Global Orthotic Devices Market by Device Types, Device Texture, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Orthotic Devices Market was valued at USD 38.6 Billion in 2017, growing at CAGR of 4.2% over the forecast period 2020–2026. Rise in geriatric population, high prevalence of sport injuries and road accidents, increased incidences of bone injury and growing awareness regarding availability of innovative products are key factors driving the market.

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Orthotic can be defined as the support, brace, or splint used to support, prevent, align, or to correct the functioning of movable body parts such as neck, shoulder, wrist, knee and etc.

These devices are used to change the functioning and structural features of the neuromuscular and skeletal system. The medical field which deals with the design and manufacturing of these devices is known as Orthotics.

Market Trends, Drivers, Restraints, and Opportunities:

Surge in the demand for orthotic devices is primarily driven by the elderly population predisposed to osteoarthritis, osteoporosis, and other bone disorders.
Enlarged bone injury occurrence and augmented sport correlated complications are projected to fuel the growth of the orthotic devices market in the next few years.
Usage of orthotic devices globally is fueled by the rise in awareness regarding among individuals regarding the substitutes available to pain management to counter or fix medical deformities.
Development of orthotic devices and proliferation of online sales channels have decreased the prices of these devices and increased their availability globally.
High costs associated with orthotic devices are likely to impede the growth of the market.
Rise in investments to design and develop cost-effective biomechanical orthotics are expected to create opportunities in the market.