Prosthetics and Orthotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Prosthetics and Orthotics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global prosthetics and orthotics market is expected to register a CAGR of more than 4% over the forecast period, 2022-2027.

The COVID-19 pandemic is an unprecedented health concern and has significantly impacted the prosthetics and orthotics market globally. For instance, in April 2020, the International Society for Prosthetics and Orthotics (ISPO) released a working document titled "Suggestions for Prosthetic Orthotic Clinics that Must Remain open during the COVID-19 Pandemic" that guides people and organizations that provide prosthetics and orthotics services and can continue serving people who require assistive devices during the COVID-19 pandemic. In addition, as per an October 2021 published article titled, "How has the COVID-19 pandemic affected orthotic services in the United Kingdom?", over 90% reported using telehealth appointments for orthotic services. Thus, the demand for orthotic products was significant during the pandemic, thereby depicting an overall positive impact on the market growth.

The growth of the market is attributed to the factors such as the growing burden of sports injuries and rising number of road accidents, increasing burden of osteosarcoma and growing burden of diabetes-related amputations, and rising geriatric population.

The growing burden of sports injuries is driving the market growth. For instance, according to the 2021 statistics by the World Health Organization (WHO), an estimated 305 million people across the globe suffer from musculoskeletal injuries, while 222 million people suffer from neck pain. In addition, as per the 2021 statistics by the Brain Injury Research Institute, about 1.6 million to 3.8 million recreation and sport-related concussions occur each year in the United States. Moreover, according to research from the American Academy of Orthopedic Surgeons, 2020, 25 percent of athletic injuries are foot and ankle-related. Such statistics indicate that the demand for prosthetics and orthotics is significant, thereby driving the market growth. Furthermore, as per an October 2021 update, by 2020, the number of people aged 60 years and older will outnumber children younger than 5 years, and in 2050, 80% of older people will be living in low- and middle-income countries. As the geriatric population is prone to suffer from musculoskeletal and orthopedic conditions, the anticipated increase in population is expected to increase the demand for prosthetics and orthotics in the coming period.

Several strategic initiatives are also being launched owing to the increasing demand. For instance, in March 2022, the National Defense Industrial Association (NDIA) reported an increase in the upper limit of mid-cost assistive technology (AT) from USD 5,000 to USD 15 000. This will improve access to AT under the National Disability Insurance Scheme (NDIS).

However, the lack of developed healthcare infrastructure in developed and under-developed economies and the high cost of devices are the major factors hindering the market growth.

With prosthetic products, the upper extremity segment is expected to hold a significant share in the market. The major factors fueling the growth of the segment are the increasing research and development as well as the growing number of strategic initiatives undertaken by the market players.

The major components of upper limb prostheses include the terminal device (TD), interposing joints, socket, suspension, and control system. There are several different types of upper extremity prostheses, such as cosmetic, body-powered, hybrid, and myoelectric.

The increasing research and development in this segment are contributing to the market growth. For instance, as per an August 2021 update by the Massachusetts Institute of Technology (MIT), engineers at MIT and Shanghai Jiao Tong University have designed a soft, lightweight, and potentially low-cost neuroprosthetic hand. The researchers found the prosthetic, designed with a system for tactile feedback, restored some primitive sensation in a volunteer’s residual limb. The new design is also surprisingly durable, quickly recovering after being struck with a hammer or run over with a car.

In addition, several market players are also engaged in the implementation of strategic initiatives, thereby driving market growth. For instance, in August 2021, an Illinois startup, Psyonic, developed a more affordable bionic hand that was launched in the United States. Moreover, New York-based engineering startup Esper Bionics developed a prosthetic arm with intuitive self-learning technology that can predict intended movement faster than similar prosthetics.

Thus, due to the above-mentioned developments, the market segment is expected to witness significant growth over the forecast period.

Within North America, the United States has held the major share of the market. The major factors boosting the market growth in the country are the increasing number of sports injuries, growing focus on research and development, well-established healthcare infrastructure, and presence of several market players.

For instance, as per a January 2022 update by the American Cancer Society, an estimated 3,910 people of all ages (2,160 men and boys and 1,750 women and girls) in the United States will be diagnosed with primary bone sarcoma. As per the same source, in 2020, it was estimated that about 400 of these cases occurred in people aged 15 to 19. As the consequences of osteosarcoma are associated with limb loss, the statistics indicate significant demand for prosthetics and orthotics in the United States.

In addition, as per a July 2021 update by the American Orthotics and Prosthetic Association (AOPA), AOPA introduced the medicare orthotics and prosthetics patient-centered care act in the Senate. Such developments are contributing to the increasing demand for prosthetics and orthotics in the United States.

Moreover, several market players are also engaged in the launch of innovative products that are contributing to market growth. For instance, in May 2022, Rehabtronics reported that its ReGrasp Bionic Glove, a rehabilitation device to improve hand mobility, is now available in the United States.

Furthermore, in July 2021, Arize Orthotic Solution, newly announced by HP Inc., is an end-to-end digital orthotic system that will allow providers to capture 3D data, fine-tune and prescribe personalized orthotic devices, all in less than five minutes, according to the company. Arize uses a combination of 3D printing and cloud-based software and provides unique customization features.

Thus, due to the above-mentioned factors, the market is expected to witness significant growth over the forecast period.

The prosthetics and orthotics market is competitive with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Some of the key players in the market are Steeper Inc., Blatchford Inc, Fillauer LLC, Össur, and Ottobock, among other players.

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