well as road accident cases, and the expansion in the cases of osteosarcoma across the world. According to the data report of John Hopkins University, 3.5 million youths in the U.S. is subjected to sports injuries, which is likely to increase the demand and propel the market growth during the forecast period.
The onset of the COVID-19 pandemic severely disrupted the market wherein a 3.05% decline was observed between 2019 and 2020. Factors like depletion in sports activities as well as elective surgeries are the main reasons for the decline which negatively impacted the growth of the market. But, with the positive response from both regulatory agencies and non-governmental organizations, the market successfully combated the negative impact. The provision of prosthetics and orthotics care services were initiated by the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) on March 19, 2020, with support from state governors.
The prevalence of road accidents is one of the leading factors that tend to up-scale the market in the forecast period. In June 2021, the World Health Organization reported that every year 1.3 million people lose their lives owing to the occurrence of road traffic accidents. Therefore, an increase in the number of road accidents is likely to boost the demand for prosthetics and orthotics, which is constituted to propel the market during the forecast period.
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Prosthetics and Orthotics Market Report Highlights
• Based on type insights, the orthotics segment upheld the market with a 70% revenue share owing to a surge in the implementation of orthopedic technology, the prevalence of sports injuries, and osteoarthritis
• Spinal orthotics is projected to expand at a speedy growth rate in the forecast period on the account of augmented population, rise in spinal injuries, and unbalanced lifestyle of youths
• The prosthetics segment is anticipated to grow during the forecast period due to the surge in the global disability rate, and essential contributions by key players to manufacture the product
• Based on regional insights, North America dominated the prosthetics and orthotics market with a 37% market share owing to the formation of reimbursement strategies, healthcare centers, and focus on R&D by organizations
• Asia Pacific is expected to propel at a 5.2% growth rate during the forecast period because of the rise in road accidents, diabetes amputations, and government initiatives
Prosthetics and Orthotics Market Report Segments
Prosthetics and Orthotics Type Outlook (Revenue, USD Million; 2017 - 2030)
• Upper Limb
• Lower Limb
• Upper Extremity Prosthetics
• Lower Extremity Prosthetics
• Modular Components
Prosthetics and Orthotics Regional Outlook (Revenue, USD Million; 2017 - 2030)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
List of Key Players in Prosthetics and Orthotics market
• Blatchford, Inc.
• Fillauer LLC
• Otto bock Healthcare GmbH
• The Ohio Willow Wood Company
• Ultra flex Systems
• Steeper Group