An orthosis is an orthopedic device that provides functional stability to a joint or prevents, corrects, or compensates for a deformity or weakness. In addition, it can be as simple as an off-the-shelf, pre-fabricated shoe insert that one could purchase at a department store or pharmacy, or something more complex, such as a responding gait orthosis usually consisting of custom-molded plastic solid ankle and thigh shells connected through bilateral uprights with gas-filled struts or springs to aid in knee and hip flexion, dual cables for controlling alternating gait and locking knee joints
The Global Orthotic Devices Market was valued at $ 3.85 bn in 2018 and is forecast to grow at a 5.25% CAGR between 2018 and 2026, resulting in 2026 global sales of $ 6.02bn. The market is driven by owing rising focus on improving quality of life and increasing awareness towards orthopedic ailments. However, relatively expensive of custom-made orthotic devices are restraining the market growth. Moreover, inventions in manufacture and modeling technologies are providing ample opportunities for the market.
Orthotic Devices depending on the product, Upper Extremity Braces and Support segment is expected to account for the largest share of the Orthotic Devices market. Based on Upper Extremity Braces and Support segment which is sub-categorized into Upper-limb orthoses it is used regularly on patients who have had neuromuscular problems and neurological, musculoskeletal disorders such as peripheral nerve injury, muscle weaknesses, spinal cord injury, cerebral palsy, multiple sclerosis, traumatic brain injury, and stroke.
The Global Orthotic Devices Market is segmented on the basis of product, application, distribution channel and region.
Based on the Product: Upper Extremity Braces and Support, Lower Extremity Orthotics and Orthotic Splints.
Based on the Application: Fractures, Neuromuscular and Musculoskeletal Disorders, and Sports Injuries.
Based on the Distribution Channel: Hospital Pharmacies, Online Pharmacies, and Orthotic Clinics.
Based on the End-use Application: Prefabricated and Custom Made.
Based on the Region: North America, Asia-Pacific, Europe, and LAMEA. Among that Asia-Pacific held the largest share of the market. Rising occurrence of traumatic injuries owing to violence, accidents, sports, etc., e-tailors promoting the business of orthotic devices and stable rise in per capita income.
The key players of the Global Orthotic Devices Market include Smith & Nephew Plc, Ossur Global, DePuy Synthes, 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, Thuasne and Others.
The report covers in-depth analysis of the Global Orthotic Devices Market. The report assesses the market products pipeline by stage of development (early development, pre-clinical, clinical and In approval), By Product (Upper Extremity Braces and Support, Lower Extremity Orthotics and Orthotic Splints). In addition, the report includes key insights on other development activities, including (but not limited to) – licensing (In and Out), collaborations, acquisitions, reimbursement, patent, and regulatory designations.
The report includes in-depth company profiles of key players in the Global Orthotic Devices Market. The company profile includes key information on the overview, financial highlights, product portfolio, business strategies, and key recent developments.
The report highlights information on emerging companies with potentially disruptive technologies and new market entrants.
Data Collation (Primary & Secondary)
In-house Estimation (Based on proprietary databases and Models)
Market-related information is assembled from both primary and secondary sources.
Primary sources involved participants from all global stakeholders such as experts from several related industries and suppliers that have been interviewed to obtain and verify critical information as well as to assess prospects of the market. The participants included are CXOs, VPs, and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.
Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications annual reports press releases along with paid sources such as Factiva, OneSource, Bloomberg among others.
Top-down and bottom-up approaches: The overall market size was used in the top-down approach to estimate the sizes of other individual submarkets (mentioned in the market segmentation by product, type of manufacturing, and disease) through percentage splits from secondary and primary research. The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained.