Prosthetics includes artificial limbs that replace missing body parts such as legs, arms etc. Orthotics, on the other hand, are devices used for support or bracing weak or ineffective joints or limbs such as knee, back etc. Prosthetics and orthotics help improve mobility and prevent deformities. With rising obesity, diabetes and accidents, the need for such devices is increasing. The global geriatric population suffering from disabilities and orthopedic conditions has particularly driven the demand.
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 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising Geriatric Population
The global geriatric population is growing rapidly. As age advances, risks of disabilities, mobility issues and orthopedic conditions rise significantly. As per UNdata, number of people aged over 65 years is projected to grow from 703 million in 2019 to 1.5 billion in 2050. With advancements, life expectancy has increased globally but it has also led to greater healthcare needs. The significant rise in pool of elderly population worldwide presents lucrative growth opportunities for prosthetics and orthotics manufacturers to tap into this untapped market. As mobility and independence is a major issue among old age group, assistive devices can help improve their quality of life and complement governments efforts for active aging. This presents a major market opportunity for prosthetics and orthotics in coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the prosthetics and orthotics market size is moderate as it requires substantial R&D investments and clinical knowledge to launch new innovative products. However, growing demand and healthcare spending are attracting new players.
Bargaining power of buyers: The bargaining power of buyers in the prosthetics and orthotics market is high due to the presence of many established product manufacturers. Buyers can choose from a wide range of options based on their clinical needs and price points.
Bargaining power of suppliers: Given the specialized nature of raw materials and components used in prosthetics and orthotics manufacturing, the bargaining power of suppliers is moderate. Established suppliers have technology advantage.
Threat of new substitutes: Threat from substitutes is low as prosthetics and orthotics are customized medical devicesdeveloped based on clinical assessments leaving limited scope for substitution.
Competitive rivalry: The market is consolidated with top players holding majority share. Product innovation and expansion into emerging markets intensify competition.
SWOT Analysis
Strength: Strong R&D focus on advanced materials, 3D printing and robotics is helping launch personalized solutions. Growing clinical evidence increases acceptance.
Weakness: High production costs and lack of trained professionals in developing nations pose challenges. Reimbursement policies vary globally.
Opportunity: Rising geriatric population with loss of mobility drives demand. Developing healthcare infrastructure expands access in emerging economies.
Threats: Stringent regulations for new product approvals add costs. Lack of standardization increases pricing pressure.
Key Takeaways
The global prosthetics and orthotics market is expected to witness high growth on account of the growing geriatric population suffering from mobility issues.
Regional analysis: Asia Pacific is slated to witness the fastest growth during the forecast period backed by rising healthcare spending, growing incidence of amputations due to accidents and improving access in major countries like China and India.
Key players: Key players operating in the prosthetics and orthotics market are Applied Materials, Inc., ASML Holding, Canon, Tokyo Electron, Lam Research, KLA-Tencor, Dainippon Screen, Advantest, Teradyne, and Hitachi High-Technologies.
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