The Prosthetics And Orthotics Market is segmented by End-user (Clinics, Hospitals, and Others), Type (Orthotics and Prosthetics), and Geography (North America, Europe, Asia, and Rest of World (ROW)). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 2857.5 million, at a CAGR of 5.68% during the forecast period. There are several companies that are contributing to the market as per this report. Integration of robotics and artificial intelligence .
By End-user, the Clinics segment is projected to dominate the market size in 2024
The global prosthetics and orthotics market has experienced substantial expansion in recent years, with orthotics representing a notable segment within this industry. Orthotics refer to external devices designed to support, align, correct, or prevent musculoskeletal abnormalities or injuries. The market's growth is primarily driven by the increasing prevalence of musculoskeletal disorders and orthopedic conditions worldwide. Factors contributing to this trend include an aging population, sedentary lifestyles, and a rise in sports injuries. Orthotics offer significant benefits for individuals diagnosed with conditions such as arthritis, plantar fasciitis, and spinal abnormalities like scoliosis. By alleviating pain, enhancing mobility, and improving overall quality of life, these devices play a crucial role in addressing the needs of a growing population.
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By Type, Orthotics segment is expected to hold the largest market size for the year 2024
The global prosthetics and orthotics market is projected to undergo robust growth during the forecast period, driven by the rising number of individuals with mobility impairments. The clinics segment is expected to expand substantially within this market, catering to the increasing demand for customized orthotics and prosthetics solutions. Clinics offer a range of services, including consultations, assessments, and fitting of orthotics and prostheses, tailored to meet the unique requirements of each patient. Equipped with advanced technology and specialized professionals, these clinics deliver superior orthotics and prosthetics, ensuring optimal patient outcomes.
Why is North America forecasted to hold the largest regional market size in 2024?
The Prosthetics and Orthotics market represents a significant growth opportunity for businesses in the healthcare sector. This industry caters to the production and distribution of artificial limbs, braces, and other assistive devices. Market trends indicate a rising demand for advanced, customized solutions that enhance mobility and improve quality of life for individuals with disabilities or injuries. Companies focusing on research and development of innovative technologies, as well as those offering cost-effective solutions, are poised to capture a larger market share.
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Research Analysis Overview
The Prosthetics and Orthotics market encompasses the production and distribution of support devices for individuals with disabilities caused by neurological diseases, musculoskeletal weakness, or limb amputation procedures. The market includes two main segments: Prosthetics, which deals with artificial limbs, and Orthotics, which focuses on braces and other support devices. Materials used in Prosthetics and Orthotics range from lightweight metals and carbon fiber to advanced polymers. Orthopedics and clinical specialties, including neurology and rehabilitation, are key clinical areas for these devices. Brain-monitored prosthetics and advanced technologies, such as Naked Prosthetics, are revolutionizing the field. The market caters to various chronic illnesses, including osteoporosis, diabetes-related amputations, and disabilities caused by road accidents or sports injuries. Reimbursement regulations and RD investments significantly impact the market's growth. Companies like Bauerfeind, Osteosarcoma, and Naked Prosthetics are leading players in the Prosthetics segment, while orthotics segment has companies like Ottobock and Hanger, Inc. The low-income population is a growing market for these devices due to increasing awareness and government initiatives. Neurological diseases, such as Parkinson's and Multiple Sclerosis, and musculoskeletal weaknesses, such as those caused by osteoporosis, are major drivers for the market's growth.
Market Research Overview
The global healthcare supplies market encompasses the research and development sector of various product categories within the medical consumables industry. This market's size is determined by Technavio through the consolidated revenue generated by manufacturers of medical supplies, including syringes, drapes, gloves, and gowns. Factors driving the expansion of this market include the increasing aging population, with nearly one-quarter of the US population projected to be over 60 years old by 2050, and Europe reaching a similar demographic milestone by 2030. - The Prosthetics And Orthotics Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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