Prosthetics & Orthotics Market Analysis and Forecast to 2033: By Orthotics Devices (Orthopedic Braces, Other Orthotic Devices), Prosthetic Devices (Anatomic Components, Liners, Sockets, Modular Components), and Region

Prosthetics & Orthotics Market Analysis and Forecast to 2033: By Orthotics Devices (Orthopedic Braces, Other Orthotic Devices), Prosthetic Devices (Anatomic Components, Liners, Sockets, Modular Components), and Region

The orthotics and prosthetics market size was USD 4.5 billion in 2023 and is anticipated to reach over USD 6.5 billion in 2033, growing at a rate of over 3.6% from 2024 to 2033.

Prostheses, including artificial legs and hands, along with orthoses, such as braces and splints, empower individuals with physical impairments or functional limitations to lead healthy, productive, independent, and dignified lives. They facilitate participation in education, the labor market, and social activities.

Orthotists and prosthetists are responsible for measuring, designing, fitting, and customizing musculoskeletal devices for patients dealing with disabling conditions. These devices include artificial limbs and orthopedic braces

Market Scope and Report Structure

Market Trends and Drivers

Development of Innovative Materials for Enhanced Functionality
The development of innovative materials is a significant market trend in the orthotics and prosthetics industry, driven by several growth factors. One key factor is the constant pursuit of improving the functionality and performance of orthotic and prosthetic devices. Advances in materials science contribute to the creation of lighter, more durable, and technologically enhanced components, addressing the evolving needs of patients and healthcare providers.

The increasing demand for patient-specific solutions propels growth in this area. Innovative materials allow for greater customization and personalization of orthotic and prosthetic devices, ensuring a better fit and improved comfort for individual users. The integration of materials that mimic natural biomechanics and offer enhanced flexibility supports a more natural range of motion, positively impacting patient outcomes.

Market Restraints and Challenges

High cost of prosthetics and orthotics devices Could Impede Market Growth
The higher cost of customized prosthetics and orthotics devices is likely to be a major impediment to the expansion of the worldwide market. Orthotic and prosthetic devices are often expensive because they require advanced technology, high-quality raw materials, and design and manufacturing experience. Apart from the original equipment purchase, the cost includes maintenance, repairs, and replacement parts. The price burden limits access for persons who may benefit from orthotics or prostheses, particularly in low-income areas or nations with limited healthcare resources. It is difficult to develop strategies that reduce the cost of these items without sacrificing quality. As a result, the high cost of these devices is estimated to be remain unless the price of the raw materials come down.

Prosthetics and Orthotics Market Segmental Overview

The report analyses the biological and chemical indicator market based on orthotic devices, prosthetic devices, and region.

Prosthetics and Orthotics Market By Orthotic Devices

The orthotics device market is experiencing robust growth, propelled by factors such as an aging population, a surge in musculoskeletal disorders, and technological advancements. Innovations in materials and manufacturing techniques contribute to the market's expansion, with a heightened focus on enhancing patient comfort and functionality. This sector is witnessing continuous development to address the increasing demand for orthotic solutions worldwide. The orthopedic braces market is thriving, fueled by the escalating prevalence of orthopedic conditions and a growing aging population. Technological advancements in brace design and materials contribute to market expansion, offering enhanced comfort and efficacy. Rising awareness of orthopedic solutions and an increasing emphasis on sports-related injury prevention further propel market growth globally. The market for other orthotic devices is witnessing significant growth, driven by advancements in technology and an increasing awareness of orthopedic solutions. These devices cater to diverse needs, addressing conditions beyond traditional orthopedic braces. Growing demand for personalized and innovative orthotic solutions contributes to the expansion of this dynamic market globally.

