Growing Demand for Orthotic Devices Propels the Global Market towards $30.3 Billion by 2030, with an Impressive CAGR of 11.1% from 2023 to 2030
NEW YORK, May 16, 2023 /PRNewswire/ -- As per Zion Market Research study, The global orthotic devices industry size was nearly $25.2 Billion in 2022 and is anticipated to surge to approximately $30.3 billion by 2030 along with recording the highest growth rate of nearly 11.1% from 2023 to 2030.
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Orthotic Devices Market: Overview
Orthotic devices find massive use in neuropathy management. These medical devices help in reducing pain and are used in effectively managing patients having spinal cord injuries as well as brachial plexus injuries. Moreover, orthotic equipment is externally applied equipment that is utilized for aiding, mobilizing, and altering skeletal structure as well as the neuromuscular system which is weak, injured, and ineffective. Reportedly, orthotic equipment is fitted to the body for minimizing pain in various parts of the body, enhancing mobility, and reducing organ deformities. For the record, physicians prescribe orthotic instruments for foot, ankle, ankle foot, spine, and fracture.
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Key Industry Insights & Findings of the Orthotic Devices Market Reports:
- As per the analysis shared by our research analyst, the global orthotic devices market is projected to expand annually at the annual growth rate of around 11.1% over the forecast timespan (2023-2030)
- In terms of revenue, the global orthotic devices market size was evaluated at nearly $25.2 billion in 2022 and is expected to reach $30.3 billion by 2030.
- The global orthotic devices market is anticipated to record massive growth over the forecast period owing to the rise in the cases of arthritis witnessed in the elderly population and the surge in cases of road collisions has translated into a massive need for orthotic devices in the healthcare sector.
- Based on functionality, the static orthotic devices segment is predicted to contribute majorly towards the global market share over the forecast timeline.
- In terms of product type, the lower limb orthotic devices segment is projected to account for a major share of the global market in 2023-2030.
- On the basis of end-user, the ambulatory surgical centers segment is set to contribute a major share of the global market in 2023-2030.
- Region-wise, the Asia-Pacific orthotic devices market is projected to register the fastest CAGR during the assessment period.
Zion Market Research published the latest report titled "Orthotic Devices Market By Functionality (Static Orthotic Devices and Dynamic Orthotic Devices), By Product Type (Upper Limb Orthotic Devices, Spinal Orthotic Devices, and Lower Limb Orthotic Devices), By End-User (Hospitals & Clinics, Homecare Settings, and Ambulatory Surgical Centers), and By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Orthotic Devices Market: Growth Drivers
- Rise in cases of degenerative bone & neuromuscular disorders to create huge demand for orthotic devices.
Surge in the number of patients with disabilities is set to boost the global orthotic devices market trends. As per WHO, in 2018, more than one billion individuals were impacted due to one or other kinds of disability. A prominent surge in the aging population prone to chronic disorders such as cerebral palsy will further expedite the growth of the global market. Disorders including degenerative bone disorders and neuromuscular disorders have led to pain in bones, dislocation, and incapacitated patients. This has led to the massive use of orthotic equipment for improving the quality of patient life and providing relief to patients. Moreover, an increase in neuromuscular disorders and a rise in degenerative bone ailments witnessed in the geriatric population is likely to pave the way for the expansion of the market across the globe.
Furthermore, the rise in the cases of arthritis witnessed in the elderly population and the surge in cases of road collisions has translated into a massive need for orthotic devices in the healthcare sector. As per CDC (Centers for Disease Control and Prevention), nearly 63 million people in the U.S. are affected due to arthritis. Moreover, it is more likely that the number of arthritis patients in the country will reach 78 million by the end of 2040.
Orthotic Devices Market: Restraints
- Side-effects witnessed due to growing use of products can be detrimental to the growth of the global industry.
Side-effects due to the long-term use of orthotic equipment can put brakes on the global orthotic devices market demand. Apart from this, huge costs related to the use of customized products can impede the global market surge.
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Orthotic Devices Market: Opportunities
- Rise in cases of orthopedic disorders to open new growth horizons for the global market.
Increase in the occurrence of orthopedic ailments in people across the globe is projected to generate new growth opportunities for the orthotic devices market across the globe.
Orthotic Devices Market: Challenges
- Oscillations in government regulations pertaining to use of orthotic devices can be a big challenge for the global industry.
Changing government laws related to the use of the product in hospitals & clinics and other healthcare establishments can prove to be a major challenge for the global orthotic devices industry surge.
Global Orthotic Devices Market: Segmentation
- The global orthotic devices market is sectored into product type, functionality, end-user, and region.
