Prosthetics & Orthotics Market by Type (Orthotics, Prosthetics), Technology (Conventional, Electric Powered, Hybrid Prosthetics), Application - Global Forecast 2024-2030

[185 Pages Report] The Prosthetics & Orthotics Market size was estimated at USD 7.10 billion in 2023 and expected to reach USD 7.47 billion in 2024, at a CAGR 5.38% to reach USD 10.24 billion by 2030.

The prosthetics and orthotics market encompasses the design, manufacturing, and distribution of artificial limbs (prosthetic devices) and supportive or corrective medical braces (orthotic devices) designed to support, align, prevent, or correct deformities or to enhance the operation of movable parts of the body. Prosthetics are custom-made to fit the individual's unique needs, while orthotics can be customized or off-the-shelf. Increasing incidences of sports-related injuries and road accidents, along with a growing geriatric population and rising prevalence of osteosarcoma, drive market growth. Increasing adoption of braces, splints, and non-invasive treatments also fuels the market growth. High cost and lack of accessibility for orthotics & and prosthetics, complex designs, and discomfort related to prosthetics & orthotics pose a challenge to market growth. Rising product developments using advanced prosthetic manufacturing techniques make them more accessible and affordable. Moreover, developing ecosystems for start-ups manufacturing robotic prosthetic arms and exoskeletons also poses potential opportunities for the market growth.

The prosthetics and orthotics market in North America is highly developed, with significant demand for advanced prosthetics and orthotic devices, driven by the growing elderly population, increasing prevalence of diabetes and obesity, and many amputations due to vascular diseases. The United States is among the major market share due to its robust healthcare infrastructure, R&D investments, and the presence of major industry players. In South America, the market for prosthetics and orthotics is expanding, and improving economic conditions and government efforts to enhance healthcare infrastructure are creating growth opportunities. In the Asia-Pacific (APAC) region, the prosthetics and orthotics market is rapidly growing due to its vast population, increasing healthcare expenditures, and growing awareness of available prosthetic and orthotic services. Countries such as China, Japan, India, and Australia are home to many local manufacturers producing low-cost devices, making it a competitive and diverse market. Europe is more advanced in terms of technology adoption in prosthetics and orthotics. The growing aging population and the subsequent rise in musculoskeletal disorders propel the European market. In the Middle East and Africa, there is increasing the potential for market growth due to economic development and a growing awareness of mobility aids. The region's focus on improving healthcare services and investments in training healthcare professionals in prosthetics and orthotics are important trends.

The market dynamics represent an ever-changing landscape of the Prosthetics & Orthotics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

• Market Drivers
  • Increasing Incidences of Sports Injuries and Road Accidents
  • Growing Geriatric Population and Rising Prevalence of Osteosarcoma
  • Increasing Adoption of Braces and Splints and Non-Invasive Treatments
• Market Restraints
  • High Cost and Lack of Accessibility for Orthotics & Prosthetics
• Market Opportunities
  • Rising Product Developments Using Advanced Manufacturing Techniques in Prosthetics
  • Developing Ecosystem for Start-ups Manufacturing Robotic Prosthetic Arms and Exoskeletons
• Market Challenges
  • Complex Designs and Discomfort Related to Prosthetics & Orthotics

• Type: Rising popularity for prosthetics to improve quality of life by providing movement and independence

  Orthotics refers to externally applied devices designed to modify the structural and operational characteristics of the neuromuscular and skeletal systems. They cover a range of products, including shoe inserts, braces, and supports used to correct or accommodate the alignment, support body segments, and reduce pain. Lower limb orthotics are designed to support, align, prevent, or correct deformities or improve the function of movable body parts, ranging from the hip to the foot. Spinal orthotics, or orthoses, are devices that support or correct the function of the spine. They are used to treat various conditions, from scoliosis to post-operative immobilization. Upper limb orthotics encompass devices for the upper extremities, including the shoulder, arm, elbow, wrist, and hand. Prosthetics are artificial devices that substitute missing body parts lost through trauma, disease, or congenital conditions. The need for prosthetics can be life-changing for amputees, aiding in mobility and functionality, improving the quality of life, and fostering independence. Liners are used as a cushioning interface between the residual limb (stump) and the prosthetic socket. They provide comfort, reduce friction, and help to distribute pressure evenly to protect the residual limb. Lower extremity prosthetics include artificial limbs designed to replace legs from below or above the knee. These prosthetics are complex devices that enable mobility and functionality, thereby improving the life of the amputee. Modular components in prosthetics are the interchangeable parts used in constructing a prosthesis. These include joints, connectors, and adjustable sections, allowing for a customizable fit to the user's needs and similar functions to the natural limb. The socket is the prosthesis portion that makes direct contact with the residual limb, serving as an anchor point for the rest of the device. Upper extremity prosthetics are artificial limbs that replace missing arms or parts of the arm, including the hand. These prosthetics can be body-powered, using cables and harnesses, or externally powered, using battery-operated motors to mimic the movement of a natural limb. When comparing orthotics and prosthetics, both serve distinct purposes and are individualized to the wearer's needs. Orthotics primarily focus on support and functionality improvement, while prosthetics aim to replace a lost limb or body part. The technological advancements in prosthetics tend to be more intricate, such as the development of bionic limbs, compared to those in the field of orthotics.

