Pune, India, Aug. 03, 2021 (GLOBE NEWSWIRE) -- The orthosis and prosthetics market is expected to reach USD 6,250.2 million in 2021 and is projected to grow at a CAGR of 4.8% during the forecast period. Prosthesis is an artificial limb or part of the body used to replace a missing, amputated, or underdeveloped body part. Orthosis is a device used to accommodate, correct, or enhance the use of a body part.
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Rising prevalence of osteosarcoma and increasing number of diabetes-related amputations has led to high demand for orthosis and prosthetics treatment in healthcare. Rising adoption of orthopedic technology in healthcare due to increasing cases of sports injuries, accidents, disabilities, and health conditions that result in movement restriction is driving the orthosis and prosthetics market growth.
Prosthetic and orthotic devices provide patients mobility and stability. Studies have shown that prosthetic and orthotic rehabilitation improves the quality of life, health and offers functional, societal, and psychological support to the patients. For instance, the World Health Organization (WHO 2015-2017 work plan) estimated, about 1.5% of the world population may require prosthetic and orthotic interventions for their well-being. Also, only 5-15% (each 10th individual) of the population is in need has access to prosthetic and orthotic devices.
According to the UN Development Program, 80% of people with disabilities live in developing countries. However, the government and international welfare agencies are working towards the inclusion of differently-abled in society by implementing disability acts, promoting awareness with support initiatives and increasing healthcare funding for orthosis and prosthetics. There is an increasing demand for prosthetics and orthotics treatment as it serves many functions for the elderly and disabled. This is expected to contribute to market growth during the forecast period.
Some Significant Market Developments Considered in the Report:
- November 2020 - Open Bionics introduced the developed version of its existing product, Hero Arm. The metal gear solid prosthetic/bionic version was made with the aim of providing prosthetics at affordable prices.
- February 2020 - In2Bones Global Inc. introduced the Avenger Radial Head Prosthesis System in the United States market. This product is used for primary and revision joint replacement of the radial head.
- May 2018 - Ossur introduced products, such as Ossur Formfit Pro Line of 3D knitted supports at OTWorld, to gain more market penetration.
COVID-19 Impact on the Global Orthosis and Prosthetics Market
The COVID-19 pandemic has placed enormous strain on healthcare services and assistive technology practitioners. There is an increasing need to promote health coverage and support to amputees and disabled patients. In addition, the growing emphasis on quality maintenance, assuring patient support and preventive initiatives regarding COVID-19 pandemic is expected to contribute to the orthosis and prosthetics market growth.
Orthosis and Prosthetics Market, by Product Type
Based on product type, the market is divided into orthosis and prosthetic. Among these segments, orthosis segment holds the largest market share in 2021 and is expected to remain the largest segment during the forecast period.
Increasing incidences of sports injuries, rise in prevalence of osteoarthritis, and increasing adoption of orthopedic technology are expected to drive the segment growth. Increasing use of orthosis to support, align, prevent, or correct deformities or to improve the function of movable parts of the body is expected to fuel the segment growth.
Orthosis and Prosthetics Market, by Age Group
Based on age group, the market is divided into pediatric and adult. Among these segments, the adult segment is expected to be the fastest growing segment during the forecast period.
The segment growth can be attributed to increasing geriatric population who are more prone to orthopedic injuries as compared to children. As a result, there is an increase in number of adults seeking treatment for orthosis and prosthetics. The orthosis and prosthetics devices are used for treating adults as adults have high adaptability to these devices and maturity to handle these supporting devices.
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Orthosis and Prosthetics Market, by Indication
Based on indication, the market is divided into lower limb deformities, upper limb deformities, and spinal. Among these segments, the lower limb deformities segment holds the largest market share in 2021 and is expected to remain largest during the forecast period.
The segment growth can be attributed to injuries and accidents resulting in disability or genetic disability in lower leg. A lower limb orthosis is used to compensate or control decreased or abnormal forces in the hip, knee, ankle, or foot.
Orthosis and Prosthetics Market, by Region
Based on region, the orthosis and prosthetics market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America.
North American orthosis and prosthetics market holds the largest market share. The regional market growth can be attributed to increased focus on healthcare, the presence of key players with a strong distribution network, and well-established healthcare infrastructure. There is an increasing prevalence of limb amputation in the U.S. According to the Amputee Coalition (Limb Loss and Limb Difference Awareness Month of April 2021), more than 2 million Americans live with limb loss or limb difference, while 185,000 amputations are performed annually. Hence, there is high demand for orthosis and prosthetics due to increasing number of amputation cases in the region.
Asia Pacific is expected to be the fastest growing market during the forecast period. The regional market is driven by a rise in the number of road accidents, increasing cases of diabetes-related amputations, and supportive government initiatives and activities to promote healthcare and rehabilitation. The Asian Prosthetic and Orthotics Meeting took place in November 2018 in Thailand for fostering cooperation between Asian countries and discussing the ongoing and emerging issues related to prosthetics and orthotics. Hence, such initiatives and increasing government support is expected to boost regional market growth during the forecast period.
Some Major Findings of the Orthosis and Prosthetics Market Report Include:
- Major global orthosis and prosthetics market developments and forecast analysis along with a region-specific market analysis for 25 countries
- In-depth orthosis and prosthetics market study by the segments with trend-based insights
- Profiles of major market players operating in the global orthosis and prosthetics market, which include Blatchford, Inc., Fillauer LLC, The Ohio Willow Wood Company, Ossur, Steeper Group, Ottobock Healthcare GmbH, Ultraflex Systems, Inc., e-Life International Co., Ltd., Rehan International Co., Ltd., Xiamen Huakang Orthopedic Co., Ltd.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the market
- Impact of COVID-19 on the global orthosis and prosthetics market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Orthosis and Prosthetics Market, by Product Type (Orthosis, Prosthetic), Age Group (Pediatric, Adult), Indication (Lower Limb Deformities, Upper Limb Deformities, Spinal), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) — Market Size and Forecasting (2021 to 2030)” in depth analysis along with the table of contents (ToC).
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