Research Nester released a report titled “Bionic Prosthetic & Orthotic Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the bionic prosthetics & orthotics market in terms of market segmentation by type, application, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The bionic prosthetics & orthotics market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the increasing elderly population and rising investment in the development of advanced technologies. 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.
The market is segmented by type into prosthetics and orthotics. Among these segments, the orthotics segment is anticipated to hold the largest share by the end of 2021 in the bionic prosthetics & orthotics market as a result of increased prevalence of osteoarthritis and penetration of orthopedic technology. It is also gaining worldwide recognition for its usage in cases related to sports injuries.
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On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the bionic prosthetics & orthotics market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period. Currently, the market in North America holds the largest share. This can be attributed to the presence of well-established and well-equipped healthcare infrastructure and a surge in research and development activities, especially in the United States.
Increasing Ageing Population and Growing Investment in The Development of Advanced Technologies to drive Market Growth
According to the United Nations, it is estimated that by 2050, every one in six people will be 65 years or older, i.e., 16% of the total world population. Along with this, the number of persons above 80 years or older is also projected to triple by the end of 2050.
Old age people are more susceptible to conditions such as osteoporosis and osteopenia which makes them common users of such amputations. Additionally, the rising prevalence of vascular diseases and diabetes in recent years is also expected to boost the market growth in upcoming years. However, the entry barriers in terms of regulatory guidelines and shortage of well-equipped rehabilitation centers are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the bionic prosthetics & orthotics market which includes company profiling of Ossur Corporate, Zimmer Biomet, Blatchford Inc., Fillauer Inc., Boston Orthotics and Prosthetics, Ohio Willow Wood Company, Ultraflex Systems Inc., Howard Orthopedics Inc. and Touch Bionics Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the bionic prosthetics & orthotics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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