Prosthetics And Orthotics Market is Expected to be Flourished by Growing Geriatric Population

 
Prosthetics And Orthotics Market

Prosthetics and orthotics are medical devices used as a replacement or support for limbs and joints. Prosthetics provide an artificial substitute for a missing body part, such as an arm, leg, hand, or foot. Orthotics are used to support, align, prevent, or correct deformities or to improve the function of movable parts of the body. Common orthotics include ankle braces, wrist/hand braces, elbow braces, and knee braces. Prosthetics and orthotics are used due to various reasons such as trauma, wounds, congenital deformities, cancer, and bone tumors among others. These devices assist those with deficiencies to carry out normal daily functions. Technological advancements in materials such as carbon fiber and 3D printing have transformed the prosthetics and orthotics market by producing more lightweight and customized devices.


The global Prosthetics And Orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The growing geriatric population is one of the major drivers of the prosthetics and orthotics market. According to the UN report, the population aged 60 years and older is expected to grow to more than 2 billion by 2050. This geriatric population is more prone to disabilities, arthritis, diabetes, and injuries which require prosthetics and orthotics for mobility support. Moreover, favorable reimbursement policies regarding prosthetic and orthotic devices in developed countries supplement the market growth. For instance, in the U.S., Medicare covers 80% of approved prosthetic and orthotic supplies and devices. However, the high cost associated with advanced and customized prosthetics and orthotics devices may hinder the market growth.


Segment Analysis
Prosthetics and Orthotics market has two major segments - Prosthetics and Orthotics. The Prosthetics segment is the dominant segment holding around 60% market share due to higher demand for prosthetics like lower extremity prosthetics, upper extremity prosthetics. The lower extremity prosthetics sub-segment dominates owing to demand for prosthetic knees, feet and ankles.

PEST Analysis
Political: Regulations governing prosthetics and orthotics have been strengthening globally to ensure quality and access. For example, Affordable Care Act expanded insurance coverage in the US boosting demand.
Economic: Rising disposable incomes and expanded healthcare coverage have increased funding for prosthetics and orthotics worldwide. Developing nations are a major growth opportunity.
Social: Growing geriatric population and prevalence of diabetes and vascular diseases have increased cases of amputation driving demand. Also increased disability rights awareness raises adoption.
Technological: 3D printing, myoelectric and microprocessor controlled prosthetics are key areas of innovation allowing for improved design, functionality and customization. This is expanding applications.

Key Takeaways
The global Prosthetics And Orthotics Market Share is expected to witness high growth over the forecast period of 2023 to 2030 reaching a value of US$ 11,923.2 Mn by 2030. The global Prosthetics And Orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

Regional analysis shows North America region currently dominates owing to availability of funds and infrastructure while Asia pacific is poised to be the fastest growing region due to initiatives to address disability needs.

Key players operating in the Prosthetics and Orthotics market are Ottobock, Blatchford Group, Touch Bionics, Fillauer LLC, Endolite India Ltd.

Key players like Ottobock are global leaders in prosthetics knees and feet while Blatchford Group leads in upper extremity prosthetics. Players are focused on innovation to address unmet needs and expanding into emerging markets. In the dynamic orthotics space, Fillauer LLC leads in ankle foot orthotics.

Get more insights on this topic: https://www.pressreleasebulletin.com/prosthetics-and-orthotics-market-demand-share-analysis/

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