Rising elderly population with osteoarthritis and ligament injury, increasing technological advancements in prosthetics & orthotics devices, a rising number of sports injuries and road accidents globally, growing cases of osteosarcoma in young adults and children, and an increasing demand for user-friendly prosthetics that require minimal training are some of the key factors driving the global prosthetics & orthotics market. Despite the potential for growth in the prosthetics and orthotics market, the high cost of these devices is expected to impede their expansion in the coming years.
Prostheses and orthoses empower individuals with physical disabilities or functional restrictions to lead a robust, fruitful, and self-sufficient existence. Prosthetic products include artificial lower and upper limbs, liners, and related products for amputees while bracing & supports products are primarily used to support joints and other body parts for osteoarthritis patients and those with sports injuries.
Orthoses are used to control, stabilize or immobilize a joint. It can be used as fixed or mobile support, depending on the treatment plan to address various symptoms of pain and discomfort in the feet and legs such as correcting foot deformities, giving support to the ankle, helping the foot or ankle function better, and reducing the risk of additional injuries.
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Technological Advancements Drives the Demand of Prosthetics & Orthotics Market
The quality of life of amputees are enhanced by innovative solutions developed in this field and those suffering from neurological diseases such as stroke, spinal cord injury, and multiple sclerosis. Further, technological innovations in the orthopedic segment such as the 3D printing of implants and the introduction of bionic technology, and sensor technology in prosthetic limbs offers an extraordinary growth opportunity in the Prosthetics & Orthotics market.
- In July 2022, WillowWood company announced the launch of its META Shock X, the third high-activity prosthetic foot from the META family
- In March 2022, Hanger Clinic announced that its proprietary AmpuShield limb protector has obtained an innovative technology contract from Vizient, Inc., the nation’s largest member-driven healthcare performance improvement company
Opportunities in Prosthetics & Orthotics Market
The advancement of prosthetic technology includes lightweight running legs and more responsive legs and feet, allowing for more effective navigation. The future and emerging trend toward creating more sensitive limb-based products and brain-controlled prosthetics with the arrival of neuroprosthetics. Some of the latest trends include, Sensitive Limbs, Brain-Controlled Prosthetics, and Passive Prosthetics devices.
Upcoming Market Challenges: Prosthetics & Orthotics Market
A lot of these technologies are still in development and could take many years before the most advanced prosthetics reaches the global market.
North America is Poised to Hold a Higher Share in the Prosthetics & Orthotics Market
From a geographical outlook, North America is set to hold a higher share of the global prosthetics & orthotics market. The primary reason for this trend can be attributed to the rising prevalence of sports-related injuries and vehicular accidents, growing number of diabetes-related amputations, technological advancements in prosthetics & orthotics devices, and better healthcare coverage in the region.
Competitive Landscape: Prosthetics & Orthotics Market
Some of the major and established players operating in the global market are Ossur, Ottobock Healthcare GmbH, Blatchford Inc., and Hanger, Inc., among others.
Growth Strategies Adopted by Leading Players to Establish Their Foothold in Prosthetics & Orthotics Market
Both organic and inorganic growth strategies are being adopted by key players operating in the global market such as collaborations, acquisitions, and new product launches to garner a larger market share.
For instance,
- In January 2023, WillowWood Global LLC announced that they have formed a strategic alliance with Reboocon Bionics B.V., the inventor and manufacturer of the motorized prosthetic knee, INTUY Knee
- In December 2022, Adapttech entered into a partnership with Alfred to distribute its prosthetic fitting solutions to the Nordic market
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