Global Prosthetics and Orthotics Market By Type (Orthotics (Spinal Orthotics, Upper Limb, and Lower Limb) and Prosthetics (Upper Extremity, Lower Extremity, Modular Components, Liners, and Sockets)), By Technology (Electric-powered, Conventional, and Hybrid Orthopedic Prosthetics), By End-users (Hospitals, Rehabilitation Centre, Prosthetics Clinics, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Oct 2024
- Report ID: 130778
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Report Overview
Global Prosthetics and Orthotics Market size is expected to be worth around US$ 12.6 billion by 2033 from US$ 7.1 billion in 2023, growing at a CAGR of 5.9% during the forecast period 2024 to 2033.
Growing demand for advanced prosthetics and orthotics significantly drives the market, particularly as healthcare systems increasingly prioritize rehabilitation and quality of life for patients with limb loss or mobility impairments. The applications of prosthetics extend beyond traditional limb replacements, encompassing innovative solutions for finger and partial hand prostheses, which address the specific needs of patients with unique challenges.
In August 2022, Ossur expanded its capabilities by acquiring Naked Prosthetics, a Washington-based company specializing in finger prostheses. This strategic acquisition aims to meet the rising demand for tailored solutions for patients experiencing finger and partial hand loss, enhancing Ossur’s upper limb product portfolio on a global scale.
Recent trends indicate a shift towards incorporating cutting-edge technologies such as 3D printing and smart materials, which improve the functionality and comfort of prosthetic devices.
Additionally, the integration of digital health technologies and telehealth services enhances patient engagement and remote monitoring, further expanding opportunities within the market. The increasing prevalence of diabetes and vascular diseases, which often lead to amputations, also contributes to the growth of the prosthetics and orthotics market.
Furthermore, a growing focus on personalized medicine enables the development of custom-fit devices, ensuring better outcomes for patients. As innovations continue to emerge, the market is well-positioned for sustained expansion, reflecting a commitment to improving the lives of individuals with mobility challenges.
Key Takeaways
- Market Size: Global Prosthetics and Orthotics Market size is expected to be worth around US$ 12.6 billion by 2033 from US$ 7.1 billion in 2023..
- Market Growth: The market growing at a CAGR of 5.9% during the forecast period 2024 to 2033.
- Type Analysis: The orthotics segment led in 2023, claiming a market share of 54.3%.
- Technology Analysis: The conventional held a significant share of 48.5% as traditional orthopedic prosthetics continue to serve as reliable solutions for many patients.
- End-Use Analysis: The hospitals segment had a tremendous growth rate, with a revenue share of 60.1%.
- Regional Analysis: North America dominated the market with the highest revenue share of 37.6% in 2023.
- Technological Innovations: Continuous innovations are enhancing the functionality and accessibility of prosthetic and orthotic devices
By Type Analysis
The orthotics segment led in 2023, claiming a market share of 54.3% owing to the increasing prevalence of musculoskeletal disorders and the aging population. As conditions such as arthritis, diabetic foot complications, and sports injuries become more common, the demand for orthotic devices that provide support and enhance mobility is likely to rise.
Additionally, advancements in material science and technology are projected to lead to the development of lightweight, customizable orthotic solutions that offer better comfort and fit. The growing awareness among healthcare providers and patients about the benefits of orthotic interventions in improving quality of life is anticipated to further boost demand.
Furthermore, as healthcare systems increasingly focus on preventive care and rehabilitation, the orthotics segment is likely to gain prominence, providing essential support for individuals recovering from injuries or surgeries. Overall, the orthotics segment is poised to play a critical role in addressing the needs of patients requiring assistive devices.
By Technology Analysis
The conventional held a significant share of 48.5% as traditional orthopedic prosthetics continue to serve as reliable solutions for many patients. The increasing demand for cost-effective and durable devices is expected to drive the growth of conventional prosthetics, particularly in developing regions where advanced technologies may be less accessible. Patients often prefer conventional options due to their simplicity, ease of use, and proven effectiveness in restoring mobility.
Moreover, the ongoing improvements in conventional materials and manufacturing techniques are likely to enhance the performance and longevity of these devices. As healthcare providers increasingly recognize the importance of offering a variety of options to meet diverse patient needs, the conventional segment is anticipated to remain a foundational component of the overall market.
Furthermore, as more individuals seek solutions to improve their functional capabilities, the continued development and refinement of conventional orthopedic devices are expected to solidify their relevance in the market.
By End-users Analysis
The hospitals segment had a tremendous growth rate, with a revenue share of 60.1% as primary care providers for patients requiring specialized devices. The growing incidence of traumatic injuries, chronic diseases, and conditions necessitating amputations will likely increase the demand for prosthetics and orthotics services within hospital settings.
Additionally, hospitals are anticipated to invest in advanced technologies and rehabilitation programs that enhance patient recovery and outcomes, further driving growth in this segment. The focus on multidisciplinary care approaches, where various healthcare professionals collaborate to develop personalized treatment plans, is projected to boost the integration of prosthetics and orthotics into overall patient care strategies.
