Orthopedic Orthotic Devices Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030

Rising prevalence of chronic diseases such as osteoarthritis, spondylitis and osteoporosis etc. requiring effective bone alignment and support. Additionally, the rising geriatric population with joint deformities and traumatic injuries will result in deep market penetration for orthopedic orthotic devices". The limiting factors related to this market are the ineffective reimbursement policies deter the patients from availing orthotic devices for treatment and maintaining the orthotic devices such as cleaning, oiling, etc. is a tedious job.

In accordance with the scope of the report, the products segment includes braces and support of upper extremity, braces, and support of lower extremity and orthotic splints. Braces and support of upper extremity are further categorized as braces and support of elbow, braces, and support of spinal, braces and support of shoulders, braces, and support of wrist and braces and support of neck. Braces and support of lower extremity are further classified as braces and support of ankle, braces and support of hip and braces and support of knee. Orthotic splints are further sub-segmented as lower extremity splints and upper extremity splints. The market estimation and forecast for the duration of 2020-2030 is included in the report.

Emphasis has been laid on the geography segment with elucidation on market size and forecast for the duration of 2020-2030.

A brief understanding regarding the scope of the report has been elucidating by specifically focusing on the competition currently observed among the companies who have tremendous influence on the orthopedic orthotic devices market. Competitive landscape has been beneficial in understanding the competition. Porters five forces model has been useful in providing insights regarding business dynamics of orthopedic orthotic devices market. The market leaders in global orthopedic orthotic devices market are Ossur, Ottobock, Ltd., Ascent Meditech Limited, Bauerfeind AG, Breg, Inc., BSN Medical, ALCARE Co., DeRoyal Industries, Inc., DJO Global, and Truelife.

The growth of orthopedic orthotic devices market is determined by rising prevalence of chronic diseases such as osteoporosis, spondylitis and rheumatoid arthritis etc. The increasing geriatric population with grade 3 osteoarthritis and rising cases of injuries due to traumatic accidents and sports will result in deep market penetration for orthopedic orthotic devices. Manufacturers involved in the manufacturing of orthopedic orthotic devices are constantly striving to achieve uniform thickness in the orthotic devices by employing CAD/CAM software ability to capture 3-D images of the foot and computer numerical control machines milling the orthotic device. Presently braces and support of lower extremity is the largest market due to rising prevalence of knee and osteoarthritis in geriatric population and increasing number of knee, ankle and foot injuries in athletes playing football, baseball, basketball and field and track athletics events. Braces and support of upper extremity shows a promising sales records prominent growth for the period 2020-2030 due to increasing number of traumatic injuries in the upper extremities such as spine, wrist and neck due to car accidents, fall and injuries at workplace, rising prevalence of shoulder and elbow injuries in athletes playing, cricket, wrestling and boxing. The major players in orthopedic orthotic devices market are DeRoyal Industries, Bauerfeind AG, ALCARE Co., Ltd., Ascent Meditech Limited, Breg, Inc., BSN Medical, DeRoyal Industries, Inc., DJO Global, Ossur, Ottobock and Truelife.

According to the Center for Disease Control and Prevention 2015 statistics approximately 30 million U.S. adult population is suffering with osteoarthritis. The factors responsible for the dominance of North America is due to rising prevalence of osteoporosis, osteoarthritis etc., existence of well-developed healthcare centers and presence of major players engaged in manufacture of orthopedic orthotic devices products. The market growth in Europe is mainly attributed to increase in geriatric population suffering with bone deformities requiring effective support and braces for bone structure alignment and supportive regulatory environment for the orthopedic orthotic devices. Increasing number of elderly patients suffering with grade 3 osteoarthritis and fast track approval for the orthopedic orthotic devices will render Asia Pacific region to record steadfast growth.

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Orthopedic Orthotic Devices market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Orthopedic Orthotic Devices market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Type

• Upper Extremity Braces and Support
• Elbow Braces and Support
• Spinal Braces and Support
• Shoulder Braces and Support
• Wrist Braces and Support
• Neck Braces and Support
• Lower Extremity Braces and Support
• Knee Braces and Support
• Ankle Braces and Support
• Hip Braces and Support
• Orthotic Splints
• Upper Extremity Splints
• Lower Extremity Splints

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Orthopedic Orthotic Devices market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Orthopedic Orthotic Devices market?
• Which is the largest regional market for Orthopedic Orthotic Devices market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Orthopedic Orthotic Devices market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Orthopedic Orthotic Devices market worldwide?

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