Prosthetics and Orthotics Market By Prosthetics Devices

The global prosthetics market was valued at USD 1,544.4 million in 2023, and is projected to reach USD 2,511.2 million by 2033, growing at a CAGR of 4.7% from 2023 to 2033. A prosthetic device is an artificial device designed to replace or augment a missing or impaired body part. It is typically custom-made to fit the individual's anatomy and restore functionality and aesthetics. Prosthetic devices can range from limbs and joints to facial features and organs, and they serve to enhance mobility, independence, and quality of life for individuals with limb loss or physical impairments. Advanced prosthetic technologies continue to evolve, offering users greater comfort, functionality, and natural movement. The prosthetic device market includes prosthetic liners, sockets, lower-extremity components (for the foot, knee, and hip), and upper-extremity components (for the hand, elbow, and shoulder). The global prosthetic device market is witnessing significant growth driven by various factors, including the increasing number of road accidents and the subsequent rise in casualties. According to StatBel statistics published in June 2022, Belgium alone recorded 34,640 road traffic accidents in 2021, resulting in 42,566 casualties, including 3,098 seriously injured individuals. This high burden of accidents increase the potential demand for prosthetics, driving market growth.

Geographical Analysis of Prosthetics and Orthotics Market

Region-wise, the segment is divided into North America, Asia Pacific, Europe, and Rest of the World. The North America region dominated the market in 2023 and it is expected to dominate during the forecast period. The North American orthotics and prosthetics market is propelled by a growing aging population, increasing prevalence of orthopedic disorders, and robust healthcare infrastructure. Technological advancements, coupled with rising awareness and acceptance of orthotic solutions, contribute to market growth. Stringent regulatory standards and favorable reimbursement policies further bolster the market in this region.

In Europe, the orthotics and prosthetics market is thriving due to factors such as an aging population, rising incidence of musculoskeletal disorders, and continuous advancements in medical technology. The presence of well-established healthcare systems and proactive initiatives to enhance patient care contribute to the market's positive trajectory. Additionally, collaborations between research institutions and industry players drive innovation in orthopedic solutions

Major Players in the Prosthetics and Orthotics Market

The Prosthetics & Orthotics Market includes players such as Aether Biomedical, Mobius Bionics, Proteor, Click Medical, Orthomerica Products, Inc., Streifeneder Group, WillowWood Global LLC, Aetrex Inc., DeRoyal Industries, OrthoFeet, DJO Global (Enovis), Bird & Cronin (Dynatronics Corporation), Ottobock, Össur, Blatchford Limited (a part of CBPE Capital LLP), Fillauer LLC (a part of Hanger, Inc.), Ultraflex Systems, Steeper Group (a part of Eqwal Group), ALPS® South, LLC, Trulife, Ortho Europe (a brand of AM Healthcare Group), Bauerfeind AG, Endolite LLC, and Spenco.

COVID-19 Impact

Pre-COVID-19 Pandemic Scenario

Before the COVID-19 pandemic, the worldwide orthotics and prosthetics market was growing steadily. An aging population, rising frequency of musculoskeletal problems, and technological improvements all contributed to increased demand for orthotic and prosthetic devices. The sector was characterized by continuous research and development, which resulted in novel solutions targeted at improving the usefulness and comfort of these gadgets. Additionally, the number of orthotist/prosthetists increased a sky rocketed at a rapid rate.

COVID-19 Pandemic Scenario

The COVID-19 pandemic has significantly impacted the orthotics and prosthetics market by creating unprecedented problems. changing its operations and dynamics in a variety of ways. Lockdowns, travel restrictions, and staff shortages had an immediate impact on the supply chain, causing interruptions in the manufacturing and delivery of orthotic and prosthetic devices. This resulted in manufacturing delays, component shortages, and challenges satisfying the increasing demand for these crucial healthcare items.
Post-COVID-19 Pandemic Scenario
As the globe entered the post-COVID-19 era, the orthotics and prosthetics industry began to adjust to the new normal. The recovery was slow, with the sector adjusting its tactics to handle ongoing issues while capitalizing on emerging possibilities. Telehealth and virtual care solutions continued to gain traction, becoming essential components of patient care in the orthotics and prosthetics profession. Remote consultations, digital fits, and follow-up sessions helped to create a more patient-centered and adaptable approach to healthcare delivery. This move not only addressed long-standing concerns about in-person visits, but it also created new opportunities for addressing patients in rural or disadvantaged regions.

