Prosthetics are artificial devices that replace missing body parts, while orthotics are devices used to modify the shape of the leg, back, or body. The growing prevalence of road accidents and sports injuries has increased the demand for prosthetics and orthotics globally. Prosthetics help amputees perform daily activities by replacing missing limbs, while orthotics support weak or deformed bones and muscles. For example, knee braces are commonly used by athletes to provide support to injured or recovering knees. The global prosthetics and orthotics market offers a wide range of products including upper limb and lower limb prosthetics, hip and knee braces, spinal orthoses, and mobility aids.

The global Prosthetics and Orthotics Market is estimated to be valued at US$ 6923.2 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The growing participation in sports and recreational physical activities has increased the risk of injuries, leading to a rise in the demand for prosthetics and orthotics. As per data by the National Center for Health Statistics, sports injuries account for over 30 million accidents annually in the United States alone. Common sports injuries include knee tears, ankle sprains, and fractures that may require the use of orthopedic devices for recovery. The growing trend of physically active lifestyles and an increase in organized sports is likely to drive the demand for prosthetics and orthotics for injury management and recovery. This presents lucrative growth opportunities for prosthetics and orthotics manufacturers over the forecast period.

Porter's Analysis
Threat of new entrants: The prosthetics and orthotics market requires huge capital investments for R&D and manufacturing facilities which limits the threat of new entrants. Bargaining power of buyers: The bargaining power of buyers is moderate as there are many established manufacturers providing a variety of products at different price points. Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials for prosthetics and orthotics manufacturing are easily available. Threat of new substitutes: There is low threat of new substitutes emerging in this market as prosthetics and orthotics offer irreplaceable benefits for mobility. Competitive rivalry: Being a consolidated market, competitive rivalry is intense among key players to expand their market share through product innovation and partnerships.

SWOT Analysis
Strengths: Advanced technologies for customized implants, growing healthcare expenditure for rehabilitation, rise in number of amputations due to diseases and accidents.
Weaknesses: High installation and maintenance costs of advanced prosthetics, lack of awareness in developing regions.
Opportunities: Emerging economies with large population base, increasing incidents of diabetes and vascular diseases, development of bionic prosthetics.
Threats: Stringent regulatory approval process, reimbursement issues, threat from alternative therapies.

Key Takeaways
The Global Prosthetics And Orthotics Market Demand is expected to witness high growth at a CAGR of 11% during the forecast period of 2023 to 2030. The market size for prosthetics and orthotics is estimated to reach US$ 6923.2 Mn by 2023.

Regional analysis: North America dominates the global prosthetics and orthotics market currently due to advanced healthcare facilities and favorable reimbursement policies. Asia Pacific is anticipated to grow at the fastest pace owing to rising healthcare expenditures, large patient pool and increasing awareness about rehabilitation aids.

Key players: Key players operating in the prosthetics and orthotics market include Ottobock, Blatchford, Fillauer, Touch Bionics, Endolite and College Park. Ottobock has witnessed strong growth through new product launches and strategic expansion in emerging markets. Blatchford is a major player in lower limb prosthetics globally.

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