According to a new market research report “Orthotic Devices Market (2014 -2020): By Type (Knee Braces & Supports, Ankle Braces & Supports Upper Extremity Braces & Supports and Others), By Application (Injuries, Chronic Diseases, Disabilities, Pediatrics) and By Geography - Global Forecast to 2020”. Orthotic Devices Market is growing at a CAGR of 6% during the forecast period.
Browse Market Data Tables and Figures spread through 169 pages and in-depth TOC on “Orthotic Devices Market - Global Forecast to 2020".
Orthotic Devices are the externally applied orthopedic devices that are used to correct abnormalities or to alleviate the pain in the human musculoskeletal system. These devices are fitted to the patient’s affected body part and it functions in different ways based on its design to provide the desired effect. These devices are commonly used in mild diseased conditions and by normal individuals to relieve pain and maintain correct posture, as in the case of foot insoles, knee and back supports. However, the most important use of orthotics lies in the correction of anomalies in biomechanical alignment of the body or a part. When fitted for specific functions such as gait correction, correction of spinal curvature and so on, the orthotic devices significantly transform the patient’s quality of living.
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According to exhaustive research conducted by IndustryARC, the global orthotic devices market was valued at $3billion in 2014 and is forecast to reach $4.3billion by 2020, growing at a CAGR of 6% over the period 2014 to 2020.The market is mainly driven by factors such as growing prevalence of chronic diseases such as arthritis, diabetes and obesity among the aging population.
People at the age of 65 years and above are particularly, at risk of peripheral vascular disease and stroke. People who survive such attacks have high chances of either being confined to wheelchairs or suffer debilitating side effects. This creates a significant demand for support systems such as orthotic devices and assistive technologies. In the U.S. alone, the percentage of older people suffering from diabetes is over 28% which will create a major demand for foot orthotics designed for diabetics. Furthermore, obese people are more at risk of incident ankle and upper leg fractures. Obesity paired with musculoskeletal degeneration associated with aging, will also drive the growth of surgical procedures and hence post-surgical braces.
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As demand for orthotic devices increase among people suffering from various diseases and disorders such as diabetes, arthritis, cancer, limb deformities etc., there will be a huge unmet necessity for devices catering to specialized needs of each user segment. Such niche orthotic devices will require the manufacturers to acquire special skills, technical expertise and capabilities to ensure that their products are of the best quality.
Some leading manufacturers of orthotic devices include DJO Global Inc., Össur, Otto Bock, Bauerfeind and DeRoyal Industries. Together these companies accounted for 58% share in the global market in 2013. These companies will continue to dominate the market, owing to their brand reputation among orthotists, loyal customer base and high quality customer services. These companies will continue to hold majority share in the total market revenue as they invest heavily into R&D and constantly innovate technologies to broaden their product portfolio.
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