Global Orthotic Devices Market Expected to Reach $6.02 bn by 2026
The Global Orthotic Devices Market was valued at US$3.85 billion in the year 2018 and is anticipated to reach US$6.02 billion by 2026, at a CAGR of 5.75%.
The Orthotic Devices Market is an extremely segmented industry that caters to an extensive genre of orthopedic patients who suffer from diabetes, obesity, arthritis, orthopedic and other musculoskeletal disorders. The orthotic devices are widely used for rehabilitation purposes after an injury. They are also involved in pain management and to prevent injuries by controlling the biomechanical alignment of the body and also correct abnormalities.
According to the NIH, the present world geriatric population aging 65 years or above is more than 9%. In the upcoming years, this number is said to increase over 16% which would be 1/6th of the total world population. The prevalence of morbidities such as diabetes, cardiovascular disorders, etc. among the geriatric population. Besides, aging also results in a reduction of bone density, gait, and posture-related problems and increases the risk of fragility related injuries. The top countries which account for the global geriatric population include Japan, Italy, Portugal, Germany, Finland, France, Denmark, Spain, Austria, The Netherlands, Hungary, Belgium, United Kingdom, Switzerland, etc. which will contribute widely to the market growth through the forecast period from 2019 to 2026.
According to the global burden of diseases, the world diabetic population will exceed 48% of the total world population by 2045. Diabetes is also one of the major causes of obesity, neuropathy, amputation, muscle-related disorders, etc. Also, sedentary lifestyle changes resulting in disorders such as carpal tunnel syndrome, vitamin D3 deficiency, and musculoskeletal disorders have considerably increased in recent decades. The orthotic devices offer valiant support for alleviating the disorders.
The technology for developing orthotic devices had immensely improved considering the last decade of orthotic devices' history. Introduction of precision 3D / 4D scanning technology had enabled manufacturers to design custom orthotics based on the individual patient requirements and also specific to disorders. Besides, microfluidic chips, power-assisted AFOs, and sensing technology are providing the chance to patients to come over their disability and have an improved standard of living. However, the availability of the technology is mostly confined to developed markets and costly and is yet to set its footprint in the emerging markets.
Optima Insights had classified the orthotic devices market based on the fabrication method, the material used, device type, distribution channel, end-use application, and regions.
The custom and prefabricated orthotics devices are prescribed according to the patient’s needs. However, the custom orthotic devices segment dominated the market until 2018 and is expected to continue to hold its market share during the forecast period. Prefabricated orthoses are mostly preferred for upper extremity injuries and support and are set to maintain its domination over the market. This includes mainly hand, wrist, neck, shoulder, neck and back support. The devices connected externally to restore and to improve functional and structural characteristics of the sports-related injuries and ailments that include those resulting from trauma, work-related mainly offering physical support to that particular area.
Custom-made orthotic devices are more preferred for correcting the physical structure of the patient alleviating the complaint. Specifically, custom-made orthotics are more preferred in treating chronic disorders and support applications. The cervical and/or spinal orthosis segment is completely set to dominate the market through to 2022 for the upper extremity custom orthoses segment. Also, the foot orthotic insoles segment is said to grow at a rapid pace in the forthcoming year among the lower extremity custom-made orthotic device segment market. Moreover, custom-made orthotic devices would be of first preference in the Middle East, Australia and the population with growing lifestyle disorders is set to drive the market.
The custom-made orthotic devices market receives significant funding from venture capitalists for developing technologically advanced products as there is a surge among the urban population and developed markets to choose products that fit their unique geometrical shape. The devices are usually made of rigid, semi-soft, soft materials that are customized for an individual’s use.
North American region favorable for R&D and advanced technologies will contribute to the growth of the personalized orthoses segment and promptly puts it ahead in the revenue generation over other regions. However, rising number of diabetes-related amputations in the Asia Pacific regions is likely to grow towards the end of 2021, especially in countries such as India and China, where the scope of investment for is huge due to increase in number of road accidents, lack of stringent regulations, continual improvement in healthcare infrastructure, increase in the number of lifestyle disorders, etc. Also, the increasing geriatric population in Japan and a further rise in the diabetic, obesity and arthritic population in other parts of Asia-Pacific is said to drive the market to a huge extent.
Companies such as DJO Global, Inc, Hanger, Inc, BSN Medical, Ottobock, Thuasne SA, Breg, Inc. Ossur HF, C. H. Martin Company, Tynor Orthotics Ltd, Boston Orthotics & Prosthetics, etc. all focus on different strategies such as collaborations, acquisitions, and mergers, the launch of new products are being adopted by these players to maintain their market share. For instance, in May 2018, Ossur launched a new product, Ossur Formfit Pro Line of 3D knitted supports at OTWorld.
The Orthotic Devices Market Outlook 2019-2026, from Optima Insights, will offer a thorough insight on the market growth till the forecast year 2026 based on the market segmentation. The report also comprises comprehensive profiling of more than 20 companies involved in Orthotic Devices, profiling of more than 1500 products and information of products in development.
Orthotic Devices Market Based on Product (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- Upper Extremity Braces and Support
- Lower Extremity Orthotics
- Orthotic Splints
Orthotic Devices Market Based on Application (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- Neuromuscular and Musculoskeletal Disorders
- Sports Injuries
Orthotic Devices Market Based on Distribution Channel (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- Hospital Pharmacies
- Online Pharmacies
- Orthotic Clinics
Orthotic devises Market Based on Geographic Region (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- North America
Orthotic Devices Market Competitive Analysis (Company Overview, SWOT Matrix, Financial, Product Overview, and Market Strategies)
- Ossur Global
- DJO Global, Inc.
- Hanger, Inc
- Basko Healthcare
- Bauerfeind AG
- Breg, Inc.
- BSN Medical
- Freedom Innovations
- Fillauer LLC
- Conmed Corporation
- Acor Orthopaedic Inc
- Ascent Meditech Limited
- Provides detailed Analysis of the Market Structure along with forecast of the various segments and sub-segments.
- Provides a Comparative Analysis of Key Marketed and Pipeline Products.
- Provides Key Information on Players involved.
- Provides a Complete Overview of Market Segments and the Regional Outlook.
- Provides In-depth Coverage of Key News, including Major Mergers, Acquisitions and Product Development updates such as clinical trial progression updates and regulatory updates.
The Report Provides Key Insights on
- History of the Orthotic Devices Market, 2015 to 2017
- Forecast of the Orthotic Devices Market Growth till the year 2026
- The key market drivers, restraints, challenges, future opportunities and the market dynamics driving the Orthotic Devices Market
- Analysis of potential growth segments which will drive the market
- Landscape analysis of the major companies, and new market entrants and companies which possess disruptive technologies which can change the trend of the entire market
- Key market approaches adopted by the organizations and in-depth intelligence of potential strategies which could alter the market dynamics
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