Prosthetics and Orthotics Market Size Worth $9.84 Billion By 2032 | CAGR: 4.3%

The global prosthetics and orthotics market size is expected to reach USD 9.84 billion by 2032, according to a new study by Polaris Market Research. The report “Prosthetics and Orthotics Market Share, Size, Trends, Industry Analysis Report, By Type (Prosthetics, Orthotics); By End-user; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The prosthetics and orthotics market is expected to grow as a result of factors such an increase in the number of sports-related and auto accidents injuries, a rise in the incidence of osteosarcoma worldwide due to unhealthy lifestyles, and an aging population. An increase in amputations due to diabetes and growing knowledge about prostheses and orthotics both support market growth. The World Health Organization's traffic safety infographics demonstrate that one of the main factors propelling market expansion is the continuous rise in traffic accidents globally. 20-50 million individuals worldwide suffer injuries or disabilities as a result of traffic accidents each year; in the US, these occurrences claim over 37,000 lives and cause over 2.35 million injuries or disabilities.

The incorporation of robotics and artificial intelligence stands out as a key catalyst for market expansion. Moreover, the heightened focus on achieving a natural appearance, adopting eco-friendly solutions, and aligning with healthcare and digital health systems is anticipated to fuel market growth. Additionally, the global surge in obesity rates, attributed to factors like extensive consumption of unhealthy food and sedentary lifestyles, contributes significantly to market expansion. However, the increasing emphasis on enhancing healthcare facilities and overall infrastructure acts as a driving force for market growth during the forecast period.

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Moreover, in developing and underdeveloped regions, there is a lack of awareness about prosthetics and orthotics appliances. These devices are designed to alleviate body pain, particularly for individuals with orthopedic disorders. The limited awareness among people about the availability and benefits of orthopaedic and prosthetic devices acts as a constraint on market growth.

Additionally, the absence of favorable reimbursement scenarios and low technology penetration in developing economies pose challenges, impeding market growth during the forecast period. Overcoming these barriers will be essential for the broader acceptance and growth of the prosthetics and orthotics market in these regions.

Prosthetics and Orthotics Market Report Highlights

• In 2023, the prosthetics segment is expected to witness highest growth during forecast period owing to increasing prevalence of traumatic injuries
• Prosthetics clinics segment is expected to dominate the prosthetics and orthotics market during forecast period. This is attributed to increasing ageing population
• In 2023, North America accounted for the largest revenue share due to presence of major players, technological advancements, and dynamic startup landscape.
• The market is highly competitive owing to the existence of market players with a global presence, including Fillauer LLC, Hanger, Inc., Ossur, Proteor, Steeper Group, WillowWood Global LLC, among others.

Polaris Market Research has segmented the prosthetics and orthotics market report based on type, end-users, and region:

Prosthetics and Orthotics, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Prosthetics
  • Upper Extremity
  • Lower Extremity
• Orthotics
  • Spinal
  • Upper Limb
  • Lower Limb

Prosthetics and Orthotics, End-Users Outlook (Revenue - USD Billion, 2019 - 2032)

• Hospitals
• Prosthetics Clinics
• Rehabilitation Centre
• Others

Prosthetics and Orthotics, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• France
• Germany
• UK
• Italy
• Netherlands
• Spain
• Russia

• Asia Pacific

• Japan
• China
• India
• Malaysia
• Indonesia
• South Korea

• Latin America

• Brazil
• Mexico
• Argentina

• Middle East & Africa

• Saudi Arabia
• UAE
• Israel
• South Africa

Prosthetics and Orthotics Market Report Scope