Global Orthotic Devices Market was valued at USD 2.51 billion in 2021, growing at a CAGR of 5.13% during the forecast period from 2023 to 2028 to reach USD 3.38 billion by 2028. Factors such as the growing prevalence of degenerative bone disorders, rising prevalence of neuromuscular diseases, increasing geriatric population, rising number of accident and trauma cases, and the rising number of sports-related injuries among other factors are expected to drive the orthotic devices market.
DelveInsight launched a new report on “Orthotic Devices Market Insight & Forecast“.
Orthotic Devices Overview
Orthotic devices are supportive devices that are used in providing support and aligning the affected anatomical region such as the foot, shoulder, or spine. These devices are defined or described by the area of the body that they are treating.
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Orthotic Devices Market Drivers
Factors such as the growing prevalence of degenerative bone disorders, rising prevalence of neuromuscular diseases, increasing geriatric population, rising number of accident and trauma cases, and the rising number of sports-related injuries among other factors are expected to drive the orthotic devices market.
Orthotic Devices Market Dynamics
One of the major factors driving the orthotic devices market is the rising geriatric population across the globe. Improving healthcare facilities and disposable incomes have been key factors in improving the quality of life and life expectancy in general. The elderly population is susceptible to numerous bone-related disorders and degenerative bone diseases. As per the United Nations in 2020, approximately 727 million people above the age of 65 years were living across the globe. It has been estimated that the elderly population is further expected to double in number reaching over 1.5 billion over the period of three decades. The elderly population is susceptible to developing degenerative bone disorders more frequently than the younger population. Some of the common bone-related diseases are osteoarthritis, osteoporosis, and scoliosis among others.
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Orthotic Devices Market Insights
Among all the regions, North America is expected to account for a significant market share in the orthotic devices market. North America is predicted to account for the dominant market share because of the high prevalence of osteoporosis and other bone diseases, rising population of the elderly, an increasing number of neuromuscular diseases as well as high awareness among people regarding disease management and ability to afford such devices and among other factors in the region.
One of the key factors supporting the growth of the North American orthotics devices market is the high prevalence of neuromuscular disorders. As per the data provided by the Muscular Dystrophy Organization (2021), the prevalence of Duchene Muscular Dystrophy is 6 per 100,000 individuals in North America. It is a rare neuromuscular disorder wherein the muscles of the upper arm, thighs, and hips are affected in the early stages.
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Orthotic Devices Market Segmentation Analysis
1. Orthotic Devices Market by Functionality: Static Orthotic Devices And Dynamic Orthotic Devices
2. Orthotic Devices Market by Product Type: Upper Limb Orthotic Devices [Shoulder, Elbow, Hand & Wrist, And Finger], Lower Limb Orthotic Devices [Foot & Ankle, Knee, Hip, And Others], Spinal Orthotic Devices [Cervical Orthotic Devices (CO), Lumbosacral Orthotic Devices (LSO), and Others])
3. Orthotic Devices Market by Customization: Prefabricated And Customized
4. Orthotic Devices Market by End User: Hospitals & Clinics, Ambulatory Surgical Centers, Homecare Settings, and Others
5. Orthotic Devices Market by Geography: North America, Europe, Asia-Pacific, and Rest of the World
Orthotic Devices Companies
Some of the key orthotic devices companies operating in the orthotic devices market include Ottobock, Boston Orthotics & Prosthetics, LeTourneau Prosthetics, and Orthotics, B BOUNDLESS BIOMECHANICAL BRACING INC., Becker Orthopedic, Trulife, Hanger Clinic, Fillauer LLC, Basko Healthcare, Bauerfeind, Breg, Inc, DJO, LLC, Acor Orthopaedic, Inc., Aspen Medical Products, LLC, Aetrex Worldwide, Inc. Allard USA Inc, Steeper Inc, ORTHOMERICA PRODUCTS, INC, Conwell Medical Co., Ltd, Kinetec Medical Products UK Ltd and others.
Table of Contents
1. Orthotic Devices Market Report Introduction
2. Orthotic Devices Market Executive Summary
3. Regulatory and Patent Analysis
4. Orthotic Devices Market Key Factors Analysis
5. Orthotic Devices Market Porter’s Five Forces Analysis
6. COVID-19 Impact Analysis on Orthotic Devices Market
7. Orthotic Devices Market Layout
8. Orthotic Devices Market Global Company Share Analysis – Key 3-5 Companies
9. Orthotic Devices Market Company and Product Profiles
10. Project Approach
11. KOL Views
12. DelveInsight Capabilities
13. Disclaimer
14. About DelveInsight
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