Prosthetics are artificial devices that replace missing body parts, while orthotics are devices used to support weakened or ineffective joints or limbs. The global prosthetics and orthotics market is driven by factors such as growth in geriatric population, rising prevalence of orthopedic diseases & disorders, and increasing incidence of amputations due to chronic diseases and road accidents. Technological advancements have led to the use of lightweight, durable, and comfortable materials such as carbon fiber, titanium, thermoplastic, and polyurethane in prosthetic and orthotic manufacturing. The global prosthetics and orthotics market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of advanced materials is one of the key trends driving the growth of the prosthetics and orthotics market. Carbon fiber and other high-strength lightweight materials are replacing traditional materials owing to their superior properties. Carbon fiber is 60% lighter than aluminum and twice as strong as steel, making prosthetics and orthotics more comfortable for patients. The usage of thermoplastic materials is also growing due to their ability to be custom-molded at lower temperatures, reducing production time. 3D printing technology is enabling customized prosthetics by scanning patient limbs and printing device components layer-by-layer directly from CAD files. This shift towards advanced manufacturing methods and materials will continue to fuel the demand for prosthetics and orthotics over the forecast period.
Segment Analysis
The global prosthetics and orthotics market size is dominated by the lower extremity prosthetics segment. Lower extremity prosthetics such as artificial legs comprise around 55-60% share of the total market. The dominance of the segment is attributed to the increasing number of amputations caused due to diabetes, vascular diseases, bone cancers and injuries. Close to 185,000 lower limb amputations are performed annually in the U.S. alone, driving significant demand for artificial legs and other lower extremity prosthetics.
Key Takeaways
The global prosthetics and orthotics market is expected to witness high growth.
Regional analysis: Europe is expected to witness the fastest growth in the market during the forecast period. This can be attributed to rising healthcare investments, presence of major medical devices companies and availability of reimbursements for prosthetics treatment across various European countries. The German prosthetics and orthotics market has especially emerged as a significant regional market supported by advanced research infrastructure and manufacturing capabilities.
Key players operating in the prosthetics and orthotics market are Applied Materials, Inc., ASML Holding, Canon, Tokyo Electron, Lam Research, KLA-Tencor, Dainippon Screen, Advantest, Teradyne, and Hitachi High-Technologies. Applied Materials and ASML Holding have established themselves as leaders in the development of advanced prosthetic materials and 3D printing technologies for prosthetics fabrication.
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