Acumen Research and Consulting, Recently Published Report on “Prosthetics and Orthotics Market Size, Share, Growth, Trends, Sales and Forecast, 2019 - 2026”.
LOS ANGELES, Feb. 24, 2020 (GLOBE NEWSWIRE) -- The global prosthetics and orthotics market is expected to grow at a CAGR of around 4.9% during the forecast period 2019 to 2026 and market to reach value of around US$ 12.5 Bn by 2026.
An increasing incidence of injuries during sports and road accidents, growing prevalence of osteosarcoma around the world due to unhealthy lifestyle & increasing geriatric population, growing awareness about prosthetics & orthotics, and rising number of diabetes-related amputations are expected to propel the market growth.
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Geographically, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the market in 2018. This can be attributed to well-established healthcare infrastructure, favorable reimbursement policies, local presence of major market players, and investment by companies in research and development activities. However, Asia Pacific is anticipated to boost the market during the forecast period. The increasing number of road accidents, supportive government initiatives, and raising awareness about newer products are some of the key factors to propel the market growth in the coming years. Furthermore, rising disposable income of people in emerging countries such as China, India, South Korea, and Indonesia also help to boost the market growth.
Based on the type, the global prosthetics and orthotics market is segmented into orthotics and prosthetics. Orthotics is further sub-segmented into the upper limb, lower limb, and spinal. Whereas, prosthetics is sub-segmented into upper extremity, lower extremity, sockets, liners, and modular components. Orthotics accounted for the largest share of the market in 2018. Rising incidences of sports injuries, increasing prevalence of osteoarthritis, unhealthy lifestyle, entry of various products in the market, and growing penetration of innovative orthopedic technology are the key factors responsible for the growth of the market. For instance, according to the United Nations published data, the number of people aged 60 years or over is anticipated to more than double by 2050, from 962 million in 2017 to 2.1 billion in 2050 across the world.
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The geriatric population is more susceptible to orthopedic conditions such as osteopenia and osteoporosis, making them a larger share of the users of various orthopedic products. The upper limb orthotics segment accounted for the largest share of the orthotics due to benefits offered by the products, such as the reduction in the pain and recovery time in terms of movement. However, the spinal orthotics segment is anticipated to exhibit the fastest growth rate due to the rising geriatric population, an increasing number of spinal injuries, and unhealthy lifestyles such as stress, long working hours, and lesser exercise activities. In the prosthetics segment, upper extremity held the largest share of the market.
Key players operating in the prosthetics and orthotics market are BCP Group, Blatchford Inc.; Boston Orthotics & Prosthetics, Fillauer LLC; Ossur; Ottobock Healthcare GmbH; The Ohio Willow Wood Company; Ultraflex Systems Inc., and Zimmer Biomet Holdings Inc. Mergers, acquisitions, partnerships, and innovative product development are some of the key strategies being adopted by market players in the last few years.
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Some of the key observations regarding the prosthetics and orthotics industry include:
- In October 2019, Precision Valve & Automation (PVA) acquired 3D printing startup, Create Orthotics & Prosthetics, to create innovative prosthetics and orthotics. PVA aims to make prosthetics less expensive, faster, and more comfortable for disabled people.
- In September 2019, PSYONIC, an advanced prosthetic device company, launched its first product, the Ability Hand, at the American Orthotic & Prosthetic Association (AOPA) 2019. The Ability Hand is the first commercially available bionic hand and provides multitouch feedback. Additionally, the product is light in weight coming in small and large sizes. It is waterproof and USB-C rechargeable.
- In July 2019, BCP Group acquired Beacon Prosthetics and Orthotics, an orthotics and prosthetics provider in central and eastern North Carolina. The acquisition helps the BCP group to expand its practice in the North Carolina region.
- In August 2018, a new prosthetics and orthotics unit, MUSC Prosthetic Orthotic Services, opened for business. The unit helps to provide service for people in Lowcountry, Charleston, and South Carolina.
- In March 2018, Curbell Plastics Inc., a supplier of plastic rod, sheet, tube, film, sealants, adhesives, and prototyping materials, acquired orthotic and prosthetics business of Guard Industries Inc. The company’s popular products expand Curbell’s product line, including the exclusive OP-TEK Flex family of materials.
- In March 2018, BCP Group acquired Victory Orthotics & Prosthetics, a Northeast Tennessee based provider of prosthetics and orthotics. Victory has locations in Kingsport, Johnson City, Bristol, and Knoxville, and hence expands BCP Group’s footprint in Tennessee and the Southeast region.
- In December 2017, Arthur Guilford III & Son acquired by Boston Orthotics & Prosthetics. Arthur Guilford III & Son in collaboration with Boston planned to open a new clinic in Westlake, just outside of Cleveland, to support Cleveland Clinic’s pediatric therapy services across the city, as well as University Hospital's rehabilitation services. Additional clinics are also planned.
- In April 2017, D&J Medical acquired Maryland Orthotics & Prosthetics Co., Inc. The acquisition helps to expand D&J Medical’s regional presence while maintaining the highest standard of patient care.
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