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The global prosthetics and orthotics market Growth Accelerated by Demand for 3D Printing and Computer Aided Design

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Purvaja
The global prosthetics and orthotics market Growth Accelerated by Demand for 3D Printing and Computer Aided Design

The prosthetics and orthotics market provides artificial limbs and braces for mobility assistance to patients suffering from disabilities or amputations. Advancements in materials, 3D printing technologies, and computer aided design software enable customized prosthetics and orthotics to closely match patients' body shapes and physical requirements.

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:

The adoption of 3D printing and computer aided design is a key trend accelerating growth of the prosthetics and orthotics market. 3D printing allows fabricating prosthetics and orthotics with intricate designs that can be customized as per the patient's anatomy and lifestyle needs. It enables localized modification and personalization during production. Computer aided design software assists in digital mapping of the patient's limb shape and posture. Designs developed through CAD interface directly with 3D printers for manufacturing. This integration of advanced technologies streamlines the production process and delivers prosthetics and braces that closely mimic natural body functions. Additionally, 3D printed prosthetics are light in weight and durable, offering enhanced comfort and utility to patients. The emerging trend of utilizing 3D printing and CAD is thus fueling revenue in the prosthetics and orthotics market.


Segment Analysis

The global prosthetics and orthotics market can be segmented based on component, type, end-user and region. By component, it can be divided into upper extremity and lower extremity. The lower extremity segment is expected to dominate the market over the forecast period. This is due to the increasing prevalence of diabetes and road accidents which primarily impact the lower extremities.

Key Takeaways

The Global Prosthetics And Orthotics Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 6923.2 Mn by 2030, expanding at a CAGR of 11%.

Regional analysis

North America is currently the dominant region in the prosthetics and orthotics market and is expected to continue its dominance over the forecast period. This is attributed to factors such as the rising geriatric population, growing prevalence of diabetes and other disabilities, and favorable reimbursement policies in the region. Asia Pacific is expected to be the fastest growing market owing to improving healthcare infrastructure and increasing medical tourism in the region.

Key players

Key players operating in the prosthetics and orthotics market are Ottobock, Blatchford Group, Fillauer LLC, Orthofix Medical Inc., College Park Industries, and Straumann Group. Ottobock is a leading player in the market with a wide range of products. The company is focusing on expanding its operations in emerging markets through strategic partnerships.

Get more insights on this topic: https://www.insightprobing.com/prosthetics-and-orthotics-market-size-and-share-2/

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