In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
The bionic prosthetics & orthotics market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Increase in geriatric population across the world, along with the growing investment in the development of advanced technologies are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as rise in prevalence of diseases such as vascular diseases, diabetes and osteoarthritis, increase in rate of road accidents and sports injuries amongst individuals on a global level. According to the data published by United Nations, the number of people aged 60 or over is anticipated to more than double by 2050, by 962 million in 2017 to 2.1 billion in 2050 across the world.
The market is segmented based on type into prosthetics and orthotics. The orthotic segment is further segmented into lower limb, upper limb and spinal orthotics. Prosthetics, on the other hand, includes upper extremity and lower extremity prosthetics, liners, sockets and modular components. The orthotics segment is anticipated to grab the largest share by the end of 2021 on account of increased prevalence of osteoarthritis and penetration of orthopaedic technology. Moreover, there has been an increase in the incidence of sports injuries, which is also projected to contribute to the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of application, the general medical & surgical hospitals segment in the bionic prosthetics & orthotics market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that bionic prosthetic & orthotic implant is a relatively rare occurrence and as a result, a considerable portion of the population with this requirement on a global level tend to choose healthcare facilities specializing in its treatment.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia pacific is predicted to grow at the highest CAGR over the forecast period due to rise in number of road accidents and increase in diabetes-related amputations. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue because of well-established and well equipped healthcare infrastructure and rise in research and development activities. Along with this, North America also leads in terms of favourable reimbursement policies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the bionic prosthetics & orthotics market on account of technology advancements in the field of orthopaedic prosthetics design and growth in rate of manufacturing in the region. A recent project by European Agency for Safety and Health at Work (EUOSHA) found that the burden of work injuries is 3.30% of European GDP.
The bionic prosthetics & orthotics market is further classified on the basis of region as follows:
Our in-depth analysis of the bionic prosthetics & orthotics market includes the following segments:
Ans: Increasing elderly population and growing investment in the development of advanced technologies are the key factors driving market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: Entry barriers in terms of Regulatory Guidelines and Shortage of well-equipped rehabilitation centers are the challenges affecting the growth of this market.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about bionic prosthetics & orthotics market.
Ans: The major players dominating the bionic prosthetics & orthotics market are Ossur Corporate, Zimmer Biomet, Blatchford Inc., and Fillauer LLC among others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application and region.
Ans: With respect to application, the general medical and surgery hospitals segment is anticipated to hold the largest market share as bionic prosthetic & orthotic implant is a relatively rare occurrence and as a result, a considerable portion of the population with this requirement on a global level tend to choose healthcare facilities specializing in its treatment.