The global prosthetics and orthotics market size is expected to reach USD 8.6 billion by 2028, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing cases of osteosarcoma & sports injuries and a growing geriatric population are the key factors driving the market growth.
The rising geriatric population across the globe has become one of the key factors driving demand for prosthetics and orthotics. For instance, as per the United Nations, globally, the number of people aged 60 years or above is expected to increasing from 962 million in 2017 to 2.1 billion in 2050. People aged 60 years and above are more susceptible to conditions, such as osteoporosis and osteopenia, boosting the demand for various orthopedic solutions.
The 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 coming years. As per a study conducted in 2018, around 800 to 900 new cases of osteosarcoma were reported in the U.S. each year.
As per the American Orthotic & Prosthetic Association, at least 11 states in the U.S. and multiple local municipalities had issued orders restricting operations of “non-essential” businesses until further notice during the Covid-19 pandemic. However, healthcare facilities were considered as “essential” services and exempted from the regulations, which is estimated to support market growth.
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In terms of revenue, the orthotics segment is projected to ascend at a CAGR of 3.3% over the forecast period
Increasing cases of diabetes-related amputations across the globe are acting as the driving factor for the orthotics type segment
In terms of revenue, Asia Pacific is expected to exhibit the fastest growth rate over the forecast period
An increase in disposable income levels and supportive government initiatives are the key factors augmenting the market growth in Asia Pacific
Most of the companies in the market have undertaken various strategies, such as mergers, acquisitions, collaborations, and new product launches, to increase their market share
Grand View Research has segmented the global prosthetics and orthotics market on the basis of type and region:
Prosthetics & Orthotics Type Outlook (Revenue, USD Million, 2016 - 2028)
Prosthetics & Orthotics Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Prosthetics & Orthotics Market
The Ohio Willow Wood Company
Ottobock Healthcare GmbH
Ultraflex Systems, Inc.
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