Furthermore, the establishment of dedicated prosthetics and orthotics clinics within hospitals is likely to improve access and streamline services for patients. As healthcare providers continue to prioritize comprehensive care and functional rehabilitation, the hospitals segment is poised to play a pivotal role in the ongoing evolution of the prosthetics and orthotics market.
Key Market Segments
By Type
- Orthotics
- Spinal Orthotics
- Upper Limb
- Lower Limb
- Prosthetics
- Upper Extremity
- Lower Extremity
- Modular Components
- Liners
- Sockets
By Technology
- Electric-powered
- Conventional
- Hybrid Orthopedic Prosthetics
By End Users
- Hospitals
- Rehabilitation Centre
- Prosthetics Clinics
- Others
Drivers
Growing Prevalence of Diabetes Drives Market Growth
Increasing prevalence of diabetes significantly drives the prosthetics and orthotics market. The rise in diabetes cases contributes to a higher incidence of complications that often result in amputations. According to the latest report from the American Diabetes Association, a limb is amputated every 3 minutes and 30 seconds in the United States due to diabetes-related complications.
Annually, approximately 154,000 individuals with diabetes undergo amputations, with around 80% of non-traumatic lower limb amputations attributed to the disease. As the number of diabetic patients grows, the demand for advanced prosthetic devices and orthotic supports is expected to rise. This trend reflects the urgent need for effective solutions to enhance mobility and quality of life for those affected by diabetes-related amputations, driving robust growth in the market for these devices.
Restraints
Lack of Consumer Awareness Restrains Market Expansion
High levels of consumer awareness regarding prosthetics and orthotics restrain market growth. Many potential users lack knowledge about the benefits, advancements, and available options in these devices, leading to underutilization of available technologies. Misconceptions about the functionality and affordability of prosthetic and orthotic solutions may deter patients from seeking the assistance they need.
Additionally, insufficient education about the proper use and maintenance of these devices could impede patient compliance and satisfaction. This lack of awareness is expected to hinder overall market expansion, as fewer individuals are likely to explore or invest in these essential aids. As a result, raising awareness through educational campaigns and outreach initiatives will be critical for fostering market growth and improving patient outcomes.
Opportunities
Rise in Occurrence of Osteoarthritis Creates Opportunities
Rising occurrence of osteoarthritis presents significant opportunities for the prosthetics and orthotics market. The increasing prevalence of this degenerative joint condition drives demand for supportive devices that alleviate pain and improve mobility.
According to data published by the Institute for Health Metrics and Evaluation in August 2023, 15% of individuals aged 30 and older currently suffer from osteoarthritis. Projections indicate that this condition could affect approximately 1 billion people globally by 2050.
As the aging population expands and lifestyles contribute to higher rates of joint disorders, healthcare providers are likely to seek innovative solutions in prosthetics and orthotics. This surge in demand for supportive devices tailored to osteoarthritis patients is expected to stimulate significant growth opportunities within the market, ultimately enhancing the quality of life for those affected by this widespread condition.
Impact of Macroeconomic / Geopolitical Factors
Macroeconomic and geopolitical factors significantly affect the market for assistive devices designed to enhance mobility and quality of life. Economic downturns often result in decreased healthcare funding, limiting access to essential devices for individuals in need.
Rising inflation can increase manufacturing costs, which may lead to higher prices for consumers and reduce affordability. Geopolitical tensions can disrupt global supply chains, causing delays in the availability of critical components and technologies.
Conversely, an aging population and the increasing incidence of disabilities drive demand for advanced solutions. Additionally, government initiatives aimed at improving healthcare access can further stimulate market growth. Overall, while challenges persist due to economic and geopolitical fluctuations, the continued commitment to enhancing patient care and developing innovative solutions presents a positive outlook for the industry.
Latest Trends
Impact of Partnerships and Collaborations on the Prosthetics and Orthotics Market
Rising partnerships and collaborations are expected to significantly drive growth in the market for assistive devices. Companies and research institutions increasingly join forces to develop innovative technologies that improve patient outcomes. These collaborations enable the sharing of expertise and resources, accelerating the development of advanced solutions.
For instance, in May 2022, researchers from the University of Minnesota Twin Cities partnered with industry players to develop a groundbreaking robotics solution. This innovation allows amputees to control a robotic arm using brain signals rather than relying on muscle movements.
As such strategic alliances continue to grow, the market is likely to see enhanced product offerings and more effective solutions, ultimately benefiting individuals with mobility challenges and fostering advancements in the field.
Regional Analysis
North America is leading the Prosthetics and Orthotics Market
North America dominated the market with the highest revenue share of 37.6% owing to several key factors that reflect advancements in technology and increasing healthcare awareness. The rising incidence of diabetes and vascular diseases has led to a growing number of amputations, creating a heightened demand for innovative prosthetic solutions.
Additionally, advancements in materials and manufacturing techniques, such as 3D printing, have made it possible to produce more customized and affordable devices. In October 2022, researchers from Brown University and the Massachusetts Institute of Technology developed advanced methods for monitoring muscle movements using a simple set of magnets, significantly improving the control of prosthetic limbs for individuals with amputations.
