In a post-pandemic era, the world is still adapting to the consequences due to COVID-19. It is also the case for the Orthotics & Prosthetics industry. Globally, the global Prosthetics and Orthotics market tends to be growing in the next ten years.
Different factors may be a cause of this trend: according to the United Nations, one of the key factors is the rising geriatric population across the globe. Indeed, the number of people aged 60 or above is expected to more than double by 2050, increasing from 962 million in 2017 to 2.1 billion in 2050. Geriatrics are more susceptible to using orthopedic solutions due to conditions linked with aging.
In 2022, several reports were published in order to provide a global vision and direction for the next years. In this article, we will review the global trends in different segments of the O&P industry by the horizon of 2030.
The global prosthetics and orthotics market was valued at USD 6.39 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030. The market is segmented between orthotics and prosthetics, but orthotics held the dominant share with more than 70% of the revenues in 2021. This dominance of the orthotics share may be explained by the increasing incidence of sports injuries and the growing penetration of orthopedic technology.
Orthotic devices can be segmented in three: lower limbs, upper limbs, and spinal orthoses. Spinal orthoses are expected to present the fastest market growth during the forecast period.
On the other hand, the prosthetics market is also expected to show significant growth during the forecast period. An increase in the disability rate across the globe is expected to drive the market in the coming years.
Foot Orthotic Insoles Market presents the best growth of all segments. Indeed, this segment is projected to increase significantly at a CAGR of 6.6% from 2022 to 2032 and was valued at USD 3,490 million in 2021.
The increasing demand and modernization of custom-made foot orthotics are fueling market growth. They are produced after a complete evaluation of the foot structure of the user and have clinically proven that tailor-made orthotics offer better pain management and comfort than prefabricated ones. The integration of 3D scanning and printing in the fabrication process also reduces production time and cost. Furthermore, 3D printed insoles are thinner than traditional ones, with increased gait efficiency and proprioception, which is more popular among users.
Many studies have also shown the effectiveness of orthotics insoles which tend to be used for medical purposes. More generally, populations all over the globe tend to build a healthier lifestyle, increasing the need for well-being products such as insoles, that will directly influence market growth.
The global Lower Extremity Post-Operative Orthotics market size is expected to be worth around US$ 1,536.20 million by 2031 from US$ 916.5 million in 2021, growing at a CAGR of 5.29% during the forecast period 2021 to 2031.
Even if the COVID-19 restrictions during 2020/2021 induced a reduction of production due to multiple lockdowns that shut down the supply chain and manufacturing industry, the lower extremity post-operative orthotics market size is expected to grow during the next years.
All this data showed that even if COVID-19 has slowed down production and resource availability, it is not enough to break a fast-growing trend. Indeed, many studies have shown that the population tends to need more and more custom-made medical supplies over the years.
This is an excellent reason why you should start digitizing your process if you want to keep up with the trend. TechMed 3D is keen to help you improve your process by offering you the best solutions adapted to your practice. Do you need more information? Contact us now!