Orthotics can be characterized as the brace, support or splint used to align, prevent, support or to address the working of versatile body parts, for example, knee, wrist, shoulder, neck and so on. The medical field which manages the design and assembling of these devices is known as Orthotics. The orthotic devices are fundamentally used to defeat from the disabling illness, congenital condition or traumatic injury. The Overall Global Orthotic Devices Market is expected to grow at a significant compound CAGR rate of 5.25% from USD 3.85 billion in 2018 to USD 6.02 billion in 2026. This expansion in Orthotic Devices is due to a rising focus on improving quality of life and increasing awareness towards orthopedic ailments. However, relatively expensive of custom-made orthotic devices are restraining the market growth. Moreover, inventions in manufacture and modeling technologies are providing ample opportunities for the market.
Global Orthotic Devices: Key Segments
By Product: – Among all Products, Upper Extremity Braces and Support segment occupied the largest market share, owing to the Based on Upper Extremity Braces and Support segment which is sub-categorized into Upper-limb orthoses it is used regularly on patients who have had neuromuscular problems and neurological, musculoskeletal disorders such as peripheral nerve injury, muscle weaknesses, spinal cord injury, cerebral palsy, multiple sclerosis, traumatic brain injury, and stroke.
By Application: – Among all Applications, Neuromuscular and Musculoskeletal Disorders segment occupied the largest market share. Neuromuscular and musculoskeletal problems in instrumental musicians. Among musculoskeletal disorders, regional muscle pain syndromes, particularly of the upper limb, upper trunk, and neck, were most common. Specific entities such as tendinitis and ligament sprain were less common.
By Distribution Channel: – Among all Distribution Channel, Orthotic Clinics segment occupied the largest market share due to Orthotics Clinic is staffed by a team of professionals including Certified Orthotists and Orthotic Technicians. Moreover, the orthotists on staff have specialized experience treating complex pediatric cases that require unique solutions. Fabrication and adjustments of orthoses are done on-site with up-to-date equipment and materials. Our orthotists also provide post-operative casting for orthoses in the operating room.
By Region: – Orthotic Devices market covers North America, Europe, Asia Pacific and the Rest of the world. The Asia Pacific occupied the largest market share due to rising occurrence of traumatic injuries owing to violence, accidents, sports, etc., e-tailors promoting the business of orthotic devices and stable rise in per capita income.
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Key Market Drivers: –
Global Orthotic Devices Market Trends
- The launch of smart socks:
The launch of smart socks called smart Moore balance brace which will track the motion, stride length, cadence and gait that physical therapists can analyze the condition and track the recovery by sending the text messages and voice feedbacks to the patient through the mobile app. By using these smart socks patients do not have to spend a lot of time in hospitals consulting the physicians.
Global Orthotic Devices Market: Restraints
- The higher cost of custom-made orthotic devices:
The 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.
Global Orthotic Devices Market: Opportunities and Challenges
- Development to cure the spinal cord injury
This procedure uses continues electric current at different frequencies to stimulate the spinal cord to reawaken its neural processes. It works by implanting a simulator into spinal cord which can be turned on or off according to the patient’s requirements via remote. When the stimulator is on the ongoing electric stimulation connects the brain impulse and allows the person to sit with support or stand using a walker.
- Poor reimbursement policy:
Poor healthcare reimbursement and payment models on orthotics are challenging the growth of the market.
Orthotic Devices Market Based on Product (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- Upper Extremity Braces and Support
- Lower Extremity Orthotics
- Orthotic Splints
Orthotic Devices Market Based on Application (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- Fractures
- Neuromuscular and Musculoskeletal Disorders
- Sports Injuries
Orthotic Devices Market Based on Distribution Channel (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- Hospital Pharmacies
- Online Pharmacies
- Orthotic Clinics
Orthotic devises Market Based on Geographic Region (Market Size and Forecast, and Y-o-Y Growth, (US$ Mn)
- North America
- Europe
- APAC
- LAMEA
Orthotic Devices Market Competitive Analysis (Company Overview, SWOT Matrix, Financial, Product Overview, and Market Strategies)
- Stryker Corporation
- Smith & Nephew Plc
- Ossur Global
- DePuy Synthes
- DJO Global, Inc.
- Hanger, Inc
- Basko Healthcare
- Bauerfeind AG
- Breg, Inc.
- BSN Medical
- Freedom Innovations
- Fillauer LLC
- Conmed Corporation
- Acor Orthopaedic Inc
- Ascent Meditech Limited
- Thuasne
- Others
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