The prosthetics and orthotics market covers prosthetic limbs and orthopedic braces. Prosthetic limbs include artificial legs, arms, feet and hands that replace missing body parts. They are made from lightweight and durable materials such as carbon fiber, plastic and stainless steel. Orthopedic braces support injured or weakened bones and muscles. Some common orthopedic braces are knee, back, ankle and wrist braces. They help patients recover from injuries and provide support to weakened joints. The growing geriatric population and rising prevalence of diabetes, cardiovascular diseases and obesity are driving the need for prosthetics and orthotics.
The Prosthetics And Orthotics Market is estimated to be valued at US$ 6,923.2 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Myoelectric prosthetics use electric signals generated by the skin and muscles to power an artificial limb. Microprocessor controlled prosthetics contain a microprocessor that senses the transitional forces applied to the socket by residual limb muscles and instantaneously responds to produce natural limb movement. These advance prosthetics provide better functionality, comfort and mobility compared to traditional prosthetics. Increasing awareness about the capabilities of myoelectric and microprocessor controlled prosthetics through social media and internet is encouraging more amputees to adopt these products. The development of lightweight, durable and cosmetic covering materials is also fueling the demand for aesthetically appealing prosthetics.
Porter's Analysis
Threat of new entrants: The prosthetics and orthotics market requires substantial investment and R&D which acts as a barrier for new players. Strict regulations also make entry difficult.
Bargaining power of buyers: Individual customers have low bargaining power due to inelastic demand for prosthetics and orthotics. However, bulk buyers like governments and insurance companies wield high bargaining power.
Bargaining power of suppliers: The presence of many component suppliers limits their bargaining power. Suppliers do not have pricing control.
Threat of new substitutes: There is limited threat as prosthetics and orthotics have few substitutes capable of restoring mobility.
Competitive rivalry: The market is moderately competitive with few global players and many regional ones. Competition drives innovation.
SWOT Analysis
Strength: Strong brand recognition of leading players. Continuous technological advancements help address unmet needs effectively.
Weakness: High costs associated with production, R&D and materials. Low penetration in developing regions due to affordability issues.
Opportunity: Growing geriatric population increases demand. Favorable reimbursement and regulations in developed markets boost adoption.
Threats: Slow economic growth affects spending. Stringent regulations delay product approvals.
Key Takeaways
Global Prosthetics And Orthotics Market Demand is expected to witness high growth, exhibiting
CAGR of 3.1% over the forecast period, due to increasing incidence of amputations and accidents. North America dominates currently due to presence of leading manufacturers and favorable reimbursements. The Asia Pacific market is poised to grow the fastest owing to rising healthcare investments and prevalence of chronic diseases.
Key players operating in the prosthetics and orthotics market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, Ottobock, and WillowWood Global LLC, among others.
Regional analysis: North America accounts for over 35% market share currently led by the US which is the most lucrative market. Asia Pacific excluding Japan offers lucrative opportunities and is expected to grow at 5.1% CAGR during the forecast period with China and India emerging as high potential markets.
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