Prosthetics and Orthotics Market Size to Cross USD 12.5 Billion by 2026

The global Prosthetics and Orthotics market size is anticipated to around USD 8 billion by 2026, this market is anticipated to grow with 7% CAGR during the forecast time period. In the Prosthetics and Orthotics market, The regional segmentation includes current and projected demand in North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.

An increasing incidence of injuries during sports and road accidents, growing prevalence of osteosarcoma around the world due to unhealthy lifestyle & increasing geriatric population, growing awareness about prosthetics & orthotics, and rising number of diabetes-related amputations are expected to propel the market growth.

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Geographically, the market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the market in 2018. This can be attributed to well-established healthcare infrastructure, favorable reimbursement policies, local presence of major market players, and investment by companies in research and development activities. However, Asia Pacific is anticipated to boost the market during the forecast period. The increasing number of road accidents, supportive government initiatives, and raising awareness about newer products are some of the key factors to propel the market growth in the coming years. Furthermore, rising disposable income of people in emerging countries such as China, India, South Korea, and Indonesia also help to boost the market growth.

Based on the type, the global prosthetics and orthotics market is segmented into orthotics and prosthetics. Orthotics is further sub-segmented into the upper limb, lower limb, and spinal. Whereas, prosthetics is sub-segmented into upper extremity, lower extremity, sockets, liners, and modular components. Orthotics accounted for the largest share of the market in 2018. Rising incidences of sports injuries, increasing prevalence of osteoarthritis, unhealthy lifestyle, entry of various products in the market, and growing penetration of innovative orthopedic technology are the key factors responsible for the growth of the market. For instance, according to the United Nations published data, the number of people aged 60 years or over is anticipated to more than double by 2050, from 962 million in 2017 to 2.1 billion in 2050 across the world.

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The geriatric population is more susceptible to orthopedic conditions such as osteopenia and osteoporosis, making them a larger share of the users of various orthopedic products. The upper limb orthotics segment accounted for the largest share of the orthotics due to benefits offered by the products, such as the reduction in the pain and recovery time in terms of movement. However, the spinal orthotics segment is anticipated to exhibit the fastest growth rate due to the rising geriatric population, an increasing number of spinal injuries, and unhealthy lifestyles such as stress, long working hours, and lesser exercise activities. In the prosthetics segment, upper extremity held the largest share of the market.

Key players operating in the prosthetics and orthotics market are BCP Group, Blatchford Inc.; Boston Orthotics & Prosthetics, Fillauer LLC; Ossur; Ottobock Healthcare GmbH; The Ohio Willow Wood Company; Ultraflex Systems Inc., and Zimmer Biomet Holdings Inc. Mergers, acquisitions, partnerships, and innovative product development are some of the key strategies being adopted by market players in the last few years.

Some of the key observations regarding the prosthetics and orthotics industry include:

  • In October 2019, Precision Valve & Automation (PVA) acquired 3D printing startup, Create Orthotics & Prosthetics, to create innovative prosthetics and orthotics. PVA aims to make prosthetics less expensive, faster, and more comfortable for disabled people.
  • In September 2019, PSYONIC, an advanced prosthetic device company, launched its first product, the Ability Hand, at the American Orthotic & Prosthetic Association (AOPA) 2019. The Ability Hand is the first commercially available bionic hand and provides multitouch feedback. Additionally, the product is light in weight coming in small and large sizes. It is waterproof and USB-C rechargeable.
  • In July 2019, BCP Group acquired Beacon Prosthetics and Orthotics, an orthotics and prosthetics provider in central and eastern North Carolina. The acquisition helps the BCP group to expand its practice in the North Carolina region.
  • In August 2018, a new prosthetics and orthotics unit, MUSC Prosthetic Orthotic Services, opened for business. The unit helps to provide service for people in Lowcountry, Charleston, and South Carolina.
  • In March 2018, Curbell Plastics Inc., a supplier of plastic rod, sheet, tube, film, sealants, adhesives, and prototyping materials, acquired orthotic and prosthetics business of Guard Industries Inc. The company’s popular products expand Curbell’s product line, including the exclusive OP-TEK Flex family of materials.
  • In March 2018, BCP Group acquired Victory Orthotics & Prosthetics, a Northeast Tennessee based provider of prosthetics and orthotics. Victory has locations in Kingsport, Johnson City, Bristol, and Knoxville, and hence expands BCP Group’s footprint in Tennessee and the Southeast region.
  • In December 2017, Arthur Guilford III & Son acquired by Boston Orthotics & Prosthetics. Arthur Guilford III & Son in collaboration with Boston planned to open a new clinic in Westlake, just outside of Cleveland, to support Cleveland Clinic’s pediatric therapy services across the city, as well as University Hospital's rehabilitation services. Additional clinics are also planned.
  • In April 2017, D&J Medical acquired Maryland Orthotics & Prosthetics Co., Inc. The acquisition helps to expand D&J Medical’s regional presence while maintaining the highest standard of patient care.

