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, knee osteoarthritis (O.A.) 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 growing 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 posture, anatomical region, and manufacturing type.
Based on posture, the global orthopedic orthotics market can be segmented into static and dynamic orthotic devices. The dynamic orthotic devices segment is predicted to expand at the fastest CAGR during the forecast period. As a result, 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. 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. 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 regional market's development can be attributed to the rapid rise in the geriatric population and the high adoption rate of orthopedic orthotics for pain management. Among all, the U.S. is predicted to make the most vital contribution, which can be credited to applying advanced technology in the healthcare sector and establishing 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 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.
Competitive Analysis:
The global orthopedic orthotics market is highly fragmented, and therefore, there is robust competition among the players. Some of the techniques adopted by the players are acquisition, partnerships, and others.
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List of Key Players Covered in the orthopedic orthotics Market:
- Bauerfeind Ag (Germany)
- Breg, Inc. (U.S.)
- Deroyal Industries
- Inc (U.S.)
- Fillauer Llc (U.S.)
- Otto Bock Healthcare Gmbh (Germany)
- Hanger, Inc (U.S.)
- Ossur Corporate (U.S.)
- BSN Medical (Germany)
- DJO Global (U.S.)
- Fillauer LLC (U.S.), among others.
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 rely on compression supporting options when they experience injury.
- In March 2017: DJO Global announced the launch of Expert Revision Hip. The product is offered at a 40-70% lower price than comparable revision hip systems.
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Some Points from Table of Contents of The 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
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