Mar 12, 2020: The global Prosthetics and Orthotics market size is expected to reach USD 13.3 billion by 2027, according to a new report by Radiant Insights, Inc., registering a 4.6% CAGR over the forecast period. Increasing incidences of sports injuries, rising incidence of osteosarcoma, and expanding geriatric population base are key factors driving the market.
Rising geriatric population across the globe has become a major factor driving demand for prosthetics and orthotics. For instance, as per the United Nations, the number of people aged 60 years or over globally is expected to more than double by 2050, increasing from 962 million in 2017 to 2.1 billion in 2050. The elderly are more susceptible to conditions such as osteoporosis and osteopenia, making them common users of various orthopedic solutions.
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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 upcoming years. Around 800 to 900 new cases of osteosarcoma are reported in the U.S. each year as of 2018.
Further key findings from the report suggest:
- In terms of revenue, the orthotics segment is projected to expand at a CAGR of 4.0% over the forecast period. Increasing cases of diabetes-related amputations across the globe are acting as the driving factor for this segment
- By revenue, Asia Pacific is expected to exhibit the highest growth rate over the forecast period. Increase in disposable income and supportive government initiatives will fuel the market growth in the coming years
- Some of the key companies in the prosthetics and orthotics market are Ossur; Zimmer Biomet Holdings Inc.; Blatchford Inc.; Fillauer LLC; Ottobock Healthcare GmbH; The Ohio Willow Wood Company; and Ultraflex Systems Inc.
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Table of Contents
Chapter 1 Methodology
1.1 Research Methodology
1.1.1 Information procurement
1.2 Information or Data Analysis
1.3 Market Formulation & Validation
1.3.1 Region Market: CAGR Calculation
1.4 Region Based Segment Share Calculation
1.5 Model Details
1.5.1 Commodity flow analysis (Model 1)
1.6 List of Secondary Sources
Chapter 2 Executive Summary
2.1 Market Snapshot
Chapter 3 Industry Outlook
3.1 Market Segmentation
3.2 Market Lineage Outlook
3.2.1 Parent market analysis
3.2.2 Ancillary market Analysis
3.3 Market Variable Analysis
3.3.1 Market driver analysis
3.3.1.1 Increasing incidence of sports injuries
3.3.1.2 Rising incidence of road accidents
3.3.1.3 Increasing prevalence of osteosarcoma
3.3.1.4 Rising geriatric population
3.3.2 Market restraint analysis
3.3.2.1 High cost of prosthetics
3.3.2.2 Lack of adequate healthcare infrastructure in less developed and developing countries
3.4 Penetration & Growth Prospect Mapping
3.5 Regulatory Framework
3.5.1 Standards & compliances
3.5.2 Reimbursement policies
3.5.2.1 CPT Coding implications
3.5.2.2 HCPCS Coding implications
3.6 Business Environment Analysis tools
3.6.1 SWOT Analysis, by PEST
3.6.1.1 Political and Legal
3.6.1.2 Economic
3.6.1.3 Technological
3.6.2 Porter’s five forces analysis
Chapter 4 Prosthetics and Orthotics Market: Competitive Analysis
4.1 Prosthetics and Orthotics Market: Competitive Analysis
4.1.1 Innovators
4.2 Public Companies
4.2.1 Company market position analysis
4.2.2 Heat Map Analysis
4.2.3 Regional network map
Continued……….
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