Prosthetics and Orthotics Market

The Prosthetics and Orthotics Market is valued at USD 6.47 Billion in 2022 and it is expected to reach USD 9.55 Billion by 2029 with a CAGR of 5.72% over the forecast period.

Global Prosthetics and Orthotics Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029- The market will expand due to the increasing number of surgical procedures, growing demand for minimally invasive surgeries, and rapid technological advancements.

Scope of Prosthetics and Orthotics Market Report:

Prosthetics and orthotics consist of designing, developing, and manufacturing braces and artificial limbs to support and enable an individual with a physical disability. These have existed for many centuries and are frequently practiced simultaneously due to their many technical, clinical, and therapeutic similarities. Orthoprosthetic devices are used to adjust posture or movement (orthosis) or to replace a body segment (prosthesis) while maintaining its functionality.

Orthotic devices have been extensively utilized to treat musculoskeletal injuries or dysfunctions as well as to offer immobilization, support, corrective adjustment, and protection. Thermoplastics, composites, and foams are the most common materials required in the production of orthotic devices using 3D printing technologies.

Prosthesis involves fitting artificial limbs for people with disabilities and conditions such as cancer, diabetes, or injury. Depending on the condition, prosthetic devices can become more technologically complex. The production procedure is time-consuming and is dependent on the specialist's skill to produce items with functional characteristics that fit the specific gait dynamics of each subject. Therefore, given the advancement of technology around the turn of the century, there is a clear demand for custom-made items such as orthoses and assistive gadgets.

Covid-19 Impact on the Global Prosthetics and Orthotics market:

The Covid-19 pandemic interrupted services for assistive technology (prosthetics, orthotics, wheelchairs, etc.) in several countries, hurting vulnerable people with impairments or limited mobility when the demand was already tremendous. It also gravely impacted the regular delivery services due to the unavailability of transport. The professionals were unable to assist, and customers had difficulty reaching the Institutes or clinics. As per the International Society for Prosthetics and Orthotics’ (ISPO) statement on Covid-19 vaccination, nearly one billion individuals require some type of assistive technology, and this number is anticipated to double and climb to two billion by 2050. Yet, more than 90% of people did not receive access to the assistive technology needed.

Covid-19 had a negative impact on the prosthetic and orthotic rehabilitation sector. Numerous private-sector businesses and clinics had to be closed. As the number of economically stable disabled people visiting the P&O centers decreased, so did the revenue generation and profitability.

Key Players of Prosthetics and Orthotics Market Report:

Some of the prominent players in the Prosthetics and Orthotics market include

• Ossur
• Ottobock
• Ohio Willow Wood
• Blatchford
• Steeper
• Beagle
• ATO Form
• Talarmade
• Allard
• Endolite
• Ortho Europe
• Fillauer
• Zimmer Biomet
• Open Bionics
• Synchron
• Xilloc Medical
• ALPS South
• Touch Bionics Inc.
• Djo Global Inc
• Spinal Technology Inc. etc.
• others.

Global Prosthetics and Orthotics Market Segmentation:-

By Category:

• Orthotics

  • Upper Limb
  • Lower Limb
  • Spinal

• Prosthetics

  • Upper Extremity
  • Lower Extremity
  • Liners
  • Sockets
  • Modular Components

By End-users:

• Prosthetic Clinics
• Individual Customers
• Hospitals
• Rehabilitation centers

By Regional & Country Level:

• North America

  • US.
  • Canada

• Europe

  • UK.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa

Revenue Generation Model:

The revenue generation model for the global prosthetics and orthotics market primarily relies on the sale of prosthetic and orthotic devices to end-users, including hospitals, rehabilitation centers, and individuals. The market also generates revenue through research and development of new and innovative products, as well as partnerships and collaborations with key players in the healthcare industry. Additionally, the market is influenced by government policies, insurance coverage, and reimbursement programs that impact the affordability and accessibility of prosthetics and orthotics for patients.

