According to the new market research report by IndustryARC titled “Orthotic Devices Market: By Manufacturing Method, By Device Texture, By Device Type, By Distribution Channel, By End-use Application and By Geography Analysis - Forecast (2018 - 2023),” the market is driven by the rising aging population, growing incidence of chronic diseases & arthritis and rising sport injuries & road accidents among others.
Americas to have a major share in the Orthotic Devices Market
Americas dominates the orthotic devices market owing to increasing incidence of arthritis is one of the most prominent factors driving the Americas Orthotic devices market. Americas are followed by Europe, Asia-Pacific, and RoW respectively in terms of market revenue during the period 2017–2023. Americas market is expected to have a CAGR of 4.71%, while Asia-Pacific is the fastest growing market with a CAGR of 8.14% owing to the increasing aging population in the region, followed by RoW with a CAGR of 5.38% during the forecast period 2018–2023.
Selected/Sample Analysis done in the full Report
Orthotic devices market is segmented based on the manufacturing method, category, device texture, device type, availability, end-user, and geography. Based on the manufacturing method, the market is categorized into prefabricated orthotic devices and custom orthotic devices. The custom orthotic devices segment held the largest share in 2017. In terms of material type, the market is segmented into rigid, semi-soft and soft. Based on device type, the market is categorized into cervical/spinal orthotics, upper extremity orthotics, and lower extremity orthotics. By distribution channel, the market is segmented into retail outlets, orthotic clinics and others. Based on end-use application, the market is bifurcated into injuries, chronic diseases, support application, others. Further, based on geography, the orthotic devices market is segmented into Americas, Europe, APAC, and RoW.
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Excerpts on Market Growth Factors
- Rapid increase in aging population is set to increase the demand for orthotic devices. The aging population (aged 65 and above) has been increasing rapidly from 590 million people in 2014 to 654.56 million people in 2017 and since joint pain is the most commonly associated problem that comes with aging, there is high demand for orthotic devices.
- The prevalence of chronic diseases such as arthritis, diabetes, orthopedic ailments, cardiovascular diseases, and metabolic disorders like obesity is growing at a startling rate. This factor expected to positively influence the orthotic devices market growth.
- Increasing frequency of road accidents is also a leading factor for the growth of the market. According to the Association for Safe International Road Travel (ASIRT), around 20-50 million people are injured or disabled owing to road accidents.
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Key players of the Orthotic Devices Market
DJO Global, Smith & Nephew, DeRoyal Industries, Ossur Global, Stepper, Inc., Stryker, DePuy Synthes, Ottobock Holding, Thuasne and Freedom Innovations are some of the key players in the orthotic devices market.
The Orthotic Devices Market report is segmented as below:
A. Orthotic Devices Market — By Manufacturing Method (Market Size — $Million)
1. Prefabricated Orthotic Devices
2. Custom Orthotic Devices
a. Functional Orthotics
b. Accommodative Orthotics
B. Orthotic Devices Market — By Device Texture (Market Size — $Million)
1. Custom Made
C. Orthotic Devices Market — By Device Type (Market Size — $Million)
1. Cervical/Spinal orthotics
1.1. Cervical orthotics
1.2. Thoracic Orthotics
1.3. Thoracolumbar Orthotics
1.4. Lumbosacral orthotics
2. Upper Extremity Orthotics
2.1. Upper limb orthoses
2.5. Elbow Orthoses
3. Lower Extremity Orthotics
3.1. Knee ankle foot orthotics
3.2. Ankle-foot orthotics
3.3. Knee orthotics
3.4. Foot orthotics
D. Orthotic Devices Market — By Distribution Channel (Market Size — $Million)
1. Retail Outlets
2. Orthotic Clinics
E. Orthotic Devices Market — By End-use Application (Market Size — $Million)
1. Custom Made
1.2. Chronic Diseases
1.3. Support Application
2.2. Chronic Diseases
2.3. Support Application
F. Orthotic Devices Market— By Geography — (Market Size — $Million)
G. Orthotic Devices Market — Market Entropy
H. Companies Cited/Interviewed
1. DJO Global Inc
2. Smith & Nephew Plc
3. DeRoyal Industries
4. Ossur Global
5. Stepper, Inc.
6. Stryker Corporation
7. DePuy Synthes
8. Ottobock Holding
9. Thuasne and Freedom Innovations
10. Freedom Innovations LLC
A. Healthcare Equipment Market
B. Foot Orthotic Insoles Market
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