Prosthetics And Orthotics Market Size To Hit USD 12.72 Bn By 2032

The global prosthetics and orthotics market was estimated at USD 8 billion in 2022 and is projected to reach over USD 12.72 billion by 2032 with a registered CAGR of 4.8% during the forecast period 2023 to 2032.

Table of Contents

Key Takeaways

North America led the global market with the highest market share of 38% in 2022.
Asia-Pacific is estimated to expand at the fastest CAGR during the forecast period.
By Type, the orthotics segment has held a major market share of 75% in 2022.
By Type, the prosthetics segment is estimated to grow at the fastest CAGR over the projected period.

Prosthetics improve the routine and role of persons with limb injury by means of artificial limbs also called prostheses. In order to match the functional needs of an individual, the prosthesis must be an exceptional combination of design, alignment, materials, and construction. These functional needs are composite and contrast for lower and upper extremities. At present, maximum orthotic and prosthetic devices available in the medical sector are emphasis on serving individuals to overcome deficits of the lower extremities with the help of diabetic footwear and prosthetic limbs.

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Orthotics is a term of medicine concerned with the design, fabrication, and manufacture of artificial devices termed as outhouses. Orthotic controls weakened or deformed regions of the body of a physically challenged person. It is placed on the body to modify or correct the structural and functional characteristics of the neuromuscular and skeletal systems. These can be used to allow movement (mechanical), restrict movement, as a rehabilitation device after the removal of a cast, to correct the shape or function of part of the body, to decrease weight-bearing pressure, or to affluence the pain.

Growth Factors

The rising occurrences of sports wounds, aggregate occurrence of osteosarcoma, and intensifying elderly populace are the crucial influences boosting the prosthetics and orthotics market. Currently, more people are choosing sports as a career, growing the likelihood of numerous sports injuries. The elderly are more vulnerable to conditions, for example, osteoporosis, and osteopenia making them common users of numerous orthopedic solutions. Growing the frequency of osteosarcoma in children and adults is furthermore pouring the growth of prosthetics and orthotics market considerably. Patients improving from surgery frequently need orthopedic devices and prosthetics as a part of post-surgery treatment, which is slated to propel the market growth in the upcoming years. Moreover, the technological advancement in orthotics and prosthetics is expected to provide lucrative opportunities to the market in the near future. Conversely, the high cost of the customized orthotic devices is anticipated to hinder the market growth during the forecast period.

Regional Snapshots

Geographically, the North America region is projected to create the largest revenue in the prosthetics and orthotics market and is expected to continue its dominance over the projection period. Furthermore, technological development could also stoke demand in the region. The availability of impressive healthcare infrastructure, increasing investments in research and development, favorable reimbursement policies and are anticipated to support the demand for prosthetics and orthotics in the North America region. Additionally, the increasing prevalence of osteosarcoma and rising incidences of sports injuries are anticipated to boost the market growth. However, the Asia Pacific region is expected to witness the fastest growth during the projection period owing to the increasing count of road accidents, promising government initiatives, and diabetes-associated amputations to become an attractive market for prosthetics and orthotics. Moreover, the growing consciousness for orthotics and prosthetics has emerged as crucial factor improving the sale in the emerging region.

Key Players & Strategies

The prosthetics and orthotics market is moderately competitive, and the degree of competition will remain the same during the forecast period. These vendors are constantly focusing on improving R&D and facilitate other organic strategies to gain a competitive edge in the market. Although the escalating growth impetus will offer enormous growth prospects, more prices of prosthetics and orthotics products and treatments will challenge the growth of the market participants. Furthermore, to make the most of the prospects, the prosthetics and orthotics industry participants would emphasis further on the development forecasts in the rapidly expanding segments, while upholding their footprint in the slow-growing segments.

Prosthetics and Orthotics Market Scope

Report Coverage	Details
Market Size in 2023	USD 8.34 Billion
Market Size by 2032	USD 12.72 Billion
Growth Rate from 2023 to 2032	CAGR of 4.8%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Type, Technology, End Users, Region

Report Highlights

The orthotics segment is projected to witness considerable growth in terms of revenue, over the forecast period. Growing cases of diabetes-related amputations across the world are acting as the pouring factor for this segment.
The Asia Pacific region is projected to exhibit the highest growth rate over the projection period. An upsurge in disposable income and supportive government initiatives will propel the market growth in the coming years.
Rising pervasiveness of bone-related illnesses such as osteoporosis, osteosarcoma, and osteopenia are predicted to accelerate demand for orthotics across the globe
Product launches, acquisitions, mergers and partnerships & collaborations are considered as fundamental strategies adopted by the plentiful market players to expand their market share and gain a competitive advantage.
Development of microprocessor-controlled prosthetics will offer usual prosthetic problems with a front-line tactic and will offer smoother and natural motions via improvement of this technology for prosthetics