Prosthetics & Orthotics Global Market Report 2024

Prosthetics and orthotics are artificial medical devices designed to provide support to and replace deformities in various parts of the human body. These devices aim to offer a comfortable fit, enabling individuals with limb amputations or physical impairments to achieve functional ability.

The primary categories within the prosthetics and orthotics market are prosthetics, which involve artificial limbs or body parts used to replace lost body parts due to amputation or lack of development, and orthotics, which focus on devices to support and correct deformities. The classifications of prosthetics and orthotics include upper limb, lower limb, and spinal. These devices find applications in hospitals, clinics, rehabilitation centers, and other medical settings. Additionally, various technologies, such as conventional, electrical-powered, and hybrid technologies, are utilized in the development of prosthetics and orthotics.

The prosthetics and orthotics market research report is one of a series of new reports that provides prosthetics and orthotics market statistics, including prosthetics and orthotics industry global market size, regional shares, competitors with a prosthetics and orthotics market share, detailed prosthetics and orthotics market segments, market trends and opportunities, and any further data you may need to thrive in the prosthetics and orthotics industry. This prosthetics and orthotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The prosthetics & orthotics market size has grown strongly in recent years. It will grow from $8.1 billion in 2023 to $8.62 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The observed growth in the historic period can be attributed to factors such as the rising prevalence of disabilities and amputations, advancements in materials and manufacturing techniques used in prosthetics and orthotics, increasing awareness and acceptance of these medical devices, development in healthcare infrastructure, and growth in sports and rehabilitation programs.

The prosthetics & orthotics market size is expected to see strong growth in the next few years. It will grow to $10.74 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The projected growth in the forecast period can be attributed to the following factors: the development and implementation of customized and patient-specific prosthetic solutions, integration of artificial intelligence (AI) and robotics in the field of prosthetics, a focus on sustainable and eco-friendly prosthetic materials, expansion in pediatric prosthetics and orthotics, and the increasing adoption of telehealth for orthotic services. Key trends in the forecast period include advancements in neurological-controlled prosthetics, adherence to regulatory standards for prosthetic safety, the emergence of smart prosthetics with sensory feedback, the provision of personalized prosthetic solutions tailored to individual needs, and efforts to enhance transparency in prosthetic pricing and insurance practices.

The prosthetics and orthotics market is significantly driven by the increase in sports injuries and road accident cases. Road accidents, often caused by factors like distracted driving and high speeding, result in disabilities for the injured individuals, necessitating the use of prosthetics and orthotics for recovery and the restoration of normal daily functions. According to a report by the National Crime Records Bureau in India, road crash deaths increased by 1.3 percent to 154,732 in July 2021. Additionally, the year-round participation of athletes in a single sport contributes to an increased number of sports injuries. The National Security Council reported that, in 2022, 3.6 million people in the US were treated in emergency departments for injuries involving sports and recreational equipment. Therefore, the rise in sports injuries and road accidents is expected to drive demand for prosthetics and orthotics in the forecast period.

The growth of the elderly population is anticipated to boost the prosthetics and orthotics market. With individuals aged 65 and above considered part of the elderly population, this demographic is more susceptible to conditions such as osteoporosis and arthritis, leading to mobility issues. Prosthetics and orthotics play a crucial role in enhancing the quality of life for the elderly by providing support and assistance with movement. According to the Organisation for Economic Co-operation and Development, adults aged 65 and above in the United States account for around 16.9% of the total population, with more than 56 million individuals. The older population is expected to reach more than 73.1 million by 2030. Therefore, the increase in the elderly population is a key driver of the prosthetics and orthotics market.

Technological advancement is becoming a prominent trend in the prosthetics and orthotics market. Major companies in this sector are actively incorporating next-generation technologies such as automation, artificial intelligence (AI), microprocessors, neuromuscular signal technology, and sensory control into their products and services. This integration aims to provide more natural motions and functions, offering enhanced mobility solutions. For example, Ossur, an Iceland-based orthotics and prosthetics company, launched the POWER KNEE in February 2022. This is the first actively powered microprocessor prosthetic knee, offering active assistance and adaptability to different activities and surfaces.

Strategic partnerships are playing a vital role in the prosthetics and orthotics market, with companies collaborating to develop advanced solutions. In June 2023, Fillauer, a US-based orthotic and prosthetic innovation company, introduced the Myo/One Electrode system in partnership with Coapt. This streamlined and waterproof system is designed to reduce trial and error, addressing the needs of individuals with limb differences or mobility challenges. Such partnerships aim to provide more advanced and user-friendly solutions in the orthotics and prosthetics field.

In August 2022, Össur, an Iceland-based company specializing in orthopaedics, acquired Naked Prosthetics, a US-based company providing finger prostheses. The undisclosed acquisition strengthens Össur's global upper-limb product portfolio and addresses the needs of patients with finger and partial hand loss.

Major companies operating in the prosthetics & orthotics market include Fillauer LLC, Bauerfeind AG, Otto Bock Healthcare GmbH, Zimmer Biomet Holdings Inc., Blatchford Limited, Ability Matters Group Ltd., Steeper Inc., Össur hf, WillowWood Global LLC, Ultraflex Systems Inc., Hanger Inc., Mobius Bionics LLC, Ohio Willow Wood Co., Esper Bionics Inc., ToughWare Prosthetics Inc., Campbell Soup Company, College Park Industries Inc., Hosmer Dorrance Corporation, Kingsley Manufacturing Company, Mica Manufacturing Company, Sterling Check Corp., Carbon Copy Pathfinder, Proteor SA, Seattle Systems Company, Bhagwan Mahaveer Viklang Sahayata Samiti, Endolite Ltd., Freedom Innovations LLC, Spinal Technology LLC, Trulife Group Limited, Fillauer Europe AB, Ortho Europe Abingdon Ltd.

North America was the largest region in the prosthetics orthotics market in 2023. The Asia-Pacific is expected to be the fastest-growing region in the prosthetics orthotics market share during the forecast period. The regions covered in the prosthetics and orthotics market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the prosthetics and orthotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The prosthetics & orthotics market consists of sales of orthotics such as transradial, transfemoral, transtibial, and transhumeral and prosthetics such as soft, rigid, and semi-rigid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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