Prosthetics and Orthotics Industry Poised for 6% CAGR, Surpassing US$ 12 Billion in 2033 | According to FMI

 Prosthetics and Orthotics Industry
Prosthetics and Orthotics Industry

In 2022, Global Sales in the Prosthetics and Orthotics Industry by Future Market Insights Surpass US$ 6.5 Billion, Envisioning a Projection Beyond US$ 12 Billion by 2033. The Orthotics Segment Gears Up for Robust Growth with a 6% CAGR Expected from 2023 to 2033. Furthermore, the Orthotics Market Anticipates a 5.9% CAGR Throughout the Entire Projection Period. Notably, Orthotics, with its array of benefits, secured a substantial revenue share in the global market in 2020, attributed to rising instances of arthritis in the elderly, sports-related injuries, and advancements in orthopedic technology.

Upper limb orthotics, offering benefits such as reduced pain and quicker mobility recovery, dominated the market. However, from 2021 to 2028, spinal orthotics is poised to exhibit the swiftest growth, owing to factors like an escalating incidence of spine injuries, an expanding target demographic, and increasingly sedentary lifestyles.

Request a Sample Copy of the Report Now
https://www.futuremarketinsights.com/reports/sample/rep-gb-16484

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.

Click Here to Request Methodology!
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-16484

Competitive Landscape

  • Ossur
  • Blatchford, Inc.
  • Fillauer LLC
  • Otto bock Healthcare GmbH
  • The Ohio Willow Wood Company
  • Ultraflex Systems
  • Steeper Group

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.

Get Your Customized Impactful Report Now!
https://www.futuremarketinsights.com/customization-available/rep-gb-16484

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

Author

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.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:      

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like these