Rapidly increasing incidences of chronic diseases and sports-related injuries, expanding urbanization, body disabilities, increased focus on improving the quality of human life, growing awareness towards orthopedic ailments, and innovation in the healthcare industry are some of the most important factors that will drive the orthotic devices market according to a market intelligence report by business analysts at IndustryARC. The analyst of the report has estimated the market size of orthotic devices at $3.13 billion by the year 2023. During the forecast period of 2018-2023, the market is evaluated to expand at a normal compound annual growth rate (CAGR) of 3.9%.
The report is titled, ‘Orthotic Devices Market: By Type (Knee Braces & Supports, Ankle Braces & Supports Upper Extremity Braces & Supports and Others); By Application (Injuries, Chronic Diseases, Disabilities, Pediatrics); By Geography – Forecast (2018-2023).’ This report has been meticulously prepared by a life sciences and healthcare analyst at IndustryARC who has assessed the market through several parameters including opportunities and market forces.
Global Orthotic Devices Market: Regional Analysis
Some of the common orthotic devices include casts, foot inserts, and splints which are used to support and gradually correct deformities in the human body without invasion. The demand share of the market for these devices was most abundant in North America with market revenue of $2424.3 million in the year 2018. This has mostly materialized due to diabetic spreading as an epidemic in the continent leading to weakening of limbs and joints. An increasing number of the population is getting amputated for diabetes with every passing day, thus necessitating the need for orthotic devices. North America also boasts an active sports industry which is another leading factor of this continent capturing a high demand share of the global orthotic devices market.
Growth Drivers and Disruptive Trends
- Rapidly Increasing Geriatric Population
According to the report, the global population above 60 years old reached 962 million in 2017, and is projected to reach 2.1 billion by the year 2050. The aging population is often deprived of strong limbs and mobility, which is why they generate a high demand for orthotic devices market with a considerable magnitude.
- Growing Incidences Of Chronic Diseases
Chronic diseases on a rise worldwide due to lifestyle changes, lack of sanitation, and growing population. According to the American Academy of Orthotists and Prosthetists, 20.8 million children in the United States of America have diabetes. Diseases such as arthritis, obesity, and diabetes are spreading on an epidemic level, thus making patients solicit orthotic devices as limbs become weaker with the passage of time in these diseases.
- Disabilities Supplementing Market Growth
According to US Census Bureau, approximately 49% of people with disabilities experience difficulty while walking or climbing a flight of stairs. Similarly, accidents also lead to physical disabilities, sometimes for life. Another important factor is behind rising disabilities is armed conflict and violence in regions including Israel and Afghanistan which are responsible for permanent disabilities in soldiers. Any kind of disability leads to orthotic devices market growth and generates a high demand for the devices.
Global Orthotic Devices Market: Competitive Landscape
Several key market players have made considerable developments in the Orthotic Devices Market market. According to the analyst, some of these companies are Breg Inc., BSN Medical GmbH and Co., DM Orthotics Ltd., Hanger Prosthetics And Orthotics Inc., Ossur HF, Ottobock Holding GmbH and Co., Townsend Design, Tynor Orthotics Pvt. Ltd., Zimmer Biomet Holdings Inc., Amfit Inc., Acor Orthpaedic Inc., Aetrex Worldwide, Inc., Bledsoe Brace Systems, Inc., Deroyal Industries, Inc., DJO Global Inc., Alcare Co. Ltd., Aspen Medical Products, Inc., Basko Healthcare B.V., Bauerfeind AG, and Becker Orthopedic Appliance Co.
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