orthopedic orthotics Market Trends And Forecast 2023 2022-2028

Global Orthopedic Orthotics Market

Market Overview

The global orthopedic orthotics market is anticipated to secure a market value of USD 5,532 Mn while expanding at a CAGR of 6% during the forecast period. The expansion of the market can be attributed to the increasing cases of arthritis across the globe. As per Arthritis Foundation, in the U.S, knee osteoarthritis (OA) increases every decade among the age group 55 and 64 years. Further, the increasing geriatric population is likely to boost the market in the coming time. In addition, the increasing number of road accidents, rising aging population, high incidence of sports-related injuries, and other orthopedic diseases are expected to augment the industry in the forecast period. According to National Health Portal, India, around 15% of the population suffered from arthritis in 2015. On the contrary, high expenses associated with orthotic devices are projected to hinder the market growth during the forecast period.

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Market Segmentation

The global orthopedic orthotics market can be segmented on the basis of posture, anatomical region, and manufacturing type.

Based on posture, the global orthopedic orthotics market can be segmented into static orthotic devices and dynamic orthotic devices. The dynamic orthotic devices segment is predicted to expand at the fastest CAGR during the forecast period. It secured the largest market share in 2020.

Based on anatomical region, the global orthopedic orthotics market can be segmented into upper limb orthotic devices, lower limb orthotic devices, and spinal limb orthotic devices. Among all, the spinal limb orthotic devices segment is anticipated to expand at the fastest CAGR during the forecast period.

Based on manufacturing type, the global orthopedic orthotics market can be segmented into prefabricated orthotic devices, custom-fitted orthotic devices, and custom fabric orthotic devices.  Among all, the custom-fitted orthotic devices segment is expected to perform decently while recording a significant CAGR in the assessment period.

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Regional Analysis

The global orthopedic orthotics market can be segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.

As per the analysis, North America is expected to lead the market during the forecast period. The growth of the regional market can be attributed to the rapid rise in the geriatric population and the high rate of adoption of orthopedic orthotics for pain management. Among all, the US is predicted to make the most vital contribution, which can be credited to the application of advanced technology in the healthcare sector and the presence of established players in the region. Further, the increasing cases of spine disorders, neuromuscular and musculoskeletal disorders, and sports injuries have also contributed significantly to boosting the market growth. In addition, increasing microprocessor orthotics has been recorded in the U.S, which is expected to bolster the market in the U.S. APAC has been spotted as the fastest-developing market during the forecast period. The rapid expansion of the market can be attributed to the presence of developing countries in the region such as India, China, and Japan. Further, the rapidly rising geriatric population in China is expected to fuel the demand for the device, thereby, benefitting the industry in the coming time. Moreover, the increasing expenditure of developing countries to advance their healthcare system can spike the market expansion notably.

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Competitive Analysis

The global orthopedic orthotics market is highly fragmented and therefore, there is a robus competition among the players. Some of the strategies adopted by the players are acquisition, partnerships, and others.

• Bauerfeind Ag (Germany) 
• Breg, Inc. (US)
• Deroyal Industries
• Inc (US)
• Fillauer Llc (US)
• Otto Bock Healthcare Gmbh (Germany)
• Hanger, Inc (US)
• Ossur Corporate (US)
• BSN Medical (Germany)
• DJO Global (US)
• Fillauer LLC (US) 

Some of the recent developments among the players are:

• In June 2018, Ossur Corporate rolled out the Ossur Formfit ® Pro line of 3D compressive knit solutions. These focus on people suffering from various musculoskeletal conditions and ailments for athletes of all abilities to control their well-being and exercise and to rely on compression supporting options when they experience injury.
• In March 2017, DJO Global announced the launch of Exprt Revision Hip. The product is offered at a 40-70% lower price than that of comparable revision hip systems.

Key Benefits of the report-:

1. Reveals insight into the restrictions present in the worldwide Orthopedic orthotics Market that can hamper the development of the market in the coming years. 

2. The report introduces a reasonable focus on how these limitations can be transformed into circumstances when surveyed appropriately.

3. Developing ways of life, tax collection arrangements, and buying forces of different economies have been examined in orthopedic orthotics Market incredible detail. 

4. Displays generation and income estimates for the worldwide market, creation and utilization estimates for local needs, output, income, and value figures for the worldwide Orthopedic orthotics Market.

5. Offers a forward-looking point of view of the Orthopedic orthotics Market by giving nitty-gritty insights giving brisk data about the market's general advancement throughout the conjecture time frame.

6. Improves decision-making capabilities by presenting accurate to an extended picture of this vast Orthopedic orthotics Market.

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Some Points from Table of Contents of Global Orthopedic orthotics Market:

Chapter 1 Orthopedic Orthotics Market Overview

1.1 Product Overview and Scope of Orthopedic Orthotics

1.2 Orthopedic Orthotics Market Segmentation By Anatomical Region

1.2.1 Upper Limb Orthotic Devices

1.2.2 Lower Limb Orthotic Devices

1.2.3 Spinal Limb Orthotic Devices

1.3 Orthopedic Orthotics Market Segmentation By Posture

1.3.1 Static Orthotic Device

1.3.2 Dynamic Orthotic Device

1.4 Orthopedic Orthotics Market Segmentation by Regions

1.4.1 North America

1.4.2 China

1.4.3 Europe

1.4.4 Southeast Asia

1.4.5 Japan

1.4.6 India

1.5 Global Market Size (Value) of Orthopedic Orthotics (2015-2027)

Chapter 2 Global Economic Impact on Orthopedic Orthotics Industry

2.1 Global Macroeconomic Environment Analysis

2.1.1 Global Macroeconomic Analysis

2.1.2 Global Macroeconomic Environment Development Trend

2.2 Global Macroeconomic Environment Analysis by Regions

Chapter 3 Global Orthopedic Orthotics Market Competition by Manufacturers

TOC Continued……

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