Market Segmentation

By Type

Orthotics

  • Upper limb
  • Lower limb
  • Spinal

Prosthetics

  • Upper extremity
  • Lower extremity
  • Liners
  • Sockets
  • Modular components

By Geography

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Key Questions Answered in the Report

The report addresses key questions concerning the market evolution and overarching trends shaping global market growth. Some of the key questions answered in the report include-

- What is the overall structure of the market?

- What was the historical value and what is the forecasted value of the market?

- What are the key product level trends in the market?

- What are the market level trends in the market?

- Which of the market players are leading and what are their key differential strategies to retain their stronghold?

- Which are the most lucrative regions in the market space?

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TABLE OF CONTENT

CHAPTER 1. INDUSTRY OVERVIEW
1.1. Definition and Scope
1.1.1. Definition of Prosthetics and Orthotics
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Prosthetics and Orthotics Market By Type
1.2.2.1. Global Prosthetics and Orthotics Market Revenue and Growth Rate Comparison By Type (2015-2026)
1.2.2.2. Global Prosthetics and Orthotics Market Revenue Share By Type in 2018
1.2.2.3. Orthotics
1.2.2.3.1. Upper limb
1.2.2.3.2. Lower limb
1.2.2.3.3. Spinal
1.2.2.4. Prosthetics
1.2.2.4.1. Upper extremity
1.2.2.4.2. Lower extremity
1.2.2.4.3. Liners
1.2.2.4.4. Sockets
1.2.2.4.5. Modular components
1.2.3. Prosthetics and Orthotics Market By Geography
1.2.3.1. Global Prosthetics and Orthotics Market Revenue and Growth Rate Comparison by Geography (2015-2026)
1.2.3.2. North America Prosthetics and Orthotics Market Revenue and Growth Rate(2015-2026)
1.2.3.3. Europe Prosthetics and Orthotics Market Revenue and Growth Rate(2015-2026)
1.2.3.4. Asia-Pacific Prosthetics and Orthotics Market Revenue and Growth Rate(2015-2026)
1.2.3.5. Latin America Prosthetics and Orthotics Market Revenue and Growth Rate(2015-2026)
1.2.3.6. Middle East and Africa (MEA)Prosthetics and Orthotics Market Revenue and Growth Rate(2015-2026)

CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2018
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players

CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
3.1. Capacity and Commercial Production Date of Global Prosthetics and Orthotics Major Manufacturers in 2018
3.2. Manufacturing Plants Distribution of Global Prosthetics and Orthotics Major Manufacturers in 2018
3.3. R&D Status and Technology Source of Global Prosthetics and Orthotics Major Manufacturers in 2018
3.4. Raw Materials Sources Analysis of Global Prosthetics and Orthotics Major Manufacturers in 2018

CHAPTER 4. PROSTHETICS AND ORTHOTICS MARKET BY TYPE
4.1. Global Prosthetics and Orthotics Revenue By Type
4.2. Orthotics
4.2.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.2.3. Upper limb
4.2.4. Lower limb
4.2.5. Spinal
4.3. Prosthetics
4.3.1. Market Revenue and Growth Rate, 2015 - 2026 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2015 - 2026 ($Million)
4.3.3. Upper extremity
4.3.4. Lower extremity
4.3.5. Liners
4.3.6. Sockets
4.3.7. Modular components

CHAPTER 5. NORTH AMERICA PROSTHETICS AND ORTHOTICS MARKET BY COUNTRY
5.1. North America Prosthetics and Orthotics Market Revenue and Growth Rate, 2015 - 2026 ($Million)
5.2. North America Prosthetics and Orthotics Market Revenue Share Comparison, 2015 & 2026 (%)
5.3. U.S.
5.3.1. U.S. Prosthetics and Orthotics Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
5.4. Canada
5.4.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)

