Prosthetics and Orthotics Market to grow at CAGR 4.9% market value to reach USD 12.5 billion by 2026
Acumen Research and Consulting
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Global prosthetics and orthotics market size to grow at CAGR of 4.9%, with market value reaching USD 12.5 billion by 2026, as per market research firm Acumen research and consulting . The global ageing population has been noted as one of the primary reasons driving the demand for prosthetics and orthotics. The number of individuals over the age of 60 will more than double by 2050, reaching 2 billion. Since osteosarcoma is becoming more common in young individuals and children, recovering patients need orthopedic devices as well as prosthetics as part of the post-surgery care. The increased instances of road accidents and sports injuries will drive the prosthetics and orthotics market in the future years. Rising advancement, usages, and affordability in technologies used for?designing and manufacturing of customized and personalized?prosthetics and orthotics (E.g., 3D printing) are likely to propel demand in the prosthetics and orthotics market in near future.
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Dynamics of Prosthetic and Orthotics market?
In this day and age unhealthy lifestyle, ageing population, has made us vulnerable causing many diseases such as osteosarcoma. As well as growing number of road accidents along with sports related incidences. The number of diabetic patients across the world has been increasing rapidly due to obesity pandemic, in severe cases of diabetes there is a need to amputate the limbs due to high blood sugar.?
As per data around 50 million people get severely injured in road accidents with many of them becoming permanently disabled. In the US alone more than 2.5 million people get injured each year. New technological innovations as well as increased spending in research and development in prosthetics and orthotics market is further expected to propel the growth in the years to come.?
Prosthetics and Orthotics Market?Regional overview
North America accounts for the largest share of the market currently, given the robust healthcare infrastructure customer friendly reimbursement policies market presence of major players as well as high investments by private firms for research and developmental purposes.?
Asia Pacific is also noted to be the fastest growing market over the forecast period. The auto mobile industry in Asia Pacific has vastly developed in the past few decades which is why the number of road accidents have increased, the healthcare sectors of China and India has progressed spectacularly, along with government supported initiatives and rising awareness of the treatments available. There is also the factor of rising disposable income in the developing countries. All these factors have made Asia Pacific as one of the largest markets for prosthetics and orthotics.?
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Global upper limb prosthetics market size is expected to worth US$ 1.9 billion by 2026 and poised to grow at a CAGR around 10.5 % from period 2019 to 2026.
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