NEWARK, Del, Jan. 04, 2024 (GLOBE NEWSWIRE) -- According to a comprehensive report by Future Market Insights (FMI), the prosthetics and orthotics market is set to soar with a projected Compound Annual Growth Rate (CAGR) of 6% from 2023 to 2033. Starting at a market value of US$ 6.8 billion in 2023, the industry is anticipated to reach a staggering US$ 12.2 billion by 2033.
The market for Orthotics is expected to swell at a CAGR of 5.9% throughout the projection period. The orthotics type, the category had a significant revenue share of the global market in 2020. This might be due to an increase in the frequency of arthritis in the older population’s sports injuries, and orthopedic technology penetration.
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Due to a range of benefits, including less pain and faster mobility recovery, upper limb orthotics accounted for the majority of the market. From 2021 to 2028, spinal orthotics is expected to grow at the fastest pace due to factors such as an increased incidence of spine injuries, a growing target population, and unhealthy lifestyles.
The rising senior demographic has become one of the main factors for the swelled demand for prosthetics and orthotics globally. According to the United Nations, the number of people aged 60 and over will more than double, from 962 million in 2017 to 2.1 billion in 2050. Elderly people are more vulnerable to such health conditions as osteoporosis and osteopenia, making them regular clients of orthopedic medications.
The increasing prevalence of osteosarcoma in young people and children is further upscaling the demand. The most common bone tumor in children is osteosarcoma. Osteosarcoma is typically treated with chemotherapy, surgery, and radiation. Post-operative treatment for patients recuperating from this procedure usually includes orthopaedic devices and prostheses.
In 2022, North America held a significant share of the global Prosthetics & Orthotics market. Government support for the Prosthetics and Orthotics sector's development, a high level of awareness about cardiovascular and neurological disorders for an aging population, and increased awareness to spend on sports injuries are expected to propel the demand forward. Besides, easy access to high-quality medical facilities and attractive reimbursement policies are some of the key drivers of regional market growth.
Prosthetics and Orthotics Market Outlook (2023 to 2033):
| Attribute | Details | |
| Global Prosthetics and Orthotics Market (2023) | US$ 6.8 Billion | |
| Global Prosthetics and Orthotics Market (2033) | US$ 12.2 Billion | |
| Global Prosthetics and Orthotics Market CAGR (2023 to 2033) | 6% | |
| USA Prosthetics and Orthotics Market CAGR (2023 to 2033) | 5.6% | |
| Key Companies Profiled |
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Recent Developments:
Some of the recent developments of key Prosthetics and Orthotics providers are as follows:
- In October 2022, Endolite announced that Linx, its fully integrated, microprocessor-controlled lower limb system has been awarded a German Design Award in the ‘Universal Design’ category.
Market Segments Covered in Prosthetics & Orthotics Market Analysis:
By Type:
- Prosthetics
- Upper Extremity
- Lower Extremity
- Liners
- Sockets
- Modular Components
- Orthotics
- Upper Limb
- Lower Limb
- Spinal
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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