Prosthetics & Orthotics Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.95 Billion |
| Market Size (2029) | USD 8.95 Billion |
| CAGR (2024 - 2029) | 5.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Prosthetics & Orthotics Market Analysis
The Prosthetics And Orthotics Market size is estimated at USD 6.95 billion in 2024, and is expected to reach USD 8.95 billion by 2029, at a CAGR of 5.20% during the forecast period (2024-2029).
Megatrends Shaping the Market: The global Prosthetics and Orthotics Market is undergoing substantial growth, influenced by several key megatrends. These include the aging global population, rising incidences of chronic diseases, and rapid technological advancements in biomechanical solutions. Together, these factors are driving an increased demand for innovative prosthetic and orthotic devices, creating an ecosystem that fosters continuous research and development. Healthcare systems across the globe are prioritizing improved quality of life and functional outcomes for individuals with limb impairments, fueling a surge in technological innovations and expanding applications for these devices.
Growing Burden of Sports Injuries and Rising Number of Road Accidents: The rising number of sports-related injuries and the growing incidence of road accidents are critical drivers for the Prosthetics and Orthotics Market. As sports and recreational activities gain popularity, there has been a notable increase in athletic injuries, from minor strains to severe ligament damage, often necessitating orthotic support. Simultaneously, the rising number of road accidents, especially in developing regions, has created significant demand for prosthetic devices. This demand not only drives acute interventions but also fosters long-term prosthetic solutions that evolve with patient needs.
Increasing Burden of Osteosarcoma: The rising burden of osteosarcoma, especially among pediatric and young adult populations, is becoming an essential growth driver for the market. Management of this bone cancer frequently involves limb-sparing surgeries, which require advanced prosthetic solutions. Innovations in prosthetic technology are focusing on accommodating patient growth while enhancing functionality and quality of life, particularly for younger patients. The unique demands of osteosarcoma patients are pushing the boundaries of prosthetic design, with benefits extending to the broader prosthetics community.
Growing Burden of Diabetes-related Amputations and Rising Geriatric Population: The escalating prevalence of diabetes-related amputations and the aging global population are two key forces propelling the Prosthetics and Orthotics Market. With the increase in global diabetes cases, the incidence of lower limb amputations due to diabetic foot ulcers is rising. This trend has created a continuous demand for prosthetic devices. Furthermore, the world's aging population is increasingly prone to conditions such as osteoarthritis, necessitating orthotic support. These trends are driving innovation in prosthetic and orthotic technologies, aimed at improving comfort, functionality, and user-friendliness for older adults and diverse patient populations.
Prosthetics & Orthotics Market Trends
Lower Extremity Prosthetics: Dominating the Product Landscape
Segment Overview: Lower extremity prosthetics form the cornerstone of the prosthetic devices market, representing 15.5% of the total market size. This reflects the critical role of these devices in restoring mobility for individuals with lower limb amputations. The range of lower limb prosthetics spans from simple below-knee prosthetics to sophisticated microprocessor-controlled knees, addressing a wide spectrum of patient needs.
Growth Drivers: The demand for lower limb prosthetics is fueled by the growing number of diabetes-related amputations and the increasing elderly population prone to vascular diseases. Additionally, the rise in sports injuries and road accidents further expands the market. Technological advances such as lightweight materials and smart prosthetics are enhancing functionality and comfort, driving significant market growth.
Competitive Landscape: In this competitive segment, innovation is a key strategy for success. The development of advanced prosthetic knees that improve gait and stability is a major area of focus. Companies are also exploring custom prosthetic solutions through 3D printing technology, providing tailored devices for individual patients. As the market matures, a shift toward integrated solutions that combine prosthetics with rehabilitation and digital health technologies is expected, further disrupting traditional product models.
Asia-Pacific: The Fastest-Growing Regional Market
Market Dynamics: Asia-Pacific is emerging as the fastest-growing market in the global prosthetics and orthotics landscape, with a projected CAGR of nearly 5.5% from 2024 to 2029. Countries like China, Japan, and India are driving this growth, which is reshaping the global competitive landscape and challenging the dominance of North America and Europe.
Growth Catalysts: Several factors are driving the rapid expansion in Asia-Pacific, including a large and aging population, particularly in China and Japan. The increasing prevalence of chronic conditions such as diabetes, improved healthcare infrastructure, and rising healthcare spending are contributing to market growth. Government initiatives to enhance healthcare accessibility and awareness of prosthetic and orthotic innovations are also boosting demand.
Strategic Imperatives: To capitalize on the growth in this region, companies are adopting localized production strategies to meet the specific needs of these markets and reduce costs. Collaborations with local healthcare providers are vital for market penetration, while affordable, high-tech products are crucial for success in price-sensitive developing markets. As the region's market continues to mature, a focus on digital health integration and telemedicine will likely play a crucial role in enhancing prosthetic care across diverse and expansive geographies.
Prosthetics & Orthotics Industry Overview
Market Dominance: Global Players Lead a Consolidated Market
The Prosthetics and Orthotics Market is characterized by the dominance of a few global players with extensive supply and distribution networks. Key companies such as Össur, Ottobock, and Bauerfeind AG hold significant market shares due to their established presence across multiple regions and strong brand recognition. The market remains consolidated, with intense competition among a limited number of prominent companies.
Market Leaders: Innovation and Diversification Drive Success
Leading companies like Össur, Ottobock, and Bauerfeind AG have maintained their dominance through a strong focus on research and development and the continuous introduction of new products. For instance, Össur has invested 5% of its sales into R&D, resulting in the launch of 14 new products. Market leaders also benefit from diversified product portfolios that cater to a wide range of patient needs, including upper and lower extremity prosthetics, liners, and modular components.
