Market Size of Prosthetics And Orthotics Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 6.95 Billion |
Market Size (2029) | USD 8.95 Billion |
CAGR (2024 - 2029) | 5.20 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Prosthetics & Orthotics Market Analysis
The Prosthetics And Orthotics Market size is estimated at USD 6.95 billion in 2024, and is expected to reach USD 8.95 billion by 2029, at a CAGR of 5.20% during the forecast period (2024-2029).
Megatrends Shaping the Market: The global Prosthetics and Orthotics Market is undergoing substantial growth, influenced by several key megatrends. These include the aging global population, rising incidences of chronic diseases, and rapid technological advancements in biomechanical solutions. Together, these factors are driving an increased demand for innovative prosthetic and orthotic devices, creating an ecosystem that fosters continuous research and development. Healthcare systems across the globe are prioritizing improved quality of life and functional outcomes for individuals with limb impairments, fueling a surge in technological innovations and expanding applications for these devices.
Growing Burden of Sports Injuries and Rising Number of Road Accidents: The rising number of sports-related injuries and the growing incidence of road accidents are critical drivers for the Prosthetics and Orthotics Market. As sports and recreational activities gain popularity, there has been a notable increase in athletic injuries, from minor strains to severe ligament damage, often necessitating orthotic support. Simultaneously, the rising number of road accidents, especially in developing regions, has created significant demand for prosthetic devices. This demand not only drives acute interventions but also fosters long-term prosthetic solutions that evolve with patient needs.
Increasing Burden of Osteosarcoma: The rising burden of osteosarcoma, especially among pediatric and young adult populations, is becoming an essential growth driver for the market. Management of this bone cancer frequently involves limb-sparing surgeries, which require advanced prosthetic solutions. Innovations in prosthetic technology are focusing on accommodating patient growth while enhancing functionality and quality of life, particularly for younger patients. The unique demands of osteosarcoma patients are pushing the boundaries of prosthetic design, with benefits extending to the broader prosthetics community.
Growing Burden of Diabetes-related Amputations and Rising Geriatric Population: The escalating prevalence of diabetes-related amputations and the aging global population are two key forces propelling the Prosthetics and Orthotics Market. With the increase in global diabetes cases, the incidence of lower limb amputations due to diabetic foot ulcers is rising. This trend has created a continuous demand for prosthetic devices. Furthermore, the world's aging population is increasingly prone to conditions such as osteoarthritis, necessitating orthotic support. These trends are driving innovation in prosthetic and orthotic technologies, aimed at improving comfort, functionality, and user-friendliness for older adults and diverse patient populations.
Prosthetics & Orthotics Industry Segmentation
As per the scope of the report, a prosthetic is an artificial body part, such as an arm or foot, which replaces a missing part. Orthotics is a branch of mechanical and medical science that deals with the design and fitting of orthoses. Orthoses are external devices or apparatuses, such as a brace or splint, used in orthopedics to support or immobilize the spine or limbs.
The prosthetics and orthotics market is segmented by product and geography. By product, the market is segmented orthotic and prosthetic products. By orthotic products, the market is segmented into upper limb, lower limb, and spinal. By prosthetic products, the market is segmented into upper extremity, lower extremity, liners, sockets, and modular components. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.
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Prosthetics And Orthotics Market Size Summary
The prosthetics and orthotics market is poised for significant growth over the forecast period, driven by an increasing prevalence of sports injuries, road accidents, and diabetes-related amputations, alongside a rising geriatric population. The market's expansion is also supported by advancements in medical technology and strategic initiatives aimed at improving access to assistive devices. Despite the challenges posed by the COVID-19 pandemic, which temporarily dampened demand due to alternative management approaches, the market is expected to recover and grow steadily. The introduction of innovative products, such as microprocessor-controlled knee technologies, and partnerships between key industry players are further expected to enhance the market's trajectory.
In North America, particularly the United States, the market benefits from a well-established healthcare infrastructure and a strong focus on research and development. The presence of numerous market players and legislative support, such as the Medicare Orthotics and Prosthetics Patient-centered Care Act, contribute to the region's dominance. The competitive landscape is characterized by the activities of global and international players who are engaging in partnerships, geographical expansions, and product launches to strengthen their market position. Despite the high costs and infrastructural challenges in some regions, the market's growth is bolstered by ongoing innovations and strategic collaborations aimed at improving the quality of life for individuals with limb loss.
Prosthetics And Orthotics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Growing Burden of Sports Injuries and Rising Number of Road Accidents
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1.2.2 Increasing Burden of Osteosarcoma
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1.2.3 Growing Burden of Diabetes-related Amputations and Rising Geriatric Population
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1.3 Market Restraints
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1.3.1 Lack of Developed Healthcare Infrastructure in Developing and Underdeveloped Economies
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1.3.2 High Cost of Devices
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product
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2.1.1 Orthotic Products
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2.1.1.1 Upper Limb
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2.1.1.2 Lower Limb
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2.1.1.3 Spinal
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2.1.2 Prosthetic Products
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2.1.2.1 Upper Extremity
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2.1.2.2 Lower Extremity
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2.1.2.3 Liners
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2.1.2.4 Sockets
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2.1.2.5 Modular Components
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South Korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Prosthetics And Orthotics Market Size FAQs
How big is the Prosthetics And Orthotics Market?
The Prosthetics And Orthotics Market size is expected to reach USD 6.95 billion in 2024 and grow at a CAGR of 5.20% to reach USD 8.95 billion by 2029.
What is the current Prosthetics And Orthotics Market size?
In 2024, the Prosthetics And Orthotics Market size is expected to reach USD 6.95 billion.