Prosthetics And Orthotics Market Size, Share & Trends Analysis Report By Product Type (Orthotics (Upper Limb, Lower Limb, Spinal), Prosthetics (Upper Extremity, Lower Extremity)), By Region, And Segment Forecasts, 2024 - 2030

Prosthetics And Orthotics Market Size, Share & Trends Analysis Report By Product Type (Orthotics (Upper Limb, Lower Limb, Spinal), Prosthetics (Upper Extremity, Lower Extremity)), By Region, And Segment Forecasts, 2024 - 2030

Prosthetics And Orthotics Market Growth & Trends

The global prosthetics and orthotics market size is expected to reach USD 9.31 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2024 to 2030. Rising occurrence of osteosarcoma, growing geriatric population, and increasing incidences of sports injuries are the key factors driving the market growth. For instance, in 2023, according to the American Cancer Society’s estimates, 3,970 new cases were diagnosed with primary cancer of the bones and joints.

Globally, increasing geriatric population is the major factor driving demand for prosthetics & orthotics. The elderly population frequently utilizes orthopedic solutions due to increased prevalence of osteoporosis and osteopenia. For instance, according to the World Health Organization (WHO), globally, people aged 60 years or above are expected to double by 2050, increasing from 1.0 billion in 2020 to 2.1 billion in 2050. Thus, the increasing geriatric population boosts demand for various orthopedic solutions.

Prominent players in the market are involved in various strategic initiatives, such as acquisitions, product launches, and collaborations, to gain a competitive edge in the market. For instance, in October 2023, Blatchford, a prosthetics manufacturer company, Tectus, an orthotic device that helps people with partial lower limb paralysis to walk more efficiently, comfortably, and naturally with increased safety. Furthermore, in March 2023, Fabtech Systems, a prosthetic and orthotic solutions provide, partnered with OPIE Software, a clinical practice management software provider, to offer its products to customers using the OPIE system.

Prosthetics And Orthotics Market Report Highlights

• By product type, the orthotics segment accounted for the largest revenue share of 71.7% in 2023 due to rising incidence of falls and increasing prevalence of paralysis.
• Prosthetics segmentin product type is expected to show substantial growth during the forecast period. Growing cases of diabetes-related amputations across the globe fuel the segment's growth.
• In 2023, North America dominated the overall market with a revenue share of 37.1% owing to presence of leading market players, advanced healthcare facilities, and growing incidence of orthopedic disorders.

Please note The report will be delivered in 2-3 business days upon order notification.