Recent Developments

• In July 2023, WillowWood introduced the Fiberglass META Shock X, featuring the company’s META-Unibody platform and a build height of just under 5.5 inches, thus offering several fitting options for various limb lengths. It also has an integrated shock unit on top of the fiberglass plate that combines torsional rotation and vertical impact protection.
• In June 2023, Fillauer launched the Myo/One Electrode system, designed in partnership with Coapt. It is a streamlined, waterproof solution with one preamplifier providing two EMG signal channels for myoelectric devices and replaces fabrication aids, sealing rings, cables, and other devices with a cable. The system has two connection options and is compatible with the majority of the dual-site myoelectric devices.
• In May 2023, WillowWood and Coapt revealed the Alpha Control Liner System, a cutting-edge prosthetic liner with built-in electronics. Users of myoelectric prostheses benefit from this method because it allows for more consistent and comfortable electrode contact with the skin, improving functional control. To understand user intents and regulate prosthetic actions, Coapt's Complete Control system uses machine learning.
• In January 2023, Steeper Group's lower limb portfolio includes the LIMB-art Prosthetic Leg Covers, which are available in a variety of designs and may be personalized to increase patients' confidence and self-esteem. The covers are available in four different models: Core, Vent, Ultralight, and Wave, each weighing less than 250 grams. Furthermore, they were made from superior Nylon, which offers the finished product strength and flexibility.
• In October 2022, Össur hf. introduced three new types of their trademark cheetah sports prosthesis. The cheetah is a J-shaped, carbon fiber prosthetic sports foot with a characteristic curving form based on the rear leg of the world's fastest land mammal. The three new versions were created for amputee athletes who compete in certain athletic disciplines such as sprinting, distance running, and long jumping. The cheetah is implant-agnostic, letting athletes utilize the implant of their choosing, and it has a tiny footprint, making it suitable for usage in a variety of sports scenarios. The cheetah is a custom-made, high-performance carbon fiber foot designed for sprinting.

Frequently Asked Questions

Q1.

How big is the Prosthetics and Orthotics Market?

Ans:

The Prosthetics and Orthotics market size was USD 4.5 billion in 2023 and is anticipated to reach USD 6.5 billion in 2033 in 2033, growing at a rate of 3.6% from 2024 to 2033.

Q2.

What is the Prosthetics and Orthotics Market growth rate?

Ans.

The growth rate of the Prosthetics and Orthotics Market is 3.6%

Q3.

Which region holds a major market share for the market?

Ans.

North American holds a major market share of 38.78%  in 2023.

Q4.

Which segment accounted for the largest Prosthetics and Orthotics Market share?

Ans.

By orthotics devices, the orthotics braces segment accounted for the largest Prosthetics and Orthotics Market share 85% in 2023.

Q5.

Who are the key players in the Prosthetics and Orthotics Market?

Ans.

The Prosthetics and Orthotics Market report includes players such as Aether Biomedical, Mobius Bionics, Proteor, Click Medical, Orthomerica Products, Inc., Streifeneder Group, WillowWood Global LLC, Aetrex Inc., DeRoyal Industries, OrthoFeet, DJO Global (Enovis), Bird & Cronin (Dynatronics Corporation), Ottobock, Össur, Blatchford Limited (a part of CBPE Capital LLP), Fillauer LLC (a part of Hanger, Inc.), Ultraflex Systems, Steeper Group (a part of Eqwal Group), ALPS® South, LLC, Trulife, Ortho Europe (a brand of AM Healthcare Group), Bauerfeind AG, Endolite LLC, and Spenco., among others.

Q6.

What is the factor driving the Prosthetics and Orthotics Market growth?

Ans.

The major factor driving the growth of the market is Development of Innovative Materials for Enhanced Functionality

Q7.

What are the key growth strategies of Prosthetics and Orthotics Market players?

Ans.

The key growth strategies of Prosthetics and Orthotics Market players are product launch and product approval.

Q8.

Which region will provide more business opportunities for the Prosthetics and Orthotics Market during the forecast period?

Ans.

The North American region will provide more business opportunities for the Prosthetics and Orthotics Market during the forecast period.

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