In terms of product type, the global orthotic devices market is sectored into lower limb orthotic devices, upper limb orthotic devices, and spinal orthotic devices segments. Furthermore, the lower limb orthotic devices segment, which accounted for more than two-thirds of the global market share in 2022, is set to maintain its segmental dominance in the forecasting period. The segmental surge in the next eight years can be attributed to its use in particular areas of the lower limb for correcting abnormal joint alignment along with offering external aid to the anatomy of the human body.
Based on the functionality, the orthotic devices industry across the globe is divided into static orthotic devices and dynamic orthotic devices segments. The static orthotic devices segment, which contributed for about 60% of the global industry share in 2022, is slated to rule the global industry expansion even in the upcoming years. The growth of the segment in the coming years can be due to various benefits offered by static orthotic devices including reducing joint stiffness, improving muscle flexibility, improving mobility of humans, and minimizing pain caused during body & muscle movement. Moreover, static orthotic devices can also be used in the treatment of arthritis, nerve damage, tendon injuries, broken bones, and muscle weakness.
On the basis of end-user, the global orthotic devices market is divided into hospitals & clinics, ambulatory surgical centers, and homecare settings segments. Moreover, the ambulatory surgical centers segment, which accounted for a major share of the global market in 2022, is anticipated to lead the global market share even in the coming years. The segmental surge over the assessment period is a result of the growing use of the product in treating patients in the ambulatory surgical units.
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List of Key Players in Orthotic Devices Market:
- Hanger Clinic
- Ottobock
- Conwell Medical Co. Ltd
- Boston Orthotics & Prosthetics
- DJO
- Becker Orthopedic
- LeTourneau Prosthetics and Orthotics
- ORTHOMERICA PRODUCTS
- INC
- Acor Orthopaedic Inc.
- B BOUNDLESS BIOMECHANICAL BRACING INC.
- Steeper Inc
- Fillauer LLC
- Basko Healthcare
- Aetrex Worldwide Inc.
- Allard USA Inc
- Bauerfeind
- Breg Inc LLC
- Aspen Medical Products LLC
- Trulife
- Kinetec Medical Products UK Ltd
Key questions answered in this report:
- What are the growth rate forecast and market size for Orthotic Devices Market?
- What are the key driving factors propelling the Orthotic Devices Market forward?
- What are the most important companies in the Orthotic Devices Market Industry?
- What segments does the Orthotic Devices Market cover?
- How can I receive a free copy of the Orthotic Devices Market sample report and company profiles?
Report Scope:
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Recent Developments
- In the second half of 2022, ActivArmor, a biomedical tech firm based in the U.S., entered into a partnership with Fusion3, a U.S.-based firm manufacturing 3D printers for commercial & educational purposes, for commercialization of waterproof custom cast fabrication. Moreover, the move is aimed at expanding its business across the U.S.
- In the third quarter of 2022, Enovis, a medical technology firm focusing on providing effective & customized orthopedic solutions to its customers, launched an AR device for orthopedic surgery. The AR device can be controlled by physicians for aligning implants with accuracy. The move is likely to boost the popularity and demand for orthotic devices across the globe.
Regional Dominance:
- North America Orthotic Devices market to garner huge proceeds over the forecast period.
North America, which accounted for more than 33% of the global orthotic devices market revenue in 2022, is anticipated to dominate the regional market expansion during the projected timeline. The regional market expansion over 2023-2030 can be due to growing incidences of osteoporosis as well as other bone disorders in the U.S. and Canada. Apart from this, the growing aging population prone to bone disorders and surge in neuromuscular disorders along with growing awareness among people about disease management will steer the regional market trends. Apart from this, the presence of a diverse patient pool in the region will increase the demand and use of orthotic devices in the sub-continent. In addition to this, the easy availability of robust patient care infrastructure facilities in the North American region will create new growth opportunities for the market in North America.
Furthermore, the Asia-Pacific orthotic devices industry is set to record the highest gains over the forthcoming years. The factors that will determine the regional market growth include the availability of prompt, effective, and upgraded healthcare services and the presence of a strong healthcare infrastructure. Moreover, the presence of key players in the Asia-Pacific zone and favorable public, as well as private reimbursement schemes, will further augment the regional market surge.
Global Orthotic Devices Market is segmented as follows:
Orthotic Devices Market: By Functionality Outlook (2022-2030)
- Static Orthotic Devices
- Dynamic Orthotic Devices
Orthotic Devices Market: By Product Type Outlook (2022-2030)
- Upper Limb Orthotic Devices
- Spinal Orthotic Devices
- Lower Limb Orthotic Devices
Orthotic Devices Market: By End-User Outlook (2022-2030)
- Hospitals & Clinics
- Homecare Settings
- Ambulatory Surgical Centers
Orthotic Devices Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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