The latest market report published by Credence Research, Inc. “Orthopedic Orthotic Devices Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025,” the global orthopedic orthotic devices market was valued at US$ 3,884.7 Mn in 2016, and is expected to reach US$ 5,695.8 Mn by 2025 expanding at a CAGR of 4.24 % from 2017 to 2025.
Browse the full report Orthopedic Orthotic Devices Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/orthopedic-orthotic-devices-market
According to the findings of United Nations Department of Economic and Social Affairs the number of geriatric population is set to reach 2 billion by 2050 from 841 million in 2013, which will account for 20 % of the world population. As per the research findings of World Health Organization osteoporosis causes 8.9 million fractures annually resulting in 1 osteoporotic fracture every 3 seconds. Genetic factors, sedentary lifestyle and binge drinking increases the risk of fractures due to osteoporosis. There are many types of painful sensory symptoms that can disrupt the orthotic treatment in patients, the painful sensations experienced are allodynia, hyperalgesia, dysesthesia, paresthesia etc. Cuurently the manufactures involved in the production of orthopedic orthotic devices are focusing to provide customer satisfaction by addressing complex situations such as; enhanced sensitivity to touch, pressure and movement. Tremendous loading of tendons and ligaments and joints, unresolved pressures and volume changes. Additionally the joints needing total alignment and variable tone which is secondary to upper motor neuron disruptions, postures and stress are also being resolved for optimizing patient care.
Lower extremity braces and support finds utmost prominence as a result of rising prevalence of grade 2 and 3 knee osteoarthritis in geriatric population and increasing number of knee, ankle and foot injuries in athletes playing football, baseball, basketball and field and track athletics events. Upper extremity braces and support has been noticed to record rapid growth due to increasing number of traumatic injuries in the upper extremities such as spine and neck due to car accidents, fall and injuries at workplace and rising prevalence of shoulder and elbow injuries in athletes playing, cricket, wrestling and boxing.
North America is the market leader in the geography segment and the features that contribute towards the growth are rising prevalence of elderly population suffering with osteoporosis and osteoarthritis, rampant growth of orthopedic clinics and establishment of companies engaged in the manufacture and sale of orthopedic orthotic devices. Asia Pacific finds prominence in the regional market due to rising prevalence of traumatic injuries due to sports, accidents, violence etc., e-tailers promoting the business of orthotic devices and steady rise in per capita income.
The orthopedic orthotic devices market is technologically driven and includes major players such as DJO Global, Ossur, Ottobock, ALCARE Co., Ltd., Ascent Meditech Limited, Bauerfeind AG, Breg, Inc., BSN Medical, DeRoyal Industries, Inc., and Truelife.
Key Market Movements:
- Rising prevalence of chronic diseases such as osteoarthritis, osteoporosis, rheumatoid arthritis etc.
- Technological advancement in the manufacturing of orthopedic orthotic devices will influence the market growth
- Increasing number of orthopedic specialty clinics and rising demand for minimal invasive surgical procedure