Prosthetics and Orthotics Market size was valued at USD 6.94 billion in 2023 and is expected to reach USD 12.3 billion by the end of 2036, expanding at around 4.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of prosthetics and orthotics is assessed at USD 7.19 billion.
Increase in geriatric population across the world, along with the growing investment in the development of advanced technologies are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as rise in prevalence of diseases such as vascular diseases, diabetes and osteoarthritis, increase in rate of road accidents and sports injuries amongst individuals on a global level. According to the data published by United Nations, the number of people aged 60 or over is anticipated to more than double by 2050, by 962 million in 2017 to 2.1 billion in 2050 across the world.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
4.5% |
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Base Year Market Size (2023) |
USD 6.94 billion |
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Forecast Year Market Size (2036) |
USD 12.3 billion |
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Regional Scope |
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The prosthetics and orthotics market is segmented based on type into prosthetics and orthotics. The orthotic segment is further segmented into lower limb, upper limb and spinal orthotics. Prosthetics, on the other hand, includes upper extremity and lower extremity prosthetics, liners, sockets and modular components. The orthotics segment is anticipated to grab the largest share by the end of 2021 on account of increased prevalence of osteoarthritis and penetration of orthopaedic technology. Moreover, there has been an increase in the incidence of sports injuries, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of application, the general medical & surgical hospitals segment in the market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that prosthetic and orthotic implant is a relatively rare occurrence and as a result, a considerable portion of the population with this requirement on a global level tend to choose healthcare facilities specializing in its treatment.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By Application |
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Geographically, the prosthetics and orthotics market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is predicted to account for largest revenue share by 2036, due to rise in number of road accidents and increase in diabetes-related amputations.
Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue because of well-established and well equipped healthcare infrastructure and rise in research and development activities. Along with this, North America also leads in terms of favourable reimbursement policies, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the bionic prosthetics & orthotics market on account of technology advancements in the field of orthopaedic prosthetics design and growth in rate of manufacturing in the region. A recent project by European Agency for Safety and Health at Work (EUOSHA) found that the burden of work injuries is 3.30% of European GDP.
Author Credits: Radhika Pawar
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