ORTHOTIC DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Orthotic Devices Market Drivers

The global orthotic devices market is expected to witness significant growth over the forecast period due to increasing launches of advanced orthotic devices for people suffering from neuromuscular disorders. For instance, in 2016, Myomo, Inc., a medical device company specialized in manufacturing myoelectric orthotic devices, launched MyoPro Motion-G. MyoPro Motion-G is a first orthotic devices that provides elbow flexion as well as grasping function, and allow patients to perform their essential daily activities. Moreover, MyoPro Motion-G is also used for controlling the movement of partially paralyzed arm using their own muscle signals.  

Moreover, rising number of patients with disability is expected to boost the global orthotic devices market growth. For instance, according to the WHO, in 2018, over one billion people suffered from some form of disability globally. Moreover, between 110 million and 190 million adults suffered problem in functioning of the body parts. According to the same source, increasing geriatric population, coupled with growing chronic health conditions such as cerebral palsy are the factors responsible for increasing rate of disability.

Global Orthotic Devices Market Restraints

However, orthotic device are relatively bulky in nature, which is one of the major factors that is expected to hamper the global orthotic devices market growth over the forecast period. For instance, orthotic braces are bulky, and requires more energy to move. Also, the children with Cerebral Palsy, wearing a brace can be a difficult experience if they have deformities. Hence, it may discourage patient from buying these bulky device, which is expected to reduce demand of orthotic devices.

Furthermore, high cost associated with the custom orthotic devices is expected to hinder the global orthotic devices market growth. For instance, the cost of custom orthotic devices typically ranges between US$ 300 and US$ 600.