Orthotic devices are externally applied devices, which are used for supporting, mobilizing, and modifying structure of skeletal system and neuromuscular system that are weak, ineffective, deformed or injured. Orthotic devices are fitted to the body in order to reduce pain of body parts, increase mobility, organ deformities. Also, Orthotic devices improves the independence by enhancing the mobility of the patient.
Most commonly prescribed orthotic devices include foot orthotic device, ankle orthotic device, ankle foot orthotic device, fracture orthotic device, and spinal orthotic device.
Manufacturers such as Chas A Blatchford & Sons, Össur Corporate, Ottobock, Touch Bionics, Inc., and others offer products in this market.
Global Orthotic Devices Market Drivers
The global orthotic devices market is expected to witness significant growth over the forecast period due to increasing launches of advanced orthotic devices for people suffering from neuromuscular disorders. For instance, in 2016, Myomo, Inc., a medical device company specialized in manufacturing myoelectric orthotic devices, launched MyoPro Motion-G. MyoPro Motion-G is a first orthotic devices that provides elbow flexion as well as grasping function, and allow patients to perform their essential daily activities. Moreover, MyoPro Motion-G is also used for controlling the movement of partially paralyzed arm using their own muscle signals.
Moreover, rising number of patients with disability is expected to boost the global orthotic devices market growth. For instance, according to the WHO, in 2018, over one billion people suffered from some form of disability globally. Moreover, between 110 million and 190 million adults suffered problem in functioning of the body parts. According to the same source, increasing geriatric population, coupled with growing chronic health conditions such as cerebral palsy are the factors responsible for increasing rate of disability.
Global Orthotic Devices Market Restraints
However, orthotic device are relatively bulky in nature, which is one of the major factors that is expected to hamper the global orthotic devices market growth over the forecast period. For instance, orthotic braces are bulky, and requires more energy to move. Also, the children with Cerebral Palsy, wearing a brace can be a difficult experience if they have deformities. Hence, it may discourage patient from buying these bulky device, which is expected to reduce demand of orthotic devices.
Furthermore, high cost associated with the custom orthotic devices is expected to hinder the global orthotic devices market growth. For instance, the cost of custom orthotic devices typically ranges between US$ 300 and US$ 600.
Global Orthotic Devices Regional Analysis
North America is expected to hold a significant market share in the global orthotic devices market. This is attributed to increasing number of patients suffering from diabetes that may results in limb amputations, which in turn, is expected to drive the orthotic devices market growth in the region. For instance, in 2016, according to the American Orthotic Devices & Prosthetic Association and the American Diabetes Association (ADA), patient suffering from diabetes are facing problem of losing leg or foot, which is 15 to 40 times higher without the disease. According to the same source, in the U.S, over 80,000 diabetes-related lower limb amputations are performed each year.
Moreover, presence of key players and their partnerships with other companies are expected to drive the global orthotic devices market growth. For instance, in 2018, Bauerfeind USA, Inc., a manufacturer of orthopedic braces, entered into a distribution partnership with AliMed, Inc. In addition, the main objective of this partnership was to provide the customers with the highest quality of orthotic product for the comfort of patient.
Moreover, in 2017, Bauerfeind USA, Inc. was awarded by Arthritis Foundation for its GenuTrain product. Moreover, GenuTrain product such as GenuTrain knee braces provide relief and stability for the knee joint, mostly used in the arthritis.
Global Orthotic Devices Market Key Players
Key players operating in the global orthotic devices market include Aspen Pharmacare Holdings Limited, Zimmer Biomet, Chas A Blatchford & Sons, Össur Corporate, Ottobock, The Ohio Willow Wood, SP Ultraflex Systems Pvt. Ltd., Howard Orthopedics, Inc., Bauerfeind USA, Inc, and Touch Bionics, Inc.
On the basis of type, the global orthotic devices market is segmented into:
On the basis of application, the global orthotic devices market is segmented into:
On the basis of region, the global orthotic devices market is segmented into: