As per the published report, the global prosthetics & orthotics market size is estimated to arrive at USD 8.6 billion by 2028. It is projected to develop by 4.2% CAGR in the period of forecast.
Rising cases of the sports injuries and osteosarcoma, along with an increasing elderly people are the input factors, moving the expansion of the global market for the prosthetics and orthotics. The globally growing aged inhabitants have developed into one of the major reason, impelling the demand for the prosthetics & orthotics. Such as, according to the United Nations, the global figure of the citizens, having age 60 years or more, is estimated to escalate from 962 million to 2.1 billion, since 2017 to 2050. The persons of this age group are additionally vulnerable to the circumstances, like osteopenia and osteoporosis. This results in increasing the requirement for a variety of orthopedic solutions.
The rising occurrences of osteosarcoma in youthful adults and kids are, moreover compelling the prosthetics and orthotics market to a large scope. Usually, the patients recuperating from this surgical procedure necessitate orthopedic devices as well as the prosthetics like a portion of post-surgery healing. This is estimated to impel the market during the near future. According to a 2018 revision, approximately 800 to 900 fresh patients of osteosarcoma were yearly registered in the U.S.
As indicated by the American Orthotic & Prosthetic Association, in any case 11 states in the U.S. and numerous neighboring metropolises had given out the instructions, limiting the function of the “non-essential” industries in anticipation of further notification, throughout the Covid-19 pandemic.
On the other hand, healthcare amenities were measured like “necessary” services and exempted from the regulations. This is likely to maintain the expansion of the market.
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Further key findings from the report suggest:
• The majority of the companies have adopted a variety of policies, like the presentation of innovative products, mergers & acquisitions as well as the partnerships, to boost their share in the market
• Asia Pacific is estimated to display the highest development percentage, in terms of revenue, during the forecast period
• The orthotics section is estimated to rise by 3.3% CAGR, throughout the forecast period, in terms of the revenue
• Encouraging plans by the government as well as the rise in stages of the disposable income are the input factors, increasing the enlargement of the Asia Pacific market
• The globally escalating cases of diabetes associated amputations are performing like the propelling feature for the orthotics type sector
Million Insights segmented the global prosthetics & orthotics market based on Type and Region.
Prosthetics & Orthotics Type Outlook (Revenue, USD Million, 2016 - 2028)
• Upper Extremity
• Lower Extremity
• Modular Components
• Upper Limb
• Lower Limb
Prosthetics & Orthotics Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• The Netherlands
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
Various companies for prosthetics & orthotics market are:
• Otto bock Healthcare GmbH
• Fillauer LLC
• Ultra flex Systems, Inc.
• Steeper Group
• The Ohio Willow Wood Company
• Blatchford, Inc.