New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- As per a new industry analysis by Persistence Market Research, the global Orthotics Market stood at US$ 3.92 billion in 2021 and is projected to exhibit a high-value CAGR of 7.8% between 2023 and 2032. Sales of orthosis are expected to reach US$ 8.82 billion by the end of 2032.
Demand for orthotics has increased because of high patient comfort and increased participation in sporting events such as the Paralympics. An increasing number of injuries in sports is also boosting the market for orthotics. Overtraining, poor conditioning, and inappropriate form or technique can all result in sports injuries. The danger of sports injuries rises when warming up is neglected. Sports injuries can cause bruising, strains, sprains, tears, shattered bones, and more. Muscles, ligaments, tendons, and fascia are a few examples of soft tissues that could be impacted.
- According to an article published by John Hopkins Medicine Organization in 2022, in the United States, approximately 3.5 million injuries occur due to sports each year.
The medial collateral ligament connects the bigger lower leg bone (tibia) to the smaller upper leg bone (femur). It is located on the inner side of the knee. The MCL usually gets injured when the knee is bent side to side. The larger lower leg bone is joined to the femur via the medial collateral ligament (tibia). The inside of the knee is where it is situated. The MCL is frequently hurt when the knee joint is pushed sideways due to poor movement or when the knee takes a direct blow.
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A torn MCL causes joint instability, discomfort, and swelling. Shin splints are repetitive usage injuries that may be experienced by runners or those who are just beginning out in exercise. The tibia, the larger of the two lower leg bones, is surrounded by tendons and muscles that can become inflamed and produce pain. A flat foot increases the risk of shin splints. Orthotics, bracing, and the appropriate sporting footwear can all help prevent and treat shin splints.
Because of the increasing demand for orthotics across the world, key market players are focusing on product innovation & development and the launch of orthotic products with different themes.
For instance:
- In April 2021, Covestro, a materials manufacturer, and GeBioM GmbH, a Germany-based orthopaedic services provider, extended their partnership in the orthopaedic footwear industry. They now assist orthopaedic shoemakers in the creation of personalized insoles utilizing 3D printing in addition to making lasts and test shoes. The filaments are made of a novel Addigy FPU 79A thermoplastic polyurethane (TPU) from Covestro.
Key Takeaways from Market Study
- In 2021, custom orthotics accounted for 58.6% share of the market.
- Due to the increased prevalence of foot diseases and rising geriatric population, orthotics are widely used by the adult age group, which accounted for a market share of 70.9%.
- The medical segment led the application category accounting for 55.6% market share in 2021.
- Orthotics made from ethyl vinyl acetate (EVA) accounted for a market share of 19.4% in 2021.
- Custom users lead the orthotics market and are expected to continue to do so, increasing at a CAGR of 8.4% through 2032.
- Hospitals & specialty clinics dominated the distribution channel category with a market share of 31.3% in 2021.
- North America accounted for a market share of 40.5% at the end of 2021.
“The orthotics market is expected to exhibit steady growth owing to the rising prevalence of diabetic foot ulcers, problems related to osteoporosis, and an increased number of orthopaedic medical treatments,” according to a researcher of Persistence Market Research.
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Market Competition
- Aetrex Worldwide Inc.
- Bauerfeind AG
- Acor Orthopedic
- Amfit Inc.
- Blatchford Clinical Services
- Dr. Scholl’s (Bayer)
- Salts Techstep
- The Foot Lab
- Arden Orthotics Ltd.
- Bolton Bros
- Cascade Dafo Inc. and others
Product development, partnerships, collaborations, mergers, and acquisitions are being prioritized by key market participants who are manufacturing and bringing new products into their portfolios.
- In November 2021, as a part of its new performance line, Spenco introduced new insoles - The Propel and Propel + Carbon insoles.
- In September 2020, Blatchford launched the new hydraulic ankle, EchelonER. By integrating all of Echelon's distinctive features and award-winning technology with an expanded range of ankle mobility, EchelonER increases the Echelon Range.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the orthotics market in its latest study, presenting a historical demand assessment of 2012 to 2021 and projections for 2023 to 2032.
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The research study is based on the
- product type (prefabricated, custom (rigid/function orthotic insoles, soft/ accommodative insoles),
- user age group (adults, paediatrics),
- application (sports & athletics, medical (diabetes, Plantar fasciitis, arthritis, back & foot pain, others), personal comfort),
- material (thermoplastics, polyethene foams, leather, cork, composite carbon fibers, EVA, gel, others),
- user (prefabricated (adults, paediatrics), custom (adults, paediatrics),
- distribution channel (drug stores, hospitals & specialty clinics, online stores, others),
- across seven key regions of the world.
For additional insights on how the growth of the orthotics market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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