|Prosthetics & Orthotics Global Market to Reach $9.33 Billion by 2026 at a CAGR of 5.09%|
|By: PR Newswire Association LLC. - 04 Oct 2022||Back to overview list
DUBLIN, Oct. 4, 2022 /PRNewswire/ -- The "Prosthetics & Orthotics Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global prosthetics and orthotics market is expected to grow from $7.32 billion in 2021 to $7.65 billion in 2022 at a compound annual growth rate (CAGR) of 4.57%. The prosthetics and orthotics market is expected to grow to $9.33 billion in 2026 at a compound annual growth rate (CAGR) of 5.09%.
North America was the largest region in the prosthetics orthotics market in 2021. The Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prosthetics and orthotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing sports injuries and road accident cases significantly drive the prosthetics and orthotics market. Road accidents are caused by distracted driving and high speeding. These conditions cause many disabilities in the injured people, entailing the use of prosthetics and orthotics for recovery and restoring normal day-to-day function. According to the report by National Crime Records Bureau, India, In July 2021, road crash deaths in the country have increased by 1.3 percent to 1,54,732 from 1,52,780.
Additionally, the leading cause of sports injuries is the year-round participation of athletes in a single sport, resulting in more injuries. For instance, In a report by National Safety Council (NSC), bicycling sports were responsible for approximately 426,000 damages in 2020, Exercise, with or without equipment, in second with about 378,000 injuries, while OHV, moped, and minibike in third with 230,000 injuries, and skateboard, scooter, and hoverboard in fourth with 218,000 injuries. Therefore, increasing sports injuries and road accident cases are expected to boost demand for prosthetics and orthotics during the forecast period.
Technological advancement is a new trend gaining popularity in the prosthetics and orthotics market. Major companies operating in the prosthetics and orthotics market are focused on providing technologically-advanced products to strengthen their market position. These companies are implementing next-generation technologies into their products and related services, such as automation, artificial intelligence (AI), microprocessor, neuromuscular signal technology, sensory control, and others, to provide smoother, more natural motions and functions.
For instance, In June 2019, Ossur, an orthopaedic device company, launched next-generation Proprio Foot intelligent prosthesis that uses artificial intelligence to detect and respond to changes in users' walking style and terrain. The newly upgraded microprocessor ankle is faster than the previous model, allowing users to walk naturally and comfortably on various terrains such as stairs and ramps.
In October 2020, Proteor, a France-based international group specializing in prosthetic and orthotic solutions, acquired a portion of Freedom Innovations' array of lower limb prosthetics. With this acquisition, Proteor combines the Freedom Innovations' expertise to generate momentum to build a presence within the prosthetics and orthotics. Proteor added Freedom Innovations' flagship lower limb products to its portfolios, including Plie3 microprocessor knee, Kinnex, and Kinterra ankles, Agilix, Highlander, Dynadapt, Sierra, and Pacifica feet products. Freedom Innovations is an American brand and a part of the product portfolio from Ottobock. Ottobock is a German-based company that operates in orthopedic technology.
1) By Type: Prosthetics; Orthotics
Key Topics Covered:
1. Executive Summary
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SOURCE Research and Markets
Copyright 2022 PR Newswire Association LLC.
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