Newly-released Prosthetics and Orthotics Market analysis report by Future Market Insights shows that global Prosthetics & Orthotics Market sales in 2022 were held at USD 6.5 Billion. With a CAGR of 6% from 2023 to 2033, the market is projected to cross USD 12.2 Billion by 2033. The market through Orthotics is expected to generate significant revenue and is projected to grow at a CAGR of around 6% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Prosthetics and Orthotics Market (2023) | USD 6.8 Billion |
| Global Prosthetics and Orthotics Market (2033) | USD 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 | Ossur; Blatchford, Inc.; Fillauer LLC; Otto bock Healthcare GmbH; The Ohio Willow Wood Company; Ultraflex Systems; Steeper Group |
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As per the Prosthetics & Orthotics Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of the Prosthetics & Orthotics Market increased at around 5.3% CAGR.
The Prosthetics & Orthotics industry is affected by the increased frequency of chronic diseases such as cardiovascular disease and neurological disorders which damage patients’ spinal and neural systems. The orthopedic prosthetics market growth is projected to be boosted by technical advancements in orthopedic prosthetics design and manufacturing throughout the forecast period. Furthermore, the rise in the number of trauma cases is expected to drive the orthopedic prosthetics industry forward.
The influence of phantom limb pain and residual limb pain on prosthetic usage increased in people who have had their upper and lower limbs amputated. Younger age, full-or part-time job, marriage, a distal amputation, amputation due to traumatic etiology, and the lack of PLP are all linked to increased usage for those with LLA. Less usage is linked to the prosthesis usage exacerbated RLP, whereas more use is linked to claims that prosthesis use does not affect PLP.
Amputations are done on an estimated 158,000 people in the USA each year, with the absolute amount of amputations growing. For upper-limb amputation, reported rates of prosthesis use range from 27% to 56%, while lower-limb amputation rates range from 49% to 95%. The industry is expanding due to the rising desire for custom-made foot orthotics.
They are manufactured to order based on the user's foot anatomy. In terms of pain management and comfort, custom orthotics are superior to large-scale orthotics. Device users are progressively turning toward 3D printers for the production of customized orthotics.
These are slimmer than traditional ones, with improved gait effectiveness and proprioception, propelling the industry forward. Eco-friendly materials such as bamboo and used tires are increasingly being used to make orthotic insoles, offering up new business opportunities.
One of the most key recent developments in the field of prosthetic technology is the advent of neuromuscular signal processing. This exciting group of biomedical innovations will allow prostheses to function more like natural limbs.
Patients feel a little used when it happens to them that they intend to train a prosthesis to take a specific action. Neural Network Technology (NNT), on the other hand, allows a prosthesis to incorporate to access particular motions instantly.
Besides, 3D printing has improved the capability to create prosthetics, as physicians are currently focused on innovating structures made of composite materials that are rigid enough to be utilized for sports. While traditional orthotic solutions were a bit more generic, their customized services continue to evolve the marketplace and provide patients with greater comfort.
The frequency of limb amputation and the availability of prostheses are fairly documented. However, statistics from the USA show that 41,000 persons live there with substantial upper-limb absences. In addition, 5-6,000 major limb amputations are performed in England each year with around a fifth of these involving the upper limb.
Different strategies are being used in the global artificial limb industry. One of them is the incorporation of sophisticated technology into product manufacturing. Several suppliers in the market use urethanes, silicone, and mineral-based liners. This has aided in the improvement of their product flexibility and comfort. Furthermore, prosthetic limbs are made from materials that are lighter in weight than those made from traditional materials like plastic components and wood. These characteristics have contributed to the devices' flexibility, which has fueled the global artificial limbs industry.
The notion of a brain-computer interface integrated neuroprosthesis or mind control prosthesis capable of recognizing real-time data and a gadget to obtain virtually normal function is in high demand.
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.
In 2018, North America led the myoelectric prosthetics market, owing to a convergence of trends such as greater acceptance of new technologies, an increase in the number and instances of Critical Limb Ischemia, and higher investment in the area.
The USA is expected to account for a significant market of USD 3.7 Billion by the end of 2033. The proficiency and skill of the region's medical specialists and doctors have motivated people from other locations to travel there for prosthetic and orthotics treatments. According to the National Limb Loss Information Center, approximately 1.7 million people in the USA have lost a limb for whatever reason.
According to some estimates, one out of every 200 people in the USA has had a limb amputated. The most common causes of amputations are stated to be trauma, vascular problems, and malignancy. These figures reveal the potential for growth in the global market in the forthcoming years.
The market in the UK is expected to reach a valuation of USD 522 Million by 2033, growing at a CAGR of over 5% from 2023 to 2033. During the forecast period, the market is projected to witness an absolute dollar opportunity of USD 218 Million.
In Japan, the market is projected to gross an absolute dollar opportunity of USD 320 Million from 2023 to 2033, growing at a CAGR of 8.3%. By 2033, the market is projected to reach USD 583 Million.
Orthotics is forecasted to grow at the highest CAGR of over 5.9% from 2023 to 2033. Over the projection period, the orthotics segment is expected to develop significantly in terms of revenue. Diabetes-related amputations are becoming more common globally, which is fuelling the market growth. Orthotics can be used in conjunction with physiotherapy procedures such as muscular training and stretching, gait and balance retraining, and reach and grip tactics to help patients achieve their goals.
Polypropylene orthotics, which are more flexible than latex orthotics, are the most durable waterproof orthotics. Orthotics also offer extra support and padding in critical parts of the foot, such as the heel and ball. Because orthotics are manufactured to order, the maker takes into account the individual's footwear requirements. Orthotics and other therapies should, in theory, assist a patient to avoid more intrusive procedures like surgery.
The key providers of prosthetics and orthotics include Ossur, Blatchford, Inc., Fillauer LLC, Otto bock Healthcare GmbH, The Ohio Willow Wood Company, Ultraflex Systems, and Steeper Group.
Some of the recent developments of key Prosthetics and Orthotics providers are as follows:
Similarly, recent developments related to companies in Prosthetics & Orthotics services have been tracked by the team at Future Market Insights, which are available in the full report.
The Prosthetics and Orthotics market CAGR for 2033 is 6%.
The market is valued at USD 6.8 billion in 2023.
The projected market value of the market for 2033 is USD 12.2 billion.
Key players are developing the market by expanding their reach.
Ossur, Ottobock, and Zimmer Biomet are key market players.
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Prosthetics and Orthotics Market
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