Prosthetics & Orthotics Market Size, Share, Growth Opportunities and Trends 2022 – 2028

 Prosthetics & Orthotics Industry Overview

The global prosthetics and orthotics market size is expected to reach USD 8.6 billion by 2028, registering a CAGR of 4.2% over the forecast period, according to a new report by Grand View Research, Inc. Increasing cases of osteosarcoma & sports injuries and a growing geriatric population are the key factors driving the market growth.

The rising geriatric population across the globe has become one of the key factors driving demand for prosthetics and orthotics. For instance, as per the United Nations, globally, the number of people aged 60 years or above is expected to increasing from 962 million in 2017 to 2.1 billion in 2050. People aged 60 years and above are more susceptible to conditions, such as osteoporosis and osteopenia, boosting the demand for various orthopedic solutions.

The increasing incidence of osteosarcoma in young adults and children is also driving the market to a great extent. Patients recovering from this surgery generally need orthopedic devices and prosthetics as a part of post-surgery treatment, which is slated to drive the market in the coming years. As per a study conducted in 2018, around 800 to 900 new cases of osteosarcoma were reported in the U.S. each year.

As per the American Orthotic & Prosthetic Association, at least 11 states in the U.S. and multiple local municipalities had issued orders restricting operations of “non-essential” businesses until further notice during the Covid-19 pandemic. However, healthcare facilities were considered as “essential” services and exempted from the regulations, which is estimated to support market growth.

Prosthetics & Orthotics Market Segmentation

Grand View Research has segmented the global prosthetics and orthotics market on the basis of type and region:

Based on the Type Insights, the market is segmented into Prosthetics and Orthotics.

  • The orthotics type segment held the dominant share of over 74% in the global market, in terms of revenue, in 2020. This may be attributed to the increased prevalence of osteoarthritis, incidences of sports injuries, and penetration of orthopedic technology. 
  • Prosthetics, on the other hand, comprises upper extremity and lower extremity prosthetics, liners, sockets, and modular components. The prosthetics segment is expected to show significant growth over the forecast period. Major companies manufacturing this product are Ossur and Blatchford Inc. An increase in disability rate across the globe is expected to drive the growth of this segment in the coming years. 

Prosthetics & Orthotics Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile

There are several global and local players in this market. These companies have implemented strategic initiatives, such as mergers, acquisitions, collaborations, and new product launches, to gain higher market share. 

Some prominent players in the global Prosthetics & Orthotics market include

  • Blatchford, Inc.
  • Fillauer LLC
  • The Ohio Willow Wood Company
  • Ossur
  • Steeper Group
  • Ottobock Healthcare GmbH
  • Ultraflex Systems, Inc.

Order a free sample PDF of the Prosthetics & Orthotics Market Intelligence Study, published by Grand View Research.

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