Orthotic Devices Market
Number of pages: 100 | Report Format: PDF | Published date: March 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 2.65 billion |
|
Revenue Forecast in 2031 |
US$ 4.41 billion |
|
CAGR |
5.8% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Product, End-user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global orthotic devices market was valued at US$ 2.65 billion in 2022 and is expected to register a revenue CAGR of 5.8% to reach US$ 4.41 billion by 2031.
Orthotic Devices Market Fundamentals
Orthotic devices, also known as orthoses, are braces that support weakened muscles. Additionally, they improve comfort and delay the development of tight muscles or tendons contractures. Specific orthotic devices are used depending on the muscular dystrophy variety and affected muscles. By relieving the lateral and medial epicondylar tendon attachments of their damaging load, orthotic devices are believed to lessen the pain associated with orthopedic injuries. Nevertheless, reducing tension and strain at the tendon insertion is reasonable. Many patients benefit from using a simple, low-cost elbow strap or wrist splint with some degree of relative rest. Due to the dangers of deconditioning and injury, complete immobilization with any orthotic device should be avoided. Orthotic devices like braces and splints are used with medical and surgical intervention methods for treating musculoskeletal impairments. Functional bracing is founded on the concept that maintaining function throughout the fracture healing phase encourages osteogenesis (bone growth) and improves soft tissue healing. Bracing and splinting can relieve weight-bearing forces and keep joints and fractures aligned while they recover. They can be used as soon as the injury occurs or after traditional casting or traction as part of a progressive therapy plan. They could be built customized or prefabricated. Regardless of the root cause, adhering to the same guidelines for using orthotic devices as with other neuromuscular and musculoskeletal disorders is recommended.
A cervical brace, such as the Headmaster Collar, can be helpful for patients with weak neck extensors. It functions as an energy-saving device and should only be used occasionally. Although rarely used, upper extremity orthotic devices may suit some patients with severe radiculopathy or plexopathy. Patients with a foot drop from any condition, such as myelopathy, radiculopathy, plexopathy, or neuropathy, may be treated with lower extremity orthotic devices, such as ankle-foot orthoses. The most popular ankle-foot orthosis is a posterior leaf spring, which is less heavy and bulkier than the alternatives.
[567567]
Orthotic Devices Market Dynamics
The high incidence of orthopedic disorders, such as degenerative bone disease, an aging population, and traffic accidents, contributed to the revenue growth of the global orthotic devices market. Additionally, the early onset of musculoskeletal issues linked to obesity and a sedentary lifestyle is anticipated to support market revenue growth. Continuous upgradation of hospitals with their offerings and infrastructure due to a growing interest in developing cutting-edge products enhances the improvements of new orthotic devices. Compensation coverage for orthopedic treatments has also helped to increase public acceptance of orthotic devices. Due to these factors, customers can select efficient, front-line devices, which boosts market revenue.
Contrarily, the cost of older models has considerably decreased due to advancements in orthopedic technology. The orthotic devices market has expanded into a multi-billion-dollar industry with steady revenue growth in established and developing countries due to extensive R&D successes and countless innovations. The global market for orthotic devices is driven by the growing government emphasis on reducing the treatment charges burden brought on by the rising elderly population. The rise in the cases of osteoporosis and arthritis is expected to fuel market development in the near future. Developing economies are anticipated to experience faster revenue growth compared to developed countries. This can be attributed to the increasing popularity of orthotic devices in developing nations and market saturation in wealthy countries.
The market is anticipated to expand due to patient behaviors, growing technical advancements, and product leasing. Thanks to technological advancements, commercial sectors are adopting innovative technologies to assist individuals with orthopedic disorders. For instance, in July 2021, OSSIS partnered with Zimmer Biomet, a business specializing in complicated hip replacements, such as second-time hip replacements and replacements requiring bone tumors and trauma. Through its cooperation with Zimmer Biomet, OSSIS was better able to support both patients-surgeons and build a network of cutting-edge technologies and knowledgeable professionals throughout the world.
Government authorities worldwide are embracing a few programs and approaches to speed up the development of such devices by providing the necessary funding, grants, licenses, clearances, and approvals to cater to the needs of the healthcare sector. For instance, the Ministry of Health Assistive Devices Program (ADP) announced its plans to provide funding to residents of Ontario with a valid health card for certain devices provided by a certified orthotist required for long-term (over 6 months) usage for chronic medical conditions.
However, the high cost of orthotic devices limits market revenue growth despite the geriatric population’s increase. Current orthotic device prices are anticipated to drop significantly as more advanced ones are developed. Soon, these factors are anticipated to have a favorable effect on procedure volume and market expansion. The dangers and issues linked to orthopedic surgical procedures, such as postoperative infections, neuroparalysis, and a loss of full range of motion, may also restrain market expansion.
Orthotic Devices Market Ecosystem
The global orthotic devices market is analyzed from three perspectives: type, product, end-user, and region.
Orthotic Devices Market by Type
[754645]
Based on the type, the global orthotic devices market is segmented into static and dynamic.
The dynamic orthotic devices segment accounted for the largest revenue share of the global market in 2022. Dynamic stretching orthotics are medical devices that can treat muscle contractures and tightness. Dynamic stretching orthoses apply a prolonged stretch to the muscles and joints affected through a series of adjustable springs. Utilizing a dynamic stretching orthosis has numerous advantages. Increased connective tissue development, improved range of motion, decreased pain, increased mobility, and improved joint control are the most important advantages of preferring dynamic orthotic devices.
Orthotic Devices Market by Product
Based on the product, the global orthotic devices market is segmented into upper-limb orthotic devices, lower-limb orthotic devices, spinal orthotic devices, and others.
The upper-limb orthotic devices segment is sub-segmented as shoulder, elbow, hand & wrist, and finger. Also, the lower-limb orthotic devices segment is sub-segmented into foot & ankle, knee, hip, and others. The spinal orthotic devices segment is sub-segmented into cervical orthotic devices (Co), lumbosacral orthotic devices (Lso), and others.
The lower-limb orthotic devices segment accounted for the largest revenue share of the global orthotic devices market in 2022. The prevalence of bone-related disorders, accidents, obesity, and the practicality of improved designs are major factors anticipated to spur the expansion of the lower-limb orthotic device segment. Arthritis is primarily caused by obesity. Several studies found that compared to people of normal weight, those who were overweight or obese had a 2.5 to 4.6 times higher chance of developing knee osteoarthritis. One of the main reasons likely to increase demand for bone surgeries and the orthotic device for support is an increase in the prevalence of lower limb osteoarthritis, such as knee and ankle osteoarthritis, around the world. The current market trends influencing the sales of these goods used in orthotic assistance are growing awareness about the material innovation and designs for knee orthotic devices.
Orthotic Devices Market by End-user
Based on the end-user, the global orthotic devices market is segmented into hospitals & clinics, ambulatory surgical centers, homecare settings, and others.
The ambulatory surgical centers segment accounted for the largest revenue share of the global orthotic devices market in 2022. Ambulatory surgery centers (ASCs) are medical facilities that provide outpatient surgical services. ASCs have transformed the outpatient experience for millions of people by providing a more convenient option for various procedures. ASCs, for instance, have observed a significant increase in major and minor outpatient surgical operations in the United States over the last 40 years. Furthermore, the Ambulatory Surgery Center Association (ASCA) reports that over 5,300 ASCs performed over 25 million procedures nationwide. The reasons for the enrichment of this sector are various beneficial factors related to the service. Orthopedic ASCs characteristically have a lower infection rate than hospitals for typical hospital-acquired infections as they only accept generally healthy patients undergoing orthopedic surgery. Furthermore, an orthopedic ASC employs highly skilled healthcare professionals and all the tools required to provide orthopedic patient care. As a result, the time between procedures is significantly reduced, making the surgical schedule significantly more productive. ASCs also allow patients to recover at home. A patient doing well after surgery can be discharged and safely transferred to their home, where they can recover more comfortably than in a hospital.
Orthotic Devices Market by Region
Based on the region, the global orthotic devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global orthotic devices market in 2022. The need for orthotic devices in North America is increasing with a rise in the aging population. More individuals have joint replacement surgeries, such as hip and knee replacements. In addition, an increase in fractures related to osteoporosis and musculoskeletal diagnostics fuels the demand for orthopedic implants among people over 65. According to Direct Orthopedic Care, in the United States, 51.8 million people have arthritis, making it the most common cause of disability. The high frequency of orthopedic diseases, such as degenerative knee disorders, and the widespread usage of cutting-edge treatment methods are expected to drive market expansion in the United States. For instance, around 600,000 knee and 300,000 hip replacements are carried out yearly in the United States. Also, the target patient population is continuously growing due to an increase in traffic accidents, further boosting the number of orthopedic surgeries performed. The presence of industry leaders, the launch of advanced tools, a well-developed healthcare infrastructure, and payment coverage drive the market’s high demand for sophisticated healthcare services in the region. The market is also expanding dramatically through increased public awareness of orthopedic disorders, their treatments, and related equipment. With the increase in technological advancements, hospitals are upgrading their equipment due to a greater understanding of the availability of front-line medical and orthopedic machinery. The popularity of orthotics and other operations has also been spurred by reimbursement for treatment-related insurance expenditures. These elements allow medical facilities and practitioners to purchase more expensive, cutting-edge equipment, fueling market expansion.
Orthotic Devices Market Competitive Landscape
The prominent companies in the global market include:
Orthotic Devices Market Strategic Developments
Orthotic devices support and align the affected anatomical region, such as the foot, shoulder, or spine.
Increased orthopedic disorders and the emergence of road accidents and injuries are the most important driving factors of the global orthotic devices market.
The high cost of orthotic devices and lack of awareness are the major factors hindering global market revenue growth.
Key companies operating the global orthotic devices market are Ottobock SE & Co. KGaA, Boston Orthotics & Prosthetics, LeTourneau Prosthetics and Orthotics, B BOUNDLESS BIOMECHANICAL BRACING INC., and Becker Orthopedic.
The global orthotic devices market is expected to grow at a revenue CAGR of 5.8% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain