by With rising health concerns and shift towards healthier lifestyle, the demand for prosthetics and orthotics is growing rapidly. Prosthetics are artificial medical devices used to replace missing body parts like limbs, while orthotics are used for bracing weak or ineffective joints or limbs. They help enhance mobility, prevent deformities, and enable patients to perform day to day activities independently.
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 key trends:
The increasing prevalence of chronic diseases and road accidents are majorly driving the demand for prosthetics and orthotics. As per estimates, over 80% of amputations are caused due to diabetes, peripheral vascular disease and injuries. Moreover, diseases like cancer, osteoarthritis etc. also require bracing and support of orthotic devices. Growing geriatric population, who are more prone to disabilities, along with improving access to reimbursement and insurance coverage are further fueling the adoption of prosthetics and orthotics. Manufacturers are also focusing on developing advanced computerized and myoelectric devices for improved comfort, control and functionality. 3D printing technology is enabling quick customization of prosthetics as per patient’s anatomy. Rising investments in R&D of bionic prosthetics is another key trend in this market.
SWOT Analysis
Strength: Biopesticides are considered more environmentally friendly than chemical pesticides as they have little or no toxicity to non-target organisms and humans. They decompose quickly and leave no toxic residues.
Weakness: Biopesticides have a relatively narrower spectrum of activity compared to chemical pesticides and are often effective against only specific pests or groups of pests. Their effectiveness may also be reduced if inappropriate environmental conditions prevail.
Opportunity: Stringent government regulations on chemical pesticides provide opportunities for the adoption of biopesticides. Growing popularity of organic farming practices also increases demand for biopesticides.
Threats: Fluctuations in raw material supply can impact biopesticide production. Moreover, growth of genetically modified crops resistant to major pests reduces the need for certain biopesticides.
Key Takeaways
The Global Prosthetics And Orthotics Market Demand is expected to witness high growth. 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 comprises The North American region currently dominates the prosthetics and orthotics market due to increasing technological advancements, rising healthcare expenditure and growing elderly population. The Asia Pacific region is expected to grow at the fastest pace due to rapidly improving healthcare infrastructure and increasing adoption of advanced prosthetic products.
Key players operating in the prosthetics and orthotics market are Ossur, Ottobock, fillsauer and Optimal. Major players focus on developing innovative prosthetic products using advanced materials to provide better functional abilities and comfort. They also undertake strategic partnerships and acquisitions to expand their product portfolio and strengthen geographical presence. Increasing R&D investments aim to develop 3D printed prosthetics and battery-powered devices for wider range of clinical applications.
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Source: Coherent Market Insights, Public sources, Desk research
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