prosthetics and orthotics market
Medical Equipment

How Will The Prosthetics And Orthotics Market Globally Expand In 2023?

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s prosthetics and orthotics market report forecasts the prosthetics and orthotics market size to grow to $8.46 Billion by 2027, with a CAGR (compound annual growth rate) of almost 5%.

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Prosthetics And Orthotics Market Size Forecast
The global prosthetics and orthotics market is expected to grow from $6.6 billion in 2022 to $6.99 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The prosthetics and orthotics market size is expected to grow to $8.46 billion in 2027 at a CAGR of 4.9%.

North America held the largest prosthetics and orthotics market share, and Asia-Pacific was the fastest-growing region in 2022.

Key Prosthetics And Orthotics Market Driver ­– Increase In Sports Injuries And Road Accident Cases Significantly
According to the report by National Crime Records Bureau, India, In July 2021, road crash deaths in the country have increased by 1.3 percent to 1,54,732 from 1,52,780. Additionally, the leading cause of sports injuries is the year-round participation of athletes in a single sport, resulting in more injuries. For instance, In a report by National Safety Council (NSC), bicycling sports were responsible for approximately 426,000 damages in 2020, Exercise, with or without equipment, in second with about 378,000 injuries, while OHV, moped, and minibike in third with 230,000 injuries, and skateboard, scooter, and hoverboard in fourth with 218,000 injuries. Therefore, increasing sports injuries and road accident cases are expected to boost demand for prosthetics and orthotics during the forecast period.

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Key Prosthetics And Orthotics Market Trend – Technological Advancement
Major companies operating in the prosthetics and orthotics market are focused on providing technologically advanced products to strengthen their market position. These companies are implementing next-generation technologies into their products and related services, such as automation, artificial intelligence (AI), microprocessor, neuromuscular signal technology, sensory control, and others, to provide smoother, more natural motions and functions. For instance, in February 2022, Ossur, an Iceland-based orthotics and prosthetics (O&P) company, launched POWER KNEE. POWER KNEE is the first actively powered microprocessor prosthetic knee for persons with limb differences or above-knee amputations. The POWER KNEE generates motion by offering active powered assistance while recognizing whether the wearer is seated or standing or walking on different surfaces, inclines, or declines.

Prosthetics And Orthotics Market Segment
1) By Type: Prosthetics, Orthotics
2) By Category: Upper limb, Lower limb, Spinal
3) By Technology: Conventional, Electric-Powered, Hybrid Orthopedic Prosthetics
4) By Application: Hospitals, Clinics, Rehabilitation Centers, Other Applications

Prosthetics And Orthotics Market Major Players and Strategies
Major players in the prosthetics and orthotics market are Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, WillowWood Global LLC, The Ohio Willow Wood Company, Steeper Group, Johnson and Johnson, Stryker Corporation, Smith & Nephew PLC, Howard Orthopedics Inc., Shapeways Inc., Hanger Inc., and Coloplast.

In October 2020, Proteor, a France-based international group specializing in prosthetic and orthotic solutions, acquired a portion of Freedom Innovations’ array of lower limb prosthetics. With this acquisition, Proteor combines the Freedom Innovations’ expertise to generate momentum to build a presence within the prosthetics and orthotics. Proteor added Freedom Innovations’ flagship lower limb products to its portfolios, including Plié3 microprocessor knee, Kinnex, and Kinterra ankles, Agilix, Highlander, Dynadapt, Sierra, and Pacifica feet products. Freedom Innovations is an American brand and a part of the product portfolio from Ottobock. Ottobock is a German-based company that operates in orthopedic technology.

The Prosthetics And Orthotics Global Market Report 2023 covers regional data on prosthetics and orthotics market size, prosthetics and orthotics market trends and drivers, opportunities, strategies, and prosthetics and orthotics market competitor analysis. The countries covered in the prosthetics and orthotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Prosthetics & orthotics refer to artificial prosthetics and orthotics medical devices used to support deformity parts of the human body. The purpose of prosthetics & orthotics devices is to fit comfortably and allows people with limb amputations or physical impairments of their limbs or spine to achieve functional ability.

View More Reports Related To The Prosthetics And Orthotics Market –
3D Printed Prosthetics Global Market Report 2023
Orthopedic Prosthetics Global Market Report 2023
3D Orthpedics/Prosthetics Global Market Report 2023

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