PROSTHETICS AND ORTHOTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Prosthetics and Orthotics Market Drivers:

Increasing number of road accidents to propel market growth

One of the key factors expected to augment growth of the global prosthetics and orthotics market during the forecast period is the increasing number of road accidents across the world. For instance, increasing number of road accidents led to a rise in the number of casualties, which in turn increase demand for prosthetics.

Growing burden of sports injuries to boost market growth

Another factor which is driving the growth of the prosthetics and orthotics market is the growing burden of sports injuries around the world. For instance, the increasing burden of sports injuries is also increasing the demand for prosthetics and orthotics across the globe.

Global Prosthetics and Orthotics Market Opportunities:

Increasing demand for prosthetics worldwide is expected to offer significant growth opportunities for player in the prosthetics and orthotics market. For instance, in December 2022, NYU Langone Health completed its first set of surgeries using the only U.S. Food & Drug Administration (FDA)–approved implantable prosthetic for people with limb loss available in the greater New York City area. The procedure, known as osseointegration, seeks to improve the quality of life for individuals with limb loss by enhancing the connection between limb and prosthesis. It is a first and only FDA-approved technology for bone-anchored prostheses in the United States.

Increasing demand for orthotics is expected to offer significant growth opportunities for players in the global prosthetics and orthotics market. For instance, in November 2022, the United Nations Development Programme in Rwanda, in partnership with Swiss Limbs and Home de la Vierge des Pauvres (HVP) Gatagara, launched a 3D computer-Aided Design and Manufacturing of orthotics and prosthetics. The novel technology will help to improve the efficiency and quality of the limbs produced. The technology will improve the efficiency of the work by scanning patients effectively during consultations and using a 3D milling machine to produce the forms.

Global Prosthetics and Orthotics Market Restraints:

High cost of prosthetics and orthotics to hinder market growth

One of the key factors expected to hamper the growth of the global prosthetics and orthotics market is the high cost of prosthetics and orthotics. For instance, price of a prosthetic leg can range from US$ 5,000 to US$ 50,000.

Inadequate healthcare infrastructure to hamper market growth

Another factor which is hampering the growth of the global prosthetics and orthotics market is the inadequate healthcare infrastructure in underdeveloped and developing countries. Prosthetics and orthotics require significant investments due to their high costs.