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Prosthetics & Orthotics Global Market Report 2022

·4-min read

Major players in the prosthetics & 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.

New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Prosthetics & Orthotics Global Market Report 2022" -

The global prosthetics and orthotics market is expected to grow from $7.32 billion in 2021 to $7.65 billion in 2022 at a compound annual growth rate (CAGR) of 4.57%. The prosthetics and orthotics market is expected to grow to $9.33 billion in 2026 at a compound annual growth rate (CAGR) of 5.09%.

The prosthetics & orthotics market consists of the sales of prosthetics and orthotics products by entities (organizations, partnerships, and sole proprietors) that 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.

The main types of prosthetics & orthotics market include prosthetics and orthotics.Prosthetics are artificial limbs or body parts used to replace lost body parts due to amputation or lack of development.

The categories of prosthetics & orthotics include upper limb, lower limb, and spinal.Hospitals, clinics, rehabilitation centres, and others utilize prosthetics & orthotics.

The different technologies used in prosthetics & orthotics include conventional, electrical-powered, and hybrid technologies.

North America was the largest region in the prosthetics orthotics market in 2021.The Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the prosthetics and orthotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The prosthetics and orthotics market research report is one of a series of new reports that provides prosthetics and orthotics market statistics, including prosthetics and orthotics industry global market size, regional shares, competitors with a prosthetics and orthotics market share, detailed prosthetics and orthotics market segments, market trends and opportunities, and any further data you may need to thrive in the prosthetics and orthotics industry. This prosthetics and orthotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The increasing sports injuries and road accident cases significantly drive the prosthetics and orthotics market.Road accidents are caused by distracted driving and high speeding.

These conditions cause many disabilities in the injured people, entailing the use of prosthetics and orthotics for recovery and restoring normal day-to-day function. 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.

Technological advancement is a new trend gaining popularity in the prosthetics and orthotics market.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 June 2019, Össur, an orthopaedic device company, launched next-generation Proprio Foot intelligent prosthesis that uses artificial intelligence to detect and respond to changes in users’ walking style and terrain.

The newly upgraded microprocessor ankle is faster than the previous model, allowing users to walk naturally and comfortably on various terrains such as stairs and ramps.

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 countries covered in the prosthetics and orthotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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