CHAPTER 6. EUROPE PROSTHETICS AND ORTHOTICS MARKET BY COUNTRY
6.1. Europe Prosthetics and Orthotics Market Revenue and Growth Rate, 2015 - 2026 ($Million)
6.2. Europe Prosthetics and Orthotics Market Revenue Share Comparison, 2015 & 2026 (%)
6.3. UK
6.3.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
6.4. Germany
6.4.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
6.5. France
6.5.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
6.6. Spain
6.6.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
6.7. Rest of Europe
6.7.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)

CHAPTER 7. ASIA-PACIFIC PROSTHETICS AND ORTHOTICS MARKET BY COUNTRY
7.1. Asia-Pacific Prosthetics and Orthotics Market Revenue and Growth Rate, 2015 - 2026 ($Million)
7.2. Asia-Pacific Prosthetics and Orthotics Market Revenue Share Comparison, 2015 & 2026 (%)
7.3. China
7.3.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
7.4. Japan
7.4.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
7.5. India
7.5.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
7.6. Australia
7.6.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
7.7. South Korea
7.7.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
7.8. Rest of Asia-Pacific
7.8.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)

CHAPTER 8. LATIN AMERICA PROSTHETICS AND ORTHOTICS MARKET BY COUNTRY
8.1. Latin America Prosthetics and Orthotics Market Revenue and Growth Rate, 2015 - 2026 ($Million)
8.2. Latin America Prosthetics and Orthotics Market Revenue Share Comparison, 2015 & 2026 (%)
8.3. Brazil
8.3.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
8.4. Mexico
8.4.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
8.5. Rest of Latin America
8.5.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)

CHAPTER 9. MIDDLE EAST & AFRICA PROSTHETICS AND ORTHOTICS MARKET BY COUNTRY
9.1. Middle East & Africa Prosthetics and Orthotics Market Revenue and Growth Rate, 2015 - 2026 ($Million)
9.2. Middle East & Africa Prosthetics and Orthotics Market Revenue Share Comparison, 2015 & 2026 (%)
9.3. GCC
9.3.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
9.4. South Africa
9.4.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)
9.5. Rest of Middle East & Africa
9.5.1. Market Revenue and Forecast By Type, 2015 - 2026 ($Million)

CHAPTER 10. COMPANY PROFILE
10.1. BCP Group
10.1.1. Company Snapshot
10.1.2. Overview
10.1.3. Financial Overview
10.1.4. Product Portfolio
10.1.5. Key Developments
10.1.6. Strategies
10.2. Blatchford Inc.
10.2.1. Company Snapshot
10.2.2. Overview
10.2.3. Financial Overview
10.2.4. Product Portfolio
10.2.5. Key Developments
10.2.6. Strategies
10.3. Boston Orthotics & Prosthetics
10.3.1. Company Snapshot
10.3.2. Overview
10.3.3. Financial Overview
10.3.4. Product Portfolio
10.3.5. Key Developments
10.3.6. Strategies
10.4. Fillauer LLC
10.4.1. Company Snapshot
10.4.2. Overview
10.4.3. Financial Overview
10.4.4. Product Portfolio
10.4.5. Key Developments
10.4.6. Strategies
10.5. Ossur
10.5.1. Company Snapshot
10.5.2. Overview
10.5.3. Financial Overview
10.5.4. Product Portfolio
10.5.5. Key Developments
10.5.6. Strategies
10.6. Ottobock Healthcare GmbH
10.6.1. Company Snapshot
10.6.2. Overview
10.6.3. Financial Overview
10.6.4. Product Portfolio
10.6.5. Key Developments
10.6.6. Strategies
10.7. The Ohio Willow Wood Company
10.7.1. Company Snapshot
10.7.2. Overview
10.7.3. Financial Overview
10.7.4. Product Portfolio
10.7.5. Key Developments
10.7.6. Strategies
10.8. Ultraflex Systems Inc.
10.8.1. Company Snapshot
10.8.2. Overview
10.8.3. Financial Overview
10.8.4. Product Portfolio
10.8.5. Key Developments
10.8.6. Strategies
10.9. Zimmer Biomet Holdings Inc.
10.9.1. Company Snapshot
10.9.2. Overview
10.9.3. Financial Overview
10.9.4. Product Portfolio
10.9.5. Key Developments
10.9.6. Strategies
10.10. Others
10.10.1. Company Snapshot
10.10.2. Overview
10.10.3. Financial Overview
10.10.4. Product Portfolio
10.10.5. Key Developments
10.10.6. Strategies

CHAPTER 11. RESEARCH APPROACH
11.1. Research Methodology
11.1.1. Initial Data Search
11.1.2. Secondary Research
11.1.3. Primary Research
11.2. Assumptions and Scope

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