Prosthetics refer to artificial limbs and medical devices that are attached to the body to replace missing body parts. They help improve physical mobility and facilitate independent living. Orthotics are devices that support or correct deformities and abnormalities of the musculoskeletal system. Common orthotic devices are ankle braces, knee braces, foot orthotics, wrist splints, cervical collars, and back braces. The demand for prosthetics and orthotics is rising mainly due to the growing geriatric population base globally. Older people are more prone to injuries, mobility issues, arthritis, and other conditions that require the use of prosthetics or orthotics. Additionally, the rising incidence of road accidents and sports injuries that result in amputations or musculoskeletal disorders is favoring market growth. Prosthetics provide an artificial substitute to missing body parts, thereby helping increase mobility levels. Similarly, orthotics brace and support damaged body parts, thus facilitating better movement.
The global Prosthetics And Orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the prosthetics and orthotics market is the increased adoption of myoelectric and electronic prosthetics. Myoelectric prostheses use electric motors and sensors that respond to electrical signals from the user's remaining muscles. This allows more dexterous and functional use of prosthetic hands and arms compared to traditional body-powered prosthetics. Several technological advancements are underway to make myoelectric prosthetics more affordable and accessible. 3D printing is another emerging trend that is helping customize prosthetics and orthotics as per the unique anatomical structure of individuals. 3D printing enables fabricating intricate prosthetic and orthotic devices with increased design flexibility. It is also being utilized to produce sample prosthetic sockets quickly during the fitting process.
Porter’s Analysis
Threat of new entrants: The prosthetics and orthotics industry requires large investments in research and development for innovation of new products. Regulatory requirements for approval also limit new companies from entering the market easily.
Bargaining power of buyers: Individual consumers have low bargaining power since prosthetics and orthotics are specialized medical products and services. However, large healthcare organizations and insurance companies can negotiate on pricing and contracts.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials and components used in prosthetics manufacturing. This gives them significant influence on pricing.
Threat of new substitutes: While technology is improving, there are limited substitutes available for prosthetics and orthotics. Implants and other medical devices pose competition but cannot fully substitute the functions of prosthetics.
Competitive rivalry: The market has the presence of several global and regional players. Competition is high based on product innovation, quality, customer service and pricing.
Key Takeaways
The global Prosthetics And Orthotics Market Share is expected to witness high growth over the forecast period supported by the aging population globally, high incidence of amputations, and rapid technological innovations. The global Prosthetics And Orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently due to advanced healthcare infrastructure and availability of reimbursements. Asia Pacific is expected to grow at the fastest pace led by countries like China and India. Rising income levels and insights are driving higher spending on prosthetics in the region.
Key players: Major players operating in the prosthetics and orthotics market are Ottobock, Blatchford, Fillauer, Endolite, College Park Industries, among others. Companies are focusing on developing multi-functional prosthetics using advanced materials and power-assisted devices to provide better mobility options. Partnerships with research institutions are also helping introduce customized solutions.
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