Supply Chain Model:

The supply chain model for the global prosthetics and orthotics market involves product design, material procurement, manufacturing, distribution, and sales. Key players work with material suppliers to ensure quality and safety standards. Distribution involves partnerships with hospitals, clinics, and rehabilitation centers, as well as direct sales. Effective supply chain management is important for timely delivery of high-quality products.

Value Chain Model:

The value chain model for the global prosthetics and orthotics market encompasses research and development, product design, raw material procurement, manufacturing, distribution, and after-sales services. Effective value chain management ensures timely delivery, meets customer needs, and generates maximum value for stakeholders.

news:

Steeper Group Joined Global Patient Services Provider Eqwal Group

On February 28^th, 2023; Steeper Group is a global provider of upper limb prostheses and a specialist in providing orthotic and prosthetic patient care. It has partnered with Eqwal Group, a global supplier of patient care services, which has agreed to buy 100% of its shares. This collaboration will allow Steeper to expand its UK clinical offering and drive innovation throughout its product lines and clinical services.

Market Drivers

Technological growth and a growing customer base of amputees: Remarkable technological innovations have stimulated the evolution of prostheses, resulting in considerable development in the prosthetics industry. The development of transportation systems, science and technology along with prolonged lifespan, has collectively led to an increase in the number of amputees in today’s times.  As a result of these advancements, today's prosthetic devices are tailored to the unique demands of patients.

Increasing amputees' customer base drives the business, with expectations for improved quality of life, and innovation that will fulfill these requirements. Due to innovations, amputees are able to lead more regular and productive lives owing to the variety of products ranging from conventional knees to energy-storing feet.

Disease, war, and trauma caused due to accidents highly influence demand in the prosthetics sector: Diabetes and peripheral vascular disorders are the leading causes of amputation. Also according to the National Institute of Standards and Technology (NIST),  diabetes was diagnosed in over 10.5% of the world's adult population in 2021, and this figure is anticipated to climb up to 12.2% (783.2 million) by 2045. Likewise, in 2019, 37.3 million Americans, or 11.3% of their population, had diabetes. The growing customer base in America is providing possibilities for service providers.

Besides these diseases, accidents, and wars also drive the limb prosthetics market.  Accidents on the road or in industrial settings can happen to anybody, resulting in serious limb injury and paralysis. The demand for regaining mobility and freedom from amputees, especially an increasing number of amputee soldiers, has had a positive influence on the market, urging manufacturers to address amputee concerns and the market.

Market Restraints:

The high price of prosthetics and reimbursement issues: As prosthetics tend to be expensive and reimbursement processes are complicated it makes customers pick less costly products, but these generally are less efficient. Consequently, this constraint has a substantial influence on the growth of the limb prosthetics industry, and this is unlikely to alter until big and systemic changes occur.

Prosthetic limbs, in particular, can be prohibitively expensive, especially for those who do not have adequate insurance coverage. On average, prosthetics costs can range anywhere between US$ 5000 to US$ 70,000, depending on the condition and requirement. As a result, many patients who require prosthetic devices may not be able to afford them, which can suppress demand and hinder market growth.

Limited access in lower middle-income countries: The lack of service capacity has hampered demand in lower middle-income economies for prosthetic services. The need for prosthetic devices is still not being addressed as the number of amputees increases in low-resource environments. The requirement to gather political support and resources to invest in development and to help consumers to obtain prosthetic services are the main elements that have caused problems with user access.

Furthermore, there is a shortage of trained prosthetists and orthotists in many parts of the world, particularly in low- and middle-income countries. This shortage can lead to delays in the delivery of prosthetic and orthotic care, as well as a lack of follow-up care for patients.

Market Opportunities:

Technological Innovations: Technological innovations have enormously influenced this sector and will continue to have an impact in the foreseeable future as a result of pioneering breakthroughs such as bionic technology, sensor technology, artificial intelligence, and micro mechatronics.

