Prosthetics & Orthotics Market by Type (Orthotics, Prosthetics), Technology (Conventional, Electric Powered, Hybrid Prosthetics), Application - Global Forecast 2024-2030

Prosthetics & Orthotics Market by Type (Orthotics, Prosthetics), Technology (Conventional, Electric Powered, Hybrid Prosthetics), Application - Global Forecast 2024-2030

The Prosthetics & Orthotics Market size was estimated at USD 7.10 billion in 2023 and expected to reach USD 7.47 billion in 2024, at a CAGR 5.38% to reach USD 10.24 billion by 2030 .

The prosthetics and orthotics market encompasses the design, manufacturing, and distribution of artificial limbs (prosthetic devices) and supportive or corrective medical braces (orthotic devices) designed to support, align, prevent, or correct deformities or to enhance the operation of movable parts of the body. Prosthetics are custom-made to fit the individual's unique needs, while orthotics can be customized or off-the-shelf. Increasing incidences of sports-related injuries and road accidents, along with a growing geriatric population and rising prevalence of osteosarcoma, drive market growth. Increasing adoption of braces, splints, and non-invasive treatments also fuels the market growth. High cost and lack of accessibility for orthotics & and prosthetics, complex designs, and discomfort related to prosthetics & orthotics pose a challenge to market growth. Rising product developments using advanced prosthetic manufacturing techniques make them more accessible and affordable. Moreover, developing ecosystems for start-ups manufacturing robotic prosthetic arms and exoskeletons also poses potential opportunities for the market growth.

Regional Insights

The prosthetics and orthotics market in North America is highly developed, with significant demand for advanced prosthetics and orthotic devices, driven by the growing elderly population, increasing prevalence of diabetes and obesity, and many amputations due to vascular diseases. The United States is among the major market share due to its robust healthcare infrastructure, R&D investments, and the presence of major industry players. In South America, the market for prosthetics and orthotics is expanding, and improving economic conditions and government efforts to enhance healthcare infrastructure are creating growth opportunities. In the Asia-Pacific (APAC) region, the prosthetics and orthotics market is rapidly growing due to its vast population, increasing healthcare expenditures, and growing awareness of available prosthetic and orthotic services. Countries such as China, Japan, India, and Australia are home to many local manufacturers producing low-cost devices, making it a competitive and diverse market. Europe is more advanced in terms of technology adoption in prosthetics and orthotics. The growing aging population and the subsequent rise in musculoskeletal disorders propel the European market. In the Middle East and Africa, there is increasing the potential for market growth due to economic development and a growing awareness of mobility aids. The region's focus on improving healthcare services and investments in training healthcare professionals in prosthetics and orthotics are important trends.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Prosthetics & Orthotics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing Incidences of Sports Injuries and Road Accidents

Growing Geriatric Population and Rising Prevalence of Osteosarcoma

Increasing Adoption of Braces and Splints and Non-Invasive Treatments

Market Restraints

High Cost and Lack of Accessibility for Orthotics & Prosthetics

Market Opportunities

Rising Product Developments Using Advanced Manufacturing Techniques in Prosthetics

Developing Ecosystem for Start-ups Manufacturing Robotic Prosthetic Arms and Exoskeletons

Market Challenges

Complex Designs and Discomfort Related to Prosthetics & Orthotics

Market Segmentation Analysis

Type: Rising popularity for prosthetics to improve quality of life by providing movement and independence

Application: Rising usage of prosthetics and orthotics in the hospitals to cater to a larger patient base with a wider variety of health concerns

Market Disruption Analysis

Porter’s Five Forces Analysis

Value Chain & Critical Path Analysis

Pricing Analysis

Technology Analysis

Patent Analysis

Trade Analysis

Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Prosthetics & Orthotics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Prosthetics & Orthotics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

OrthoPediatrics acquires Boston Orthotics & Prosthetics

OrthoPediatrics Corp. acquired Boston Orthotics & Prosthetics to integrate an extensive range of specialized products, including innovative bracing, orthotic, and prosthetic technologies tailored for pediatric care. The transaction, completed with an initial cash disbursement of USD 22 million, signifies a landmark expansion of OrthoPediatrics' mission to fully support the complete spectrum of care for young patients with orthopedic conditions.

VIT-AP University inks pact to establish prosthetics and orthotics center

The VIT-AP Technology Business Incubation Foundation (VTBIF) and Buimerc India Foundation (BIF) have forged a valuable partnership through a Memorandum of Understanding aimed at establishing an innovative Centre for Prosthetics and Orthotics for Humans and Animals (POHA) at VIT-AP University. With a generous commitment of INR 52 lakh from BIF, the newly-formed POHA Research Centre embark on a transformative project entitled "Design, Development & Fabrication of SSW Criteria-Based Trans-Tibial/Trans-Femoral Regenerative Effort Assistive Prosthesis for Youth/Elderly.

Spentys and Arize by HP partner to expand digital solutions to Orthotics and Prosthetics market in the US

Spentys teamed up with Arize by HP to empower healthcare providers in the United States with a cutting-edge, digital platform for creating patient-specific orthoses using 3D technologies. This collaboration brings Spentys's robust scanning, modeling, and 3D printing platform to a wider audience through Arize's expansive US sales network, promising a transformative impact on custom O&P device production.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Prosthetics & Orthotics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Prosthetics & Orthotics Market, highlighting leading vendors and their innovative profiles. These include B.Braun SE, Bauerfeind AG, Beast Prosthetics, Blatchford Limited, Boston Scientific Corporation, COAPT LLC, COVVI Ltd, Globus Medical Inc., Hanger, Inc., Howard Orthopedics, Inc., Human Technology, Inc., Johnson & Johnson Services, Inc., Merck & Co, Inc., Olympus Corporation, Ortho Europe, OrthoPediatrics Corp., Ossur HF, Ottobock SE & Co. KGaA, Shadow Robot Company, Shapeways Holdings, Inc., Smith & Nephew PLC, Steeper Inc., Stryker Corporation, Synergy Prosthetics, Inc., Ultraflex Systems, Inc., WillowWood Global LLC, and Zimmer Biomet Holdings, Inc..

Market Segmentation & Coverage

This research report categorizes the Prosthetics & Orthotics Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
• Orthotics
• Lower Limb
• Spinal
• Upper Limb
• Prosthetics
• Liners
• Lower Extremity
• Modular Components
• Sockets
• Upper Extremity
• Technology
• Conventional
• Electric Powered
• Hybrid Prosthetics
• Application
• Clinics
• Hospitals
• Rehabilitation Centers
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year