Prosthetics & Orthotics Market Area And Industry Forecasts Till, 2021 - 2028
The global prosthetics and orthotics market size was valued at USD 6.11 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. Increasing cases of sports injuries and road accidents, the rising number of diabetes-related amputations, and the growing prevalence of osteosarcoma around the world are poised to drive the global market. During the pandemic, 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 continuation of Prosthetic and Orthotic Care services as part of essential health benefits that patients must have access to during the pandemic.
Nowadays, more people are choosing sports as a career. As per the American Physical Therapy Association (APTA), the annual sports injury rate in the U.S. was around 8.7 million in 2018. This factor is anticipated to drive the demand, aiding market growth over the forecast period. An alarming rise in the frequency of road accidents is one of the leading causes of increased cases of amputation.
Gather more insights about the market drivers, restrains and growth of the Global Prosthetics & Orthotics market
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 are the 9th leading cause of death worldwide. In 2018, the ASIRT also reported that in the U.S., over 38,000 people die in road accidents every year. As per the Ministry of Road Transport and Highways, Government of India, in 2018, around 4, 67,044 people were injured in road accidents, which is further fueling the demand for prosthetics & orthotics.
Increasing incidences of osteosarcoma are also boosting the demand for prosthetics & orthotics products. A report published by the National Cancer Institute estimated around 3,450 new cases of bone and joint cancer in 2018, resulting in 1,590 deaths globally. Children with Cancer U.K., a member of the Association of Medical Research Charities (AMRC), reported that osteosarcoma is the most common bone tumor in children, and every year around 30 new children are diagnosed with the disease in the country.
Technological advancement in orthotics & prosthetics is expected to boost the market growth in the near future. For example, 3D printed prosthetics by LimbForge is expected to gain market penetration in the developing regions due to their cost-effectiveness and ease of usage. In September 2018, Ottobock launched C-brace with swing phase control to increase its market visibility in the orthotics space.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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Prosthetics & Orthotics Market Segmentation
Prosthetics & Orthotics Type Outlook (Revenue, USD Million, 2016 - 2028)
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Prosthetics & Orthotics Regional Outlook (Revenue, USD Million, 2016 - 2028)
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Market Share Insights
May 2018 - Ossur introduced products, such as Ossur Formfit Pro Line of 3D knitted supports at OTWorld, to gain more market penetration.
July 2018 - Blatchford launched a new sandal toe foot shell for its various products, such as Linx, Elan, and Echelon VAC, to improve its product portfolio.
Key Companies profiled:
Some prominent players in the global Prosthetics & Orthotics market include
Blatchford, Inc.
Fillauer LLC
The Ohio Willow Wood Company
Ossur
Steeper Group
Ottobock Healthcare GmbH
Ultraflex Systems, Inc.
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