• Application: Rising usage of prosthetics and orthotics in the hospitals to cater to a larger patient base with a wider variety of health concerns

  Prosthetics and orthotics clinics are specialized facilities where individuals receive personalized fitting and adjustment services for prosthetic limbs and orthotic devices. These clinics are often chosen by patients who require more comprehensive, often time-intensive service in terms of customization and fitting. Hospitals represent another primary application segment where prosthetics and orthotics services are provided, often alongside other medical interventions. This setting is particularly important for immediate post-operative care and for patients who require integrated medical services due to multiple health issues. Rehabilitation centers are specialized facilities focused on helping patients regain or improve their physical capabilities, usually post-injury or surgery, through targeted therapy and support, including the use of prosthetics and orthotics. While clinics provide customization and hospitals offer immediacy of care, rehabilitation centers offer a middle ground that includes therapeutic care and the gradual integration of prosthetics and orthotics into daily life. These centers are usually equipped to provide long-term rehabilitation and are ideal for a slow and steady recovery process

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Prosthetics & Orthotics Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

The value chain of the Prosthetics & Orthotics Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of theProsthetics & Orthotics Market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

The regulatory framework analysis for the Prosthetics & Orthotics Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Prosthetics & Orthotics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Prosthetics & Orthotics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

• OrthoPediatrics acquires Boston Orthotics & Prosthetics

  OrthoPediatrics Corp. acquired Boston Orthotics & Prosthetics to integrate an extensive range of specialized products, including innovative bracing, orthotic, and prosthetic technologies tailored for pediatric care. The transaction, completed with an initial cash disbursement of USD 22 million, signifies a landmark expansion of OrthoPediatrics' mission to fully support the complete spectrum of care for young patients with orthopedic conditions. [Published On: January 21, 2024]

• VIT-AP University inks pact to establish prosthetics and orthotics center

  The VIT-AP Technology Business Incubation Foundation (VTBIF) and Buimerc India Foundation (BIF) have forged a valuable partnership through a Memorandum of Understanding aimed at establishing an innovative Centre for Prosthetics and Orthotics for Humans and Animals (POHA) at VIT-AP University. With a generous commitment of INR 52 lakh from BIF, the newly-formed POHA Research Centre embark on a transformative project entitled "Design, Development & Fabrication of SSW Criteria-Based Trans-Tibial/Trans-Femoral Regenerative Effort Assistive Prosthesis for Youth/Elderly." [Published On: January 12, 2024]

• Spentys and Arize by HP partner to expand digital solutions to Orthotics and Prosthetics market in the US

  Spentys teamed up with Arize by HP to empower healthcare providers in the United States with a cutting-edge, digital platform for creating patient-specific orthoses using 3D technologies. This collaboration brings Spentys's robust scanning, modeling, and 3D printing platform to a wider audience through Arize's expansive US sales network, promising a transformative impact on custom O&P device production. [Published On: May 25, 2023]

The report delves into recent significant developments in the Prosthetics & Orthotics Market, highlighting leading vendors and their innovative profiles. These include Beast Prosthetics, Zimmer Biomet Holdings, Inc., Shadow Robot Company, Synergy Prosthetics, Inc., Smith & Nephew PLC, Ortho Europe, COVVI Ltd, Olympus Corporation, Shapeways Holdings, Inc., Human Technology, Inc., Blatchford Limited, B.Braun SE, Howard Orthopedics, Inc., Ultraflex Systems, Inc., Merck & Co, Inc., WillowWood Global LLC, Ottobock SE & Co. KGaA, Johnson & Johnson Services, Inc., COAPT LLC, OrthoPediatrics Corp., Globus Medical Inc., Hanger, Inc., Ossur HF, Boston Scientific Corporation, Bauerfeind AG, Steeper Inc., and Stryker Corporation.

This research report categorizes the Prosthetics & Orthotics Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
  • Orthotics
    • Lower Limb
    • Spinal
    • Upper Limb
  • Prosthetics
    • Liners
    • Lower Extremity
    • Modular Components
    • Sockets
    • Upper Extremity
• Technology
  • Conventional
  • Electric Powered
  • Hybrid Prosthetics
• Application
  • Clinics
  • Hospitals
  • Rehabilitation Centers

• Region
  • Americas
    • Argentina
    • Brazil
    • Canada
    • Mexico
    • United States
      • California
      • Florida
      • Illinois
      • New York
      • Ohio
      • Pennsylvania
      • Texas
  • Asia-Pacific
    • Australia
    • China
    • India
    • Indonesia
    • Japan
    • Malaysia
    • Philippines
    • Singapore
    • South Korea
    • Taiwan
    • Thailand
    • Vietnam
  • Europe, Middle East & Africa
    • Denmark
    • Egypt
    • Finland
    • France
    • Germany
    • Israel
    • Italy
    • Netherlands
    • Nigeria
    • Norway
    • Poland
    • Qatar
    • Russia
    • Saudi Arabia
    • South Africa
    • Spain
    • Sweden
    • Switzerland
    • Turkey
    • United Arab Emirates
    • United Kingdom

1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

1. What is the current market size and projected growth?
2. Which products, segments, applications, and regions offer promising investment opportunities?
3. What are the prevailing technology trends and regulatory frameworks?
4. What is the market share and positioning of the leading vendors?
5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?