Latest News- Prosthetics And Orthotics Market: Clinics is expected to lead the End-user segment during 2024-2028

The Prosthetics And Orthotics Market is being driven by Advancements in prosthetic and orthotic technologies

The Prosthetics And Orthotics Market is expected to grow at a CAGR of 5.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2857.5 million. The global prosthetics and orthotics market is witnessing significant advancements, with robotics and artificial intelligence (AI) emerging as key disruptors. These technologies are revolutionizing the design and functionality of orthotic and prosthetic devices. Intelligent prostheses, enabled by robotics and AI, can now adapt to users' movements, ensuring a more comfortable and natural experience. Furthermore, continuous monitoring and customization of these devices, facilitated by data collection and analysis, significantly enhance patient outcomes and improve quality of life. Robotic-assisted therapy is one exemplary application of AI and robotics in rehabilitation, offering advanced treatment methods and superior patient results. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Clinics
  • Hospitals
  • Others
• Type
  • Orthotics
  • Prosthetics
• Geography
  • North America
    • US
  • Europe
    • Germany
    • France
  • Asia
    • China
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Advancements in prosthetic and orthotic technologies
• Increasing prevalence of chronic diseases and disabilities
• Growing demand for personalized and customized solutions

However, the market also witnesses some limitations, which are as follows:

• High costs associated with prosthetic and orthotic devices
• Limited access to advanced technologies in developing countries
• Complex reimbursement processes and insurance coverage related to orthotics and prostheses

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Market Scope in Prosthetics And Orthotics Market Research Report

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Research Analysis Overview

The Prosthetics and Orthotics market caters to various segments, including sports injuries, road accidents, diabetes-related amputations, and Osteosarcoma. Companies like Bauerfeind offer solutions in the Orthotics segment, while Prosthetics segment focuses on artificial limbs for limb amputation procedures. RD investments are crucial due to reimbursement regulations and the growing prevalence of chronic illnesses, disabilities, musculoskeletal weakness, neurological diseases, and osteoporosis. Naked Prosthetics and Brain-monitored prosthetics are innovative solutions. Support devices are essential for clinical specialties, and materials play a significant role in their production. The low-income population requires affordable solutions.

Market Research Overview

The Prosthetics and Orthotics market is a significant segment within the larger global healthcare supplies industry. This sector encompasses businesses specializing in the research and development (RD) of advanced solutions for sports injuries, road accidents, diabetes-related amputations, Osteosarcoma, and other medical conditions. Key players in this market include Ottobock, Bauerfeind, Aether Biomedical, Ultraflex Systems, and Zeus. The Orthotics segment focuses on braces and supports, while the Prosthetics segment caters to artificial limbs. Market expansion will be influenced by demographic shifts, with the aging population in regions like the US and Europe, where nearly a quarter of the population is projected to be over 60 years old by 2030-2050. Regulatory reimbursement policies and investments in RD are further growth drivers. Osteoporosis, a condition affecting bone density, is another potential market opportunity.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/