Market trends:

Product and Technology Development:-

The global prosthetics and orthotics market is experiencing product and technology trends that are revolutionizing the industry. The development of 3D printing, robotics, and sensors is enabling the creation of customized and intelligent prosthetic and orthotic devices that offer greater comfort, functionality, and mobility to users.

Other trends include the use of smart fabrics, advanced materials, and nanotechnology to enhance the durability and performance of devices. Additionally, there is an increasing focus on patient-centric care, which is driving the development of devices that are personalized and cater to the unique needs of each patient.

Customer Trends:-

Customer trends in the global prosthetics and orthotics market are focused on patient-centric care and personalized solutions. Patients are increasingly seeking devices that offer greater comfort, mobility, and functionality, and that cater to their individual needs and preferences. There is also a growing demand for devices that are lightweight, durable, and easy to use.

Patients are looking for products that can be customized and personalized to fit their specific requirements, and that can be easily adapted as their needs change over time. Additionally, patients are becoming more informed and engaged in their healthcare decisions, and are seeking devices that offer greater transparency and access to information.

Market Competition Nature:

The market for prosthetics and orthotics devices is extremely competitive since it is driven by significant multinational firms, each of which offers a variety of products. Recognizing technical intricacies and product distinction might be difficult to achieve throughout the clinical decision-making process. As a result, competing manufacturers seek revolutionary improvements to obtain a competitive edge. These breakthroughs are frequently linked to technological advancements in other industries.

Integration of scientific and technical breakthroughs from other industries is a crucial driver of innovation in prosthetics and orthotics, offering a competitive advantage to firms that engage extensively in R&D and patients with enhanced rehabilitation treatment through access to more modern assistive technologies.

Geography Analysis:

North America:

An increase in the elderly population along with the rise in cases of diabetes results in higher demands for amputation services in North America. As per the Amputation Coalition, in the United States, almost two million people have suffered limb loss. The prominent causes of limb loss include vascular diseases (54%), such as diabetes and peripheral artery disease, trauma (45%), and cancer (less than 2%).

In the United States, as per the American Diabetes Association (AHA), there are about 154,000 amputations per year. And in this African-American people see up to a four-times rise in the rate.

Because of limb amputations caused by diabetes, the overall yearly number of amputees in the United States as well as in the Veterans Administration healthcare system is increasing. According to the American Diabetes Association, over 1.9 million Americans, with roughly 244,000 children and teenagers, have type one diabetes.

The above 65 age group's growth rate is almost four times the size of the below 65 age group. More than 65% of amputations are done on patients aged 50 and older. Age and the development of vascular disease and diabetes, which are the main reasons for amputations, are directly correlated.

Europe:

Diabetes-related non-traumatic lower limb amputations are a driving the market growth in Europe. Diabetes is becoming more common in Europe among people of all ages, mostly because of rises in weight gain, obesity, bad food, and physical inactivity. For instance; the International Diabetic Federation predicts that by 2045, the European Region's diabetes prevalence (at present, 9.2%) and overall diabetic population (presently, 61 million) would go up by 13%.

In the European Area, there are around 60 million diabetics, comprising 10.3% of men and 9.6% of women over the age of 25. Both the number of children and adolescents with type 1 diabetes (295,000) and its yearly incidence (31,000 new cases) are the greatest in Europe.

The EU parliament has also stated that approximately 1,00,000 diabetes-related non-traumatic lower limb amputations are carried out in Europe every year. Even research by NCBI stated that 62,016 amputations were performed in Germany in 2019, of which 26.5% were major and 45,564 were minor.

Key Benefits of Prosthetics and Orthotics Market Report–

• Prosthetics and Orthotics Market report covers in-depth historical and forecast analysis.
• Prosthetics and Orthotics Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, and Regional and Country Level.
• Prosthetics and Orthotics Market report helps to identify opportunities in the marketplace.
• Prosthetics and Orthotics Market report covers extensive analysis of emerging trends and the competitive landscape.