The Global Orthopedics Orthotics Market accounted for $3,130 million in 2016 and is anticipated to garner $4,685 Million by 2023, registering a CAGR of 5.8% during the forecast period, 2017-2023. Based on the manufacturing, it is classified into prefabricated orthotic devices, custom-fitted orthotic devices, and custom-fabricated orthotic devices. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth of the global orthopedics orthotics market is driven by the surge in prevalence of orthopedic disorders, rise in physical health consciousness, and rapidly aging population. However, high cost of custom orthotic devices hampers market growth. Nonetheless, improvement of healthcare infrastructure in developing countries provides lucrative opportunities to emerging market players.
The report segments the global orthopedics orthotics market by posture, anatomical region, manufacturing, and geography. Based on posture, the report divides the market into static, dynamic, and other orthotic devices. During the analysis period, 2017-2023, the dynamic orthotic devices segment is projected to grow at the highest rate of 6.1% CAGR. Based on anatomical region, the market is fragmented into upper limb, lower limb, and spinal orthotic devices. In 2016, the lower limb orthotic devices segment accounted more than two-fifths of the total market revenue. However, the spinal orthotic devices segment is poised to grow at the fastest rate throughout 2023, registering a CAGR of 7.0%, owing to the surge of accident cases which lead to spine injuries.
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The report also profiles key players involved in the global orthopedics orthotics market, such as Bauerfeind AG, Breg, Inc., BSN Medical, DeRoyal Industries, Inc., DJO Global, Ossur, Ottobock, and Truelife, Hanger, Inc., and Fillauer LLC. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
Based on manufacturing, the market is sub-segmented into prefabricated, custom-fitted, and custom-fabricated orthotic devices. While the custom-fabricated orthotic devices segment occupied more than half of the global market in 2016, the prefabricated orthotic devices segment is expected to witness a significant CAGR of 4.7% throughout 2023. Regionally, Asia-Pacific is projected to grow at the highest CAGR of 6.9% during the forecast period owing to improvement in healthcare infrastructures and rise in expenditures in emerging markets (such as India and China) to cater to the unmet medical needs.
Increase in incidence of rise in geriatric population, which is at a higher risk of orthopedic diseases are primarily attributed to increase the demand for endoscopy. Moreover, rise in adoption of the devices owing to increasing incidents of accidents and sports related injuries in turn stimulates the market growth. However, the high cost of the customized orthopedic orthotics are expected to restrain the market growth.Asia-Pacific offers lucrative growth opportunity for the market due to increase in healthcare expenditure, growth in geriatric population, and rise in incidence of population suffering from arthritis. Thus, the emerging economies such as China and India possess high market potential.
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