Global Prosthetics & Orthotics Market Report 2023: Increasing Sports Injuries and Road Accident Cases Significantly Drives Growth

DUBLIN, July 17, 2023 /PRNewswire/ -- The "Prosthetics & Orthotics Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global prosthetics & orthotics market grew from $6.6 billion in 2022 to $6.99 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%. The prosthetics & orthotics market is expected to grow to $8.46 billion in 2027 at a CAGR of 4.9%.

Major players in the prosthetics & orthotics market are Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, WillowWood Global LLC, The Ohio Willow Wood Company, Steeper Group, Johnson and Johnson, Stryker Corporation, Smith & Nephew PLC, Howard Orthopedics Inc., Shapeways Inc., Hanger Inc., and Coloplast. 

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The prosthetics & orthotics market consists of sales of orthotics such as transradial, transfemoral, transtibial, and transhumeral and prosthetics such as soft, rigid, and semi-rigid. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The prosthetics & orthotics refer to artificial prosthetics and orthotics medical devices used to support deformity parts of the human body. The purpose of prosthetics & orthotics devices is to fit comfortably and allows people with limb amputations or physical impairments of their limbs or spine to achieve functional ability.

North America was the largest region in the prosthetics orthotics market in 2022. The Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prosthetics and orthotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of prosthetics & orthotics market include prosthetics and orthotics. Prosthetics are artificial limbs or body parts used to replace lost body parts due to amputation or lack of development. The categories of prosthetics & orthotics include upper limb, lower limb, and spinal. Hospitals, clinics, rehabilitation centers, and others utilize prosthetics & orthotics. The different technologies used in prosthetics & orthotics include conventional, electrical-powered, and hybrid technologies.

The increasing sports injuries and road accident cases significantly drive the prosthetics and orthotics market. Road accidents are caused by distracted driving and high speeding. These conditions cause many disabilities in the injured people, entailing the use of prosthetics and orthotics for recovery and restoring normal day-to-day function. 

Technological advancement is a new trend gaining popularity in the prosthetics and orthotics market. Major companies operating in the prosthetics and orthotics market are focused on providing technologically advanced products to strengthen their market position. These companies are implementing next-generation technologies into their products and related services, such as automation, artificial intelligence (AI), microprocessor, neuromuscular signal technology, sensory control, and others, to provide smoother, more natural motions and functions.

For instance,in February 2022, Ossur, an Iceland-based orthotics and prosthetics (O&P) company, launched POWER KNEE. POWER KNEE is the first actively powered microprocessor prosthetic knee for persons with limb differences or above-knee amputations. The POWER KNEE generates motion by offering active powered assistance while recognizing whether the wearer is seated or standing or walking on different surfaces, inclines, or declines.

The countries covered in the prosthetics and orthotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Prosthetics & Orthotics Market Characteristics

3. Prosthetics & Orthotics Market Trends And Strategies

4. Prosthetics & Orthotics - Macro Economic Scenario
4.1 COVID-19 Impact On Prosthetics & Orthotics Market
4.2 Ukraine-Russia War Impact On Prosthetics & Orthotics Market
4.3 Impact Of High Inflation On Prosthetics & Orthotics Market

5. Prosthetics & Orthotics Market Size And Growth
5.1. Global Prosthetics & Orthotics Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Prosthetics & Orthotics Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Prosthetics & Orthotics Market Segmentation
6.1. Global Prosthetics & Orthotics Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Prosthetics
• Orthotics

6.2. Global Prosthetics & Orthotics Market, Segmentation By Category, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Upper limb
• Lower limb
• Spinal

6.3. Global Prosthetics & Orthotics Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Conventional
• Electric-Powered
• Hybrid Orthopedic Prosthetics

6.4. Global Prosthetics & Orthotics Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Hospitals
• Clinics
• Rehabilitation Centers
• Other Applications

7. Prosthetics & Orthotics Market Regional And Country Analysis
7.1. Global Prosthetics & Orthotics Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Prosthetics & Orthotics Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/22pjl2

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