February 15, 2025
Prosthetics And Orthotics Market

Prosthetics and Orthotics is Estimated to Witness High Growth Owing to Opportunity in Sports Injuries

Prosthetics and Orthotics includes products designed to assist or replace anatomy that has been amputated or impaired. This includes artificial limbs, joint replacements, braces, and other supports. The demand for these products is growing owing to an aging population and a rise in lifestyle diseases that damage joints and bones like osteoarthritis. Additionally, sports injuries are also a major cause of impairment leading to greater use of prosthetics and orthotics. Advances in materials science have enabled lighter and more comfortable prosthetics and orthotics that allow patients improved mobility.

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 Opportunity:

One of the major market opportunities in the prosthetics and orthotics market pertains to the rise in sports injuries. More people are actively participating in sports and outdoor recreational activities. However, this has led to an increase in the number of sports injuries involving bones and joints. Common sports injuries include torn ligaments, dislocated joints, and fractures. Many of these injuries may require prosthetics such as knee or shoulder replacements. According to statistics, over 3.5 million sports injuries are reported annually in the US alone. The high rate of sports injuries is expected to drive the demand for various prosthetics and orthotics products during rehabilitation and recovery. Effective prosthetics can help athletes get back to the game sooner. Thus, the market opportunity around sports injuries is considerable and prosthetics and orthotics companies may experience growth by developing innovative products tailored for injured athletes and sports personnel.

Porter’s Analysis

Threat of new entrants: Low as market is already competitive and to establish new brand and compliance with regulations requires high investment.

Bargaining power of buyers: Moderate as some large buyers like hospitals can negotiate on price but individual buyers have less power.

Bargaining power of suppliers: Moderate as raw materials for prosthetics and orthotics are commodity products and some key suppliers exist.

Threat of new substitutes: Low as prosthetics and orthotics have limited substitutes.

Competitive rivalry: High as market dominated by few large players and new local players continuously entering market.

SWOT Analysis

Strength: Wide product portfolio and strong brand image of major players. Growing geriatric population increasing demand.

Weakness: High costs of customized prosthetics limiting market in developing countries. Lack of reimbursement and insurance coverage in some regions.

Opportunity: Untapped markets in Asia Pacific and Latin America offering growth prospects. Technological advancements improving functionality.

Threats: Stringent regulatory framework for approval and manufacturing. Threat from refurbished and 3D printed prosthetics.

Key Takeaways

The global Prosthetics And Orthotics Market Share is expected to witness high growth during 2023-2030 driven by increasing incidences of amputations due to diabetes, accidents and sports injuries. 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.

The North America region currently dominates due to presence of major players and advanced healthcare facilities. Regional analysis indicates Asia Pacific as the fastest growing market led by countries like India, China and Japan owing to large population base and improving healthcare infrastructure.

Key players operating in the prosthetics and orthotics market are Ottobock, Blatchford Group, Ossur, Fillauer LLC, College Park Industries and Stryker Corporation. In recent years, major players are focusing on acquisitions of local prosthetics companies to expand presence in high growth markets. They are also investing in development of technologically advanced products leveraging robotics and 3D printing.

Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it

Money Singh
+ posts

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →