The global prosthetics and orthotics market size is expected to reach USD 13.3 billion by 2027, according to a new report by Grand View Research, Inc., registering a 4.6% CAGR over the forecast period. Increasing incidences of sports injuries, rising incidence of osteosarcoma, and expanding geriatric population base are key factors driving the market.
Rising geriatric population across the globe has become a major factor driving demand for prosthetics and orthotics. For instance, as per the United Nations, the number of people aged 60 years or over globally is expected to more than double by 2050, increasing from 962 million in 2017 to 2.1 billion in 2050. The elderly are more susceptible to conditions such as osteoporosis and osteopenia, making them common users of various orthopedic solutions.
Increasing incidence of osteosarcoma in young adults and children is also driving the market to a great extent. Patients recovering from this surgery generally need orthopedic devices and prosthetics as a part of post-surgery treatment, which is slated to drive the market in the upcoming years. Around 800 to 900 new cases of osteosarcoma are reported in the U.S. each year as of 2018.
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Further key findings from the report suggest:
In terms of revenue, the orthotics segment is projected to expand at a CAGR of 4.0% over the forecast period. Increasing cases of diabetes-related amputations across the globe are acting as the driving factor for this segment
By revenue, Asia Pacific is expected to exhibit the highest growth rate over the forecast period. Increase in disposable income and supportive government initiatives will fuel the market growth in the coming years
Some of the key companies in the prosthetics and orthotics market are Ossur; Zimmer Biomet Holdings Inc.; Blatchford Inc.; Fillauer LLC; Ottobock Healthcare GmbH; The Ohio Willow Wood Company; and Ultraflex Systems Inc.
Grand View Research has segmented the global prosthetics and orthotics market on the basis of type and region:
Prosthetics and Orthotics Type Outlook (Revenue, USD Million, 2016 - 2027)
Prosthetics and Orthotics Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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