Global Prosthetics & Orthotics Market Size, Sector / Industry Report & Analysis, 2018-2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Prosthetics & Orthotics Market


The global prosthetics and orthotics market size was estimated at USD 8.15 billion in 2017. Factors such as increasing incidence of sports injuries and road accidents, rising number of diabetes-related amputations, and growing prevalence of osteosarcoma around the world are poised to drive the global market.
Growing opportunities in sports are leading to increase in the number of people choosing it as a career. For instance, according to the National Health Statistics Reports, 2016, around 213 million Americans aged 6 years and above participated in some sports and fitness activities. As more and more people engage in sport and recreational activities, the risk of injuries resulting from these activities is increasing. For instance, according to Stanford Children’s Health, more than 3.5 million injuries are reported every year among children.
 
Alarming rise in the frequency of road accidents is also a leading factor driving the market. According to the Association for Safe International Road Travel (ASIRT), around 20-50 million people are injured or disabled owing to road accidents. Road traffic accidents account for the 9th leading cause of deaths worldwide. ASIRT also reported that in the U.S., over 37,000 people die in road accidents every year and an additional 2.35 million are injured or disabled.
As per the Ministry of Road Transport and Highways, Government of India, in 2016, around 4,94,624 people were injured in road accidents. In addition, the number of fatal road crashes has increased by 25.6% from 2007 to 2017. In 2016, states that recorded the highest number of road accidents were Tamil Nadu (82,163), Karnataka (54,556), Maharashtra (35,884), and Uttar Pradesh (25,096). In severe cases, road accidents can lead to amputation of limbs, which in turn, increases demand for prosthetics and orthotics.

Market Segmentation, Outlook & Viewpoint: Global Prosthetics & Orthotics Market


Type Market Segmentation & Outlook (Volume, Units Sold; Revenue, USD Million, 2014 - 2025)

Orthotics

Upper limb

Lower limb

Spinal


Prosthetics

Upper extremity

Lower extremity

Liners

Sockets

Modular components



Key Players, Recent Developments & Regional Insights: Global Prosthetics & Orthotics Market


On the basis of type, the market is segmented into orthotics and prosthetics. Orthotics is further segmented into lower limb, upper limb, and spinal orthotics. Prosthetics, on the other hand, comprises upper extremity and lower extremity prosthetics, liners, sockets, and modular components.
Orthotics held the dominant share in the prosthetics and orthotics market in terms of revenue in 2017. This may be attributed to increasing prevalence of osteoarthritis, rising incidences of sport injuries, and growing penetration of orthopedic technology. Upper limb orthotics accounted for the largest share owing to various benefits offered, such as reduced pain and rapid recovery in terms of movement. Spinal orthotics is expected to exhibit the fastest growth rate owing to factors such as increasing number of spinal injuries, rising geriatric population, and unhealthy lifestyle.
 
Upper extremity prosthetics dominated the market as these devices enable rapid and painless recovery. They also help in regaining normal functioning of the affected area within a very short period. Major companies manufacturing this product are Ossur; Zimmer Biomet Holdings Inc.; and Blatchford Inc.

Regional Insights
In terms of region, North America was the leading market in 2017 and is anticipated to witness the same trend over the foreseeable future. This growth can be attributed to well-established healthcare infrastructure, increasing R&D investments by companies, and favorable reimbursement policies.
The Asia Pacific market is driven by increasing number of diabetes related amputations, rise in number of road accidents, and supportive government initiatives. The Asian Prosthetic and Orthotics Meeting is scheduled for November 2018 in Thailand, which will discussing ongoing and emerging issues related to prosthetics and orthotics. Events such as these are sure to give the APAC market a significant boost.
Prosthetics and Orthotics Market Share Insights
Some of the key players in the industry are Ossur; Zimmer Biomet Holdings Inc.; Blatchford Inc.; Fillauer LLC; Ottobock Healthcare GmbH; The Ohio Willow Wood Company; and Ultraflex Systems Inc. Various strategies such as mergers, acquisitions, collaborations, and launch of new products are being adopted by these players to maintain their market share. For instance, in May 2018, Ossur introduced various new products in the market such as Ossur Formfit Pro Line of 3D knitted supports at OTWorld, one of the leading prosthetics and orthotics conference and tradeshow.

Key Insights Covered: Global Prosthetics & Orthotics Market
1.  North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Prosthetics & Orthotics industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Prosthetics & Orthotics industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Prosthetics & Orthotics industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Prosthetics & Orthotics industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Prosthetics & Orthotics industry.

Research Methodology: Global Prosthetics & Orthotics Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
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