GVR Report cover Prosthetics And Orthotics Market Size, Share & Trend Report

Prosthetics And Orthotics Market Size, Share & Trend Analysis Report By Type (Orthotics (Upper Limb, Lower Limb, Spinal), Prosthetics (Upper Extremity, Lower Extremity), And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-2-68038-553-3
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report Overview

The global prosthetics and orthotics market was valued at USD 6.39 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. Increasing incidence of sports injuries and road accidents, rising number of diabetes-related amputations, and growing prevalence of osteosarcoma around the world are poised to drive the global market. According to John Hopkins University, every year more than 3.5 million children suffer from sports injuries in the U.S. Sports-induced injury is anticipated to drive the demand, aiding market growth during the forecast period.

North America prosthetics and orthotics market size, by type, 2020 - 2030 (USD Billion)

During COVID-19, many regulatory agencies and non-governmental organizations responded to the changing scenario. For example, the National Association for the Advancement of Orthotics & Prosthetics (NAAOP) wrote an open letter to all state governors dated March 19, 2020, seeking the continuation of Prosthetic and Orthotic Care services as part of essential health benefits that patients must have access during the pandemic.

An alarming rise in the frequency of road accidents is also a leading factor in driving amputation. According to the World Health Organization, as of June 2021, around 1.3 million people die every year due to road traffic crashes. According to the Association for Safe International Road Travel (ASIRT), around 20-50 million people across the globe were injured or disabled owing to road accidents in 2018. Road traffic accidents account for the 9th leading cause of death, worldwide. ASIRT also reported that in the U.S., more than  38,000 people died in road accidents every year as of 2018. Such factors are fueling market growth.

COVID-19 prosthetics and orthotics market impact: marginal growth of 3% from 2019 to 2020

Pandemic Impact

Post COVID Outlook

The market growth declined to 3.05% from 2019 to 2020 compared to 4.0% from 2018 to 2019

Orthopedic Clinics began offering online video appointments while most physical operations are expected to resume by the year-end, which will propel the market growth over in next few years.

According to Ossur, the COVID-19 pandemic differently impacted the prosthetics & orthotics market. The demand for prosthetics solutions became stable due to servicing the existing amputee population with maintenance.

During the first quarter of 2021, the market saw a gradual recovery in demand and sales of prosthetics as restrictions eased up and norms relaxed which is expected to impact the market positively

The bracing and supports sales of Ossur declined by 15% to USD 257 million in 2020 due to lesser sports activity and the cancellation of elective surgeries.

 

 

Technological advancement in orthotics & prosthetics is expected to boost the market growth soon. 3D printed prosthetics by Limb Forge are expected to gain market penetration in developing regions due to their cost-effectiveness and ease of usage. Furthermore, in June 2020, Ossur launched the Balance Foot S and Balance Foot Torsion, Iceross Seal-In X Locking Liner for people suffering from limb loss and limb difference.

Type Insights

Based on type, the market is segmented into orthotics and prosthetics. Orthotics held the dominant share of more than 70% in the prosthetics & orthotics market in terms of revenue in 2021. This may be attributed to the increasing prevalence of osteoarthritis, rising incidences of sports injuries, and growing penetration of orthopedic technology. Upper limb orthotics accounted for the largest share owing to various benefits offered, such as reduced pain and rapid recovery in terms of movement.

Spinal orthotics is expected to exhibit the fastest growth rate owing to the factors such as the increasing number of spinal injuries, rising target population, and unhealthy lifestyle of youths. Orthotics are further segmented into lower limbs, upper limbs, and spinal orthotics. Prosthetics, on the other hand, comprise upper-extremity and lower-extremity prosthetics, liners, sockets, and modular components.

Global prosthetics and orthotics market share, by prosthetic type, 2021 (%)

The prosthetics segment is expected to show significant growth during the forecast period. Major companies manufacturing this product are Ossur and Blatchford Inc. An increase in the disability rate across the globe is expected to drive the market in the coming years. For instance, as per the report published by Rehabilitation Research and Training Center on Disability Statistics and Demographics, in 2018,  percentage of the people with disabilities, in the U.S., increased from around 11.9% in 2010 to 12.9% in 2017, thereby leading to rising demand for the prosthetics.

Regional Insights

In terms of the region, North America was the leading market in 2021, with a market share of more than 37.0%, and is anticipated to witness the same trend in the near future. This growth can be attributed to well-established healthcare infrastructure, increasing R&D investments by companies, and favorable reimbursement policies.

Moreover, the rising prevalence of osteosarcoma and increasing incidences of sports injuries are expected to drive market growth. Moreover, the focus of the U.S. healthcare system on the quality of care and value-based services has led to a favorable market environment for prosthetics &  orthotics.

Prosthetics And Orthotics Market Trends by Region

The Asia Pacific market is expected to show lucrative growth of 5.2% during the forecast period. The region is driven by an increasing number of diabetes-related amputations, a rise in the number of road accidents, and supportive government initiatives. For instance, Asian Prosthetic &  Orthotics Meeting took place in November 2018 in Thailand to foster cooperation between Asian countries and discuss the ongoing and emerging issues related to prosthetics & orthotics.

As per the report by Asian Diabetes Prevention Initiative, 60.0% of the diabetic population lives in Asia, currently, and by 2030 it is estimated that both India and China will have around half a million people with diabetes. The aforementioned factors are expected to propel the market during the forecast period.

Key Companies & Market Share Insights

The prosthetics & orthotics market consists of a blend of numerous global and local players. Otto bock is one of the leading players in the market. The company has implemented several strategic initiatives. For instance, in November 2021, Otto bock acquired suitX, a U.S.-based company specializing in the research and development of occupational and medical exoskeletons. Similarly, in September 2020, Otto bock launched two new products in the Taleo foot portfolio: Taleo Vertical Shock (VS) and Taleo Harmony. Ossur Corporate is also one of the major players in the market. Some of the key players operating in the global prosthetics and orthotics market  include:

  • Ossur

  • Blatchford, Inc.

  • Fillauer LLC

  • Otto bock Healthcare GmbH

  • The Ohio Willow Wood Company

  • Ultra flex Systems

  • Steeper Group

Prosthetics And Orthotics Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 6.65 billion

Revenue forecast in 2030

USD 9.31 billion

Growth Rate

CAGR of 4.3% from 2022to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion,  CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors,  trends

Segments covered

Type, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; Denmark; Sweden; Belgium; Netherlands ;China; Japan; India; Brazil; Mexico; South Africa;

Key companies profiled

Ossur; Blatchford Inc.; Fillauer LLC; Otto bock Healthcare GmbH; The Ohio Willow Wood Company; and Ultra flex Systems Inc.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Prosthetics And Orthotics Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global prosthetics and orthotics Market report based on the type and region:

Global Prosthetics And Orthotics Market Segmentation

  • Type Outlook (Revenue, USD Million; 2017 - 2030)

    • Orthotics

      • Upper Limb

      • Lower Limb

      • Spinal

    • Prosthetics

      • Upper Extremity Prosthetics

      • Lower Extremity Prosthetics

      • Liners

      • Sockets

      • Modular Components

  • Regional Outlook (Revenue, USD Million; 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • UK

      • Germany

      • France

      • Italy

      • Spain

      • Sweden

      • Denmark

      • Belgium

      • Netherlands

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

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