Strategies for Future Success: Technological Advancements and Market Expansion
To gain a larger market share, companies must focus on several critical strategies. The development of robotic prosthetics and smart orthotic devices is expected to play a significant role in product differentiation. Strategic acquisitions, such as Össur's purchase of Naked Prosthetics, can also help companies tap into underserved markets. Additionally, focusing on emerging economies with improving healthcare infrastructure will open up new growth opportunities. Success will depend on a balance between technological innovation, market expansion, and cost-efficiency.
Prosthetics & Orthotics Market Leaders
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Össur
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Ottobock
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Bauerfeind AG
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WillowWood Global LLC
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Blatchford Limited
*Disclaimer: Major Players sorted in no particular order
Prosthetics & Orthotics Market News
- May 2024: Ottobock, a leading medical technology firm, launched its groundbreaking mechanical prosthetic foot, Evanto, on a global scale. Evanto harmoniously balances dynamics, flexibility, and stability, marking a pivotal advancement in prosthetics. Evanto caters to mobility grades 2 to 4 (from moderate to very active), making it ideal for daily tasks, quick sprints, and extended hiking adventures.
- February 2024: Fillauer entered into an agreement for acquisition by Hanger, Inc., a top-tier provider of orthotic and prosthetic (O&P) patient care services and solutions .Fillauer will join Hanger's Products & Services business segment, retaining its brand, leadership, and team.
Prosthetics & Orthotics Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Burden of Sports Injuries and Rising Number of Road Accidents
4.2.2 Increasing Burden of Osteosarcoma
4.2.3 Growing Burden of Diabetes-related Amputations and Rising Geriatric Population
4.3 Market Restraints
4.3.1 Lack of Developed Healthcare Infrastructure in Developing and Underdeveloped Economies
4.3.2 High Cost of Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Product
5.1.1 Orthotic Products
5.1.1.1 Upper Limb
5.1.1.2 Lower Limb
5.1.1.3 Spinal
5.1.2 Prosthetic Products
5.1.2.1 Upper Extremity
5.1.2.2 Lower Extremity
5.1.2.3 Liners
5.1.2.4 Sockets
5.1.2.5 Modular Components
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Ability Matters Group
6.1.2 Steeper Inc.
6.1.3 Blatchford Limited
6.1.4 Fillauer LLC
6.1.5 Össur
6.1.6 Ottobock
6.1.7 WillowWood Global LLC
6.1.8 Ultraflex Systems
6.1.9 Aether Biomedical
6.1.10 Bauerfeind AG
6.1.11 THUASNE
6.1.12 Mobius Bionics
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Prosthetics & Orthotics Industry Segmentation
As per the scope of the report, a prosthetic is an artificial body part, such as an arm or foot, which replaces a missing part. Orthotics is a branch of mechanical and medical science that deals with the design and fitting of orthoses. Orthoses are external devices or apparatuses, such as a brace or splint, used in orthopedics to support or immobilize the spine or limbs.
The prosthetics and orthotics market is segmented by product and geography. By product, the market is segmented orthotic and prosthetic products. By orthotic products, the market is segmented into upper limb, lower limb, and spinal. By prosthetic products, the market is segmented into upper extremity, lower extremity, liners, sockets, and modular components. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for the above segments.
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Prosthetics & Orthotics Market Research FAQs
How big is the Prosthetics And Orthotics Market?
The Prosthetics And Orthotics Market size is expected to reach USD 6.95 billion in 2024 and grow at a CAGR of 5.20% to reach USD 8.95 billion by 2029.
What is the current Prosthetics And Orthotics Market size?
In 2024, the Prosthetics And Orthotics Market size is expected to reach USD 6.95 billion.
Who are the key players in Prosthetics And Orthotics Market?
Össur, Ottobock, Bauerfeind AG, WillowWood Global LLC and Blatchford Limited are the major companies operating in the Prosthetics And Orthotics Market.
Which is the fastest growing region in Prosthetics And Orthotics Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Prosthetics And Orthotics Market?
In 2024, the North America accounts for the largest market share in Prosthetics And Orthotics Market.
What years does this Prosthetics And Orthotics Market cover, and what was the market size in 2023?
In 2023, the Prosthetics And Orthotics Market size was estimated at USD 6.59 billion. The report covers the Prosthetics And Orthotics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Prosthetics And Orthotics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the latest advancements in Prosthetic and Orthotic Market?
The latest advancements in Prosthetic and Orthotic Market are a) Bionic limbs b) 3D printing for customization c) AI-powered prosthetics for improved control
What are the latest advancements in Prosthetic and Orthotic Market?
The latest advancements in Prosthetic and Orthotic Market are a) Bionic limbs b) 3D printing for customization c) AI-powered prosthetics for improved control
Prosthetics & Orthotics Industry Report
The global prosthetics and orthotics market is on the rise, due to an aging population, medical device advances, and an increase in sports and road injuries. With orthotics in high demand for a range of conditions and prosthetics benefiting from tech improvements, the sector sees a diverse demand spectrum. North America leads the market, buoyed by a strong healthcare system and awareness, while Asia-Pacific is poised for rapid growth due to health initiatives and a rise in diabetes-related amputations. Challenges such as high costs and low awareness in some areas remain, but with robust R&D investment and supportive policies, the market outlook is positive, aiming to improve lives with innovative prosthetic and orthotic solutions. For detailed insights, Mordor Intelligence™ Industry Reports provide comprehensive analysis, including market share, size, revenue growth rate, and a forecast outlook, available as a free report PDF download.
