Orthotic Devices Market Overview
Orthotic devices are particularly beneficial for the patients suffering from arthritis, musculoskeletal and orthopedic ailments, deformities and abnormal posture alignment among others. These devices are applied externally and can help correct any abnormalities or biomechanical alignment of the body. The market is estimated to grow at a CAGR of 5.25% during the forecast period 2018-2023. The Asia-Pacific orthotic devices market is forecast to grow at a CAGR of 8.14%, which can be mainly attributed to the technological advances in bulk manufacturing of OTC orthotics.
Orthotic Devices Market Outlook
There are various types of orthotic devices available in the market with each having its own benefit. Based on their manufacturing method, the global orthotics market is divided into two types: prefabricated orthotic devices and custom-made orthotic devices. The share of custom orthotic devices in the overall market is expected to increase in the coming years. Custom orthotics are devices that are manufactured based on specific measurements of the patients and are made to fit and function according to the user’s requirement and condition. The market has been analyzed on the basis of its geographic region comprising of Americas, Europe, Asia-Pacific, and the Rest of the World.
Orthotic Devices Market Growth Drivers
Rise in demand for orthotic devices market is mainly driven by aging population prone to osteoporosis, osteoarthritis, and other bone disorders, increased bone injury prevalence, and increased sport related problems. The use of orthotic devices worldwide will be encouraged as people increasingly seek alternatives to surgical deformity correction and pain management. Moreover, innovations in this industry are enabling orthotic devices to be easily accessible and more affordable.
Orthotic Devices Market Challenges
Higher cost of custom made orthotic devices is one of the most prominent factors offsetting the growth of the orthotic devices market. Although custom-made orthotic devices have many advantages over the pre-fabricated devices, pre-fabricated devices are widely used owing to affordability and easy availability. The prefabricated devices available in the market presently are technologically advanced and are available in various ranges and sizes used to treat different disorders or diseases.
Orthotic Devices Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the orthotic devices market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the manufacturing method, device texture, device type, distribution channel and end-use application.
Orthotic Devices Market Report: Industry Coverage
By Manufacturing Method: Pre-fabricated Orthotic Devices and Custom Orthotic Devices (Functional Orthotics and Accommodative Orthotics)
By Device Texture: Custom Made (Rigid, Semi-soft and Soft) and Prefabricated (Rigid, Semi-soft and Soft)
By Device Type: Cervical/Spinal Orthotics, Upper Extremity Orthotics and Lower Extremity Orthotics
By Distribution Channel: Retail Outlets, Orthotic Clinics, Pharmacies and Others.
By End-use Application: Custom Made (Injuries, Chronic Diseases, Support Application, Disabilities and Pediatrics) and Pre-fabricated (Injuries, Chronic Diseases, Support Application, Disabilities and Pediatrics)
The Orthotic Devices market report also analyzes the major geographic regions as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: The U.S., Canada, Mexico, Brazil, Chile, Argentina and Rest of Americas
- Europe: The U.K., Germany, France, Italy, Spain, Russia, and the Rest of Europe
- APAC: China, Japan, South Korea, India, Australia and the Rest of APAC
- RoW: U.A.E., Israel, Rest of Middle East, South Africa and Rest of Africa
Orthotic Devices Market Trends
- The emerging technologies such as the 3D imaging and scan, CAM/CAD and so on, will revolutionize the custom-orthotic devices market. In the coming years, these technologies will be easily accessible and will even allow patients to 3D print orthotic devices in the convenience of their own homes. The 3D Printed machine for orthopedic devices holds innovation and novel manufacturing technique these days. For instance, the arm laser scanner, known as the FARO system will be used to make the replica of the lower leg and foot anatomy. This FARO system will do multiple scans and merge to create a single model. Moreover, there is a growing trend of sports personnel using orthotic devices. Athletes often use semi-rigid orthotics in order to provide balance when moving or pronating the feet.
Key Questions Addressed in the Orthotic Devices Market Report
1. Is the market for orthotic devices market growing? How long will it continue to grow and at what rate?
2. Which type of device presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What is the current status of orthotic devices in different countries?
7. Which type of manufacturing method will mostly be used by manufacturers in the near future?
8. What are the short-term, long-term, and medium-term growth drivers for the market?
9. What are the short-term, medium-term, and long-term challenges for the market?
10. What are the short-term, medium-term, and long-term opportunities for the market?
11. Who are the top players/companies of the market?
12. What are the recent innovations in the market?
13. How many patents have been filed by the leading players?
14. What are the types of patents filed by the leading players?
15. What is the futuristic scenario for the adoption of orthotic devices?
16. What is our Vision 2030 for the orthotic devices Market?
A few focus points of this Research are given below:
- Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
- Provide an overview of the product portfolio, including product planning, development, and positioning
- Discuss the role of technology companies in partnerships
- Explore the regional sales activities
- Analyze the market size and giving the forecast for current and future global orthotic devices market during the forecast 2018–2023
- Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures
IndustryARC Research Best Practices
The orthotic devices market size is evaluated based on the number of products per organization type along with the varying price points pertaining to specific applications. These were identified as key informational conjectures for market estimation in 2017/2018.
The orthotic devices market share is thoroughly checked against all data points that have been incorporated and rechecked against various data sources. Various C-level executives and key opinion leaders are contacted for verification of the data.
The orthotic devices market forecast and growth rate are achieved by applying the time series forecasting methodology on the various factors. The market forecast and growth rate are further backed with historical trends of the market along with a regressive mathematical model that assesses the value based on factors such as capital expenditure, equipment lifespan, R&D investments, and so on.
The orthotic devices market demand has been researched taking into account the prominent economies across the different geographic regions to understand their corresponding impact on the market.
The orthotic devices market drivers are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.
The orthotic devices market challenges are evaluated for short-term, medium-term, and long-term based on the different market dynamics impacting the market.
The orthotic devices market trends have been analyzed taking into consideration the micro and macro trends prevalent in various geographies.
The orthotic devices market outlook provides a brief overview of the market performance and anticipated change in market dynamics.
The orthotic devices market analysis also involves the identification of new companies that have entered the market scenario and their impact on the market dynamics in the future.