According to Coherent Market Insights, the global prosthetics and orthotics market size is calculated at 6,923.2 million in 2023 and is projected to surpass USD 8,546.6 billion by 2030 with a remarkable CAGR of 3.1% from 2023 to 2030.
Market Dynamics: The Prosthetics and Orthotics market is driven by
increasing prevalence of osteoporosis across the globe. According to the
International Osteoporosis Foundation, osteoporosis causes more than 8.9 million
fractures annually, resulting in an osteoporotic fracture every 3 seconds.
Moreover, around 1 in 3 women over the age of 50 will experience osteoporotic
fractures, as will 1 in 5 men aged 50 years and older. Thus, rising cases of
osteoporosis is fueling demand for orthopedic implants, prosthetics, and
orthotics which provides support and enhances mobility. Moreover, technological
advancements in prosthetics and orthotics such as use of lightweight implant
materials, myoelectric prosthetics which uses sensors and computers to detect
electrical signals from muscles and nerves is another factor augmenting the
market growth over the forecast period. Request Sample Copy of the Report @ https://www.coherentmarketinsights.com/insight/request-sample/6003
Market Trends: 3D printing of prosthetics is one of the emerging
trends in the prosthetics and orthotics market. 3D printing allows for
lightweight and customized prosthetics based on patient’s anatomy which offers
better fit and comfort. For instance, Össur, one of the major players, offers
3D printed prosthetics solutions called Pro-Flex which is 30% lighter than
other traditional sockets. Moreover, increasing adoption of carbonfiber as a
material for prosthetics and orthotics is another trend witnessed in the
market. Carbonfiber is lightweight, durable and corrosion resistant which makes
prosthetics and orthotics comfortable for long term use. For example, Ottobock
uses carbonfibers for knees, feet, and arms. Prosthetics and Orthotics Market Report Coverage Report Coverage Details Market Revenue in 2023 $6,923.2 million Estimated Value by 2030 $8,546.6 million Growth Rate Poised to grow at a CAGR of 3.3% Historical Data 2018–2021 Forecast Period 2023–2030 Forecast Units Value (USD Million/Billion) Report Coverage Revenue Forecast, Competitive Landscape,
Growth Factors, and Trends Segments Covered By Type Geographies Covered North America, Europe, Asia Pacific, and
Rest of World Growth Drivers • Increasing number of road accidents • Growing burden of sports injuries Restraints & Challenges • High cost of prosthetics and orthotics • Inadequate healthcare infrastructure
Market Opportunities With the rising prevalence of diabetes and vascular
diseases globally, the incidences of limb amputations have increased
considerably over the past few years. As per estimates, over 185,000 lower-limb
amputations are performed annually in the U.S. alone due to diabetes-related
complications. Similarly, vascular diseases lead to several hundred thousand
amputations worldwide each year. Since prosthetic devices are required
post-amputation to restore the patient's mobility, rising amputation rates
translate to increasing adoption of prosthetic products. This rising disease
burden and the subsequent increase in amputations present a lucrative growth
opportunity for players in the prosthetics and orthotics market. Immediate Delivery Available | Buy This Premium Research Report @ Technological advancements are revolutionizing the
prosthetics industry, with computer-assisted or bionic prosthetics gaining
immense popularity. Integrated with sensors, microprocessors, and pattern
recognition technology, these myoelectric and electronically controlled
prosthetic devices mimic the movements of muscles and joints more closely than
traditional elastic socket prosthetics. As the functionality and usability of
computer-assisted prosthetics continue to improve, their demand is accelerating
globally. The unprecedented precision, high-energy return and natural motion
provided by computer-assisted solutions are boosting their adoption. This trend
offers significant growth prospects to innovative device manufacturers
operating in the prosthetics market. Competitor Insights Key Market Takeaways: The global prosthetics and orthotics market is
anticipated to witness a CAGR of 3.1% during the forecast period 2023-2030.
This is owing to the rapidly aging worldwide population and rising incidences
of age-related health conditions. On the basis of product, the orthotic products segment
is expected to hold a dominant position, accounting for over 60% market share
in 2030 due to the higher usage of orthotic devices for lower back pain, knee
injury, ankle sprain and plantar fasciitis compared to prosthetics. On the basis of region, North America is expected to
hold a dominant position over the forecast period. This is owing to the high
prevalence of diabetes, rapid technological advancements, and supportive
reimbursement policies in the region. Europe is also expected to capture a
major share of the global prosthetics and orthotics market over the coming
years. Competitor Insights - Össur, - Ottobock, - Bauerfeind AG, - Fillauer LLC, College Park Industries and Blatchford Group. These established market players are focusing on new
product launches and geographical expansions to gain leadership positions in
the global market. Recent Developments in Prosthetic And Orthotics Market Technological Integration and AI: The introduction of
AI and robotics into prosthetic devices is a significant trend. For example,
WillowWood’s Alpha Control Liner System, released in May 2023, incorporates
machine learning to improve myoelectric control, offering more precise user
interaction with prosthetic devices. This system helps enhance the comfort and
functionality for prosthesis users by ensuring more consistent electrode
contact. Ask For Customization @ https://www.coherentmarketinsights.com/insight/request-customization/6003 Detailed
Segmentation: By Type: By
Geography: Find Most Trending Related Reports: Global medical
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prosthetic market is estimated to be valued at
USD 2.46 Bn in 2024 and is expected to reach USD 3.62 Bn by 2031, exhibiting a
compound annual growth rate (CAGR) of 5.7% from 2024 to 2031. China orthosis
and prosthetics market is estimated
to be valued at US$ 1,740.1 Mn in 2023, and is expected to exhibit a CAGR of
5.3% during the forecast period (2023-2030). The global upper limb
prosthetics market was valued at US$ 864.5 Mn in
2021 and is forecast to reach a value of US$ 1,219.7 Mn by 2028 at a CAGR of
5.0% between 2022 and 2028. Global assistive
technology market size was valued at US$ 22.98
Bn in 2023 and is estimated to reach US$ 32.25 Bn by 2030, exhibiting a
compounded annual growth rate (CAGR) of 4.7% during the forecast period. About Us: Coherent Market Insights is a global market intelligence and
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