PROSTHETICS AND ORTHOTICS MARKET ANALYSIS

Prosthetics And Orthotics MarketSize and Trends

The global prosthetics and orthotics market was valued at US$ 6,653.0 Mn in 2022 and is forecast to reach a value of US$ 8,546.6 Mn by 2030 at a CAGR of 3.1% between 2023 and 2030. The global prosthetics and orthotics market is experiencing strong growth due to the increasing number of road accidents and growing burden of sports injuries around the world. Moreover, high demand for prosthetics and increasing demand for orthotics across the world is expected to boost the market growth. However, factors such as high cost of prosthetics and orthotics and inadequate healthcare infrastructure are expected to hamper the growth of the market.

Global Prosthetics and Orthotics Market: Regional Insights

Based on geography, the global prosthetics and orthotics market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the increasing incidence of osteosarcoma, increasing number of road accidents, rising burden of sports injuries, and growing burden of diabetes-related amputations in the United States.

Figure 1. Global Prosthetics and Orthotics Market Share (%), by Region, 2023

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 Trends:

High demand for amputations is a recent trend

People with diabetes are at increased risk of needing lower limb amputation. Wounds and/or ulcers that do not heal are the most common cause of amputation, which in turn increase demand or need for amputations. Lower-limb amputations (LLA), which is a surgery to remove a leg, foot, or toe, are increasing in the U.S., and 80% are a result of complications from diabetes. Moreover, people who've had one amputation are at higher risk of having another. Thus, with the high prevalence of diabetes, the demand for amputations is also increasing, and this trend is expected to continue over the forecast period, driving the growth of the market.

Growing geriatric population is another trend

Geriatric patients are much more likely to have lower, than upper, limb amputations. The leading cause of LEA in patients over 65 is severe peripheral artery disease (PAD), with-without diabetes. Lower limb amputation is a frequently performed procedure in elderly people requiring extensive rehabilitation and long term care. The leading cause of LLA in patients over 65 is severe peripheral artery disease (PAD); with or without diabetes. Thus, with the growing geriatric population around the world, the demand for lower-limb amputations is also increasing. This trend is also expected to continue over the forecast period, driving the market growth.