This innovation underscores the trend towards enhanced functionality and user experience in prosthetic devices. Furthermore, increasing awareness about the importance of rehabilitation and functional recovery has led healthcare providers to invest in advanced orthotic solutions. Collectively, these factors have established a dynamic environment for the growth of the prosthetics and orthotics market in North America.
The Asia Pacific region is expected to experience the highest CAGR during the forecast period
In the Asia Pacific region, the prosthetics and orthotics market is expected to experience substantial growth during the forecast period. The rising incidence of accidents and chronic diseases, such as diabetes, is anticipated to increase the demand for advanced limb replacement solutions. Countries like India and China are likely to see significant investments in healthcare infrastructure, enhancing access to high-quality prosthetic and orthotic devices.
Additionally, the growing middle class and increasing disposable incomes are projected to improve affordability and drive demand for advanced technologies. The integration of cutting-edge materials, such as carbon fiber and smart technologies, is expected to revolutionize the design and functionality of these devices.
Moreover, ongoing research and development initiatives focusing on innovative solutions are likely to contribute to market expansion. As healthcare systems evolve and adapt to the increasing demand for effective rehabilitation solutions, the prosthetics and orthotics market in the Asia Pacific region is anticipated to flourish, driven by innovation and improved healthcare accessibility.
Key Regions and Countries
North America
- US
- Canada
Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
The major players in the Prosthetics and Orthotics market are actively engaged in the development and introduction of innovative products, as well as implementing strategic initiatives aimed at enhancing their competitive positioning. Key players in the prosthetics and orthotics market focus on innovation and customization to drive growth and improve patient outcomes. They invest heavily in research and development to create advanced materials and technologies, such as 3D printing and smart prosthetic devices that enhance functionality and comfort.
Establishing strategic partnerships with healthcare providers and rehabilitation centers allows them to expand their reach and ensure effective integration of their products into patient care plans. Companies actively engage in educational initiatives to raise awareness about the benefits of advanced devices and foster community support for users. Additionally, they explore emerging markets to capitalize on the increasing demand for mobility solutions, tailoring their offerings to meet local healthcare needs.
Top Key Players
- WillowWood Global LLC
- Ultraflex Systems Inc.
- Shapeways, Inc.
- Ottobock
- Ossur
- Hanger, Inc.
- Fillauer LLC
- Blatchford Inc.
- Bauerfeind AG
Recent Developments
- In January 2023, WillowWood Global LLC, a manufacturer and distributor of prosthetic products, formed a partnership with Reboocon Bionics B.V., which specializes in motorized prosthetic knees. This collaboration aims to enhance the distribution of products in the U.S. market and foster research and development efforts to advance prosthetics technology. Such strategic partnerships are crucial for driving innovation and expanding market reach, thereby contributing to the growth of the prosthetics and orthotics market.
- In June 2022, Ottobock launched the C-Leg 4 knee prosthetic, featuring a deep-sleep mode to conserve battery power and a redesigned one-handed charger for increased convenience. This model is designed to perform multiple functions, including improved stance release, assisted descent on stairs and ramps, enhanced support while sitting, and ‘Stumble Recovery Plus.’ These features can be adjusted and controlled through the company’s ‘Cockpit’ app. The introduction of such advanced prosthetic technologies not only improves user experience and functionality but also drives growth in the prosthetics and orthotics market by meeting the evolving needs of users.
- In February 2022, Ossur introduced the ‘POWER KNEE,’ a microprocessor-controlled prosthetic knee tailored for individuals with above-knee amputations or limb differences. This innovative device employs a motor-powered “smart” prosthesis that utilizes advanced algorithms to detect patterns in human movement, allowing it to adjust and learn the user’s rhythm and speed in real-time. The development of smart prosthetics like the POWER KNEE is instrumental in driving market growth by enhancing mobility and improving the quality of life for users.
Report Scope
Report Features Description Market Value (2023) USD 7.1 billion Forecast Revenue (2033) USD 12.6 billion CAGR (2024-2033) 5.9% Base Year for Estimation 2023 Historic Period 2018-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type (Orthotics (Spinal Orthotics, Upper Limb, and Lower Limb) and Prosthetics (Upper Extremity, Lower Extremity, Modular Components, Liners, and Sockets)), By Technology (Electric-powered, Conventional, and Hybrid Orthopedic Prosthetics), By End-users (Hospitals, Rehabilitation Centre, Prosthetics Clinics, and Others) Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, Australia, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA Competitive Landscape WillowWood Global LLC, Ultraflex Systems Inc., Shapeways, Inc., Ottobock, Ossur, Hanger, Inc., Fillauer LLC, Blatchford Inc., and Bauerfeind AG. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Prosthetics and Orthotics MarketPublished date: Oct 2024add_shopping_cartBuy Now get_appDownload Sample - WillowWood Global LLC
- Ultraflex Systems Inc.
- Shapeways, Inc.
- Ottobock
- Ossur
- Hanger, Inc.
- Fillauer LLC
- Blatchford Inc.
- Bauerfeind AG
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