Orthotic systems are externally applied devices that are used for assisting, mobilizing, and altering fragile, ineffective, deformed, or damaged skeletal and neuromuscular structures. Orthotic instruments are attached to the body to relieve pain, improve movement, and correct organ deformities. Furthermore, orthotic devices improve independence by increasing the patient’s mobility. Foot orthotic devices, ankle orthotic devices, ankle foot orthotic devices, fracture orthotic devices, and spinal orthotic devices are the most commonly prescribed orthotic devices.
This market features brands from companies including Össur Corporate, Chas A Blatchford & Sons, Ottobock, Touch Bionics, Inc., among others.
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During the forecast period, the global orthotic devices market is expected to experience a robust growth, owing to the rising launches of innovative orthotic devices for neuromuscular suffering patients. In 2016, the medical instruments making company, Myomo, Inc., launched Myo-Pro Motion-G, a unique orthotic device that offers grasping function and elbow flexion, and enables patients to carry out their regular activities. Furthermore, this orthotic device is used to control the motion of the partially paralyzed arm with the help of their muscles signals.
Moreover, the rising number of patients with impairment is projected to fuel the global orthotic devices market growth. According to the World Health Organization (WHO), more than one billion people worldwide were disabled in 2018. Furthermore, between 110 million and 190 million adults had issues with some body parts not functioning properly. The same source continues that the rising geriatric population along with increasing chronic disorders such as cerebral palsy are the factors that are increasing the incidences of disability.
Orthotic devices are bulky, which is one of the major factors likely to limit the global orthotic devices market’s growth during the forecast period. Orthotic braces are bulky and require more energy to move. Wearing a brace can also be a daunting task for children with Cerebral Palsy deformities. As a result, it may deter patients from purchasing these bulky devices, lowering demand for orthotic devices.
Moreover, the high cost of custom orthotic devices is expected to stymie the growth of the global orthotic devices market. Custom orthotic implants, for example, are normally priced between $300 and $600.
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- Current and future of global Orthotic Devices market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
- Regions/countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
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In the global orthotic devices market, the North American region is projected to have a large market share. This is due to an increase in the number of diabetic patients that might need limb amputations, which is expected to fuel the growth of the orthotic devices market in the area. According to the American Diabetes Association (ADA) and the American Orthotic Devices & Prosthetic Association, patients with diabetes are 15 to 40 times more likely to lose a leg or foot than those without this condition. According to the same article, over 80,000 lower limb amputations are done in the United States each year due to diabetes.
Furthermore, the global orthotic devices market is expected to grow due to the presence of key players and their partnerships with other businesses. In 2018, Bauerfeind USA, Inc., an orthopaedic brace manufacturing company, partnered with AliMed, Inc. to distribute its products. Furthermore, the primary goal of this collaboration was to provide customers with the best quality orthotic treatment for patient satisfaction.
In addition, the Arthritis Foundation honored Bauerfeind USA, Inc. in 2017 for its GenuTrain offering. Furthermore, GenuTrain knee braces and other GenuTrain products provide support and stabilization for the knee joint, which is commonly used in arthritis.
Major companies contributing in the global orthotic devices market are Chas A Blatchford & Sons, The Ohio Willow Wood, Howard Orthopedics, Inc., Aspen Pharmacare Holdings Limited, Ottobock, Touch Bionics, Inc., Zimmer Biomet, Bauerfeind USA, Inc, SP Ultraflex Systems Pvt. Ltd., and Össur Corporate.
Important Features and Key Highlights of the Market:-
- Detailed overview of market application and advantages.
- Understand the technologies support, Solution, Services. Understand the evaluation of dynamic growth.
- The in-depth market information of competitors, revenue, and cost structure.
- Strategies of key players, the competitive landscape.
- Historical data, current trend, and market volume and value.
- Industry restrains drivers and opportunities.
- product Development and offerings Key insights.
- Potential Application covers extensive analysis of emerging trends
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Frequently Asked Questions
- What will the market size be in 2028 and at what rate will it grow?
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- What are the key factors hampering the growth of the global Orthotic Devices market?
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