Bionic Prosthetic & Orthotic Market Highlights 2020-2029
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.
Bionic Prosthetics & Orthotics Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the bionic prosthetics & orthotics market includes the following segments:
By Type
- Orthotics
- Prosthetics
By Application
- General Medical & Surgical Hospitals
- Rehabilitation Centers
- Clinics
- Others
Growth Drivers
- Increasing Geriatric Population in the World
- Growing investment in the development of advanced technologies
Challenges
- Entry barriers in terms of Regulatory Guidelines
- Shortage of well-equipped rehabilitation centers
Top Featured Companies Dominating the Market
- Ossur Corporate
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Zimmer Biomet
- Blatchford Inc.
- Fillauer LLC
- Boston Orthotics and Prosthetics
- Ohio Willow Wood Company
- Ultraflex Systems Inc.
- Howard Orthopedics Inc.
- Touch Bionics Inc.
