According to the new market research report by IndustryARC titled “Orthotic Devices Market: By Type (Knee Braces & Supports, Ankle Braces & Supports Upper Extremity Braces & Supports and Others); By Application (Injuries, Chronic Diseases, Disabilities, Pediatrics); By Geography – (2013-2020)”, the market is driven by the rising demand of Orthotic devices due to rapidly aging populace.
Americas held the largest market share in the Orthotic Devices Market
Americas region holds the largest market share and growth in the Orthotic Devices Market, and is anticipated to reach $2.2 billion by 2023 at a CAGR of 5.5%. However, APAC will witness highest growth rate during the forecast period, and is expected to reach $1.04 billion by 2023 at a CAGR of 9.20%. Americas Orthotic Devices Market is mainly driven by the increased incidence of chronic diseases that include diabetes, arthritis, and cancer. The key end users in this region include injuries, chronic diseases, support applications, disabilities, and pediatrics.
Selected Value Chain Analysis done in the full report
- There are variable stakeholders in global Orthotic devices market and are listed below:
- Research Institutes
- Raw material suppliers
- Original equipment manufacturers
- Contract manufacturers
- Service providers
- Health Insurance Players
The quality of devices manufactured, depends on both the production process as well as the raw materials used. Once the design, product features, specifications and patent filing are finished, the company starts the manufacturing process either through its own R&D activities, or licensing agreements with research institutes or universities. The company procures a variety of raw materials to fabricate Orthotic devices from suppliers, or produces raw materials on their own. Then, company manufactures the Orthotic devices at their own factory or outsources the production process to a third-party manufacturer. The packaged Orthotic devices are then distributed to wholesalers or retailers through global or regional distributors. The final end products are then distributed to end-users through global or regional distributors. The over-the- counter Orthotic devices are usually available to the end-users at retail outlets, whereas the customized devices are available at select outlets through an Orthotist’s prescription.
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Excerpts on Market Growth Factors
- Growing incidence of chronic diseases, and disabilities are the major growth drivers for Orthotic devices market.
- Other key drivers include rapid urbanization and associated lifestyle diseases.
- The custom made Orthotic devices are expected to reach $2.7 billion by 2020 at a CAGR of 7.3%.
- The Asia Pacific market for Orthotic devices will show promising growth, owing to technological advances in bulk manufacturing of OTC orthotics as well as in the design and fabrication of custom-orthotic devices.
- The changes in world demography along with high incidence of chronic diseases such as diabetes, cardiovascular diseases and other musculoskeletal disorders will result in an increased demand for efficient and affordable Orthotic devices, thereby driving the growth of the market.
- The prefabricated OTC devices market is estimated to reach $1.62 billion by 2020 at a CAGR of 4.2%.
- The Orthotic devices market has significantly developed, owing to technological advances in terms of both product methods and modeling techniques. This has led to faster production of cost-effective orthotic devices, which will drive the growth of the overall market in general. Furthermore, newly developed, innovative materials will also drive the growth of the Orthotic devices market, as the newer products will be more durable, light-weight and comfortable.
- The government is also encouraging the growth of licensed orthotics, which will in turn lead to the availability and accessibility of data and services related to Orthotic devices as a whole.
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Key players of Orthotic Devices Market:
- The market share of key players in the Orthotic devices market is analyzed by considering their shares in each segment. These companies leveraged their capabilities, product portfolio, vast distribution channels and funds to significantly expand their presence in this industry, in terms of revenue as well as geography.
- Major players in the market such as Otto Bock Holding, Össur and Bauerfeind are actively involved in the evolution of the global patent scenario. These companies have been constantly investing in R&D for innovative methods of designing orthotics as well as novel Orthotic devices.
- The key players were issued the highest number of patents during the period, mainly due to increased R&D spending over the past five years.
- Other companies such as DJO Global Inc; Össurhf, Otto Bock Holding, Bauerfeind AG, DeRoyal Industries, DM Orthotics Ltd., Aspen Medical Products, Biomet Inc. and Bledsoe Brace System/ Medical Technology Inc. played a significant role in the evolution of the global patent scenario for Orthotic devices.
- The key market players dictate the pricing of the products and hence, the Orthotic devices might not be affordable and accessible to all the users.
Orthotic Devices Market is segmented as indicated below
- Orthotic Devices Market Market By Method of Manufacturing:
- Prefabricated Over-The-Counter (Oct.) Orthotic Devices
- Custom Orthotic Devices
- Orthotic Devices Market By Type of Device
- Knee Braces and Supports
- Ankle Braces and Supports
- Upper Extremity Braces and Supports
- Spinal Braces and Supports
- Foot Insoles Market
- Orthotic Devices Market By End-User Applications
- 1 Injuries
- 2 Chronic Diseases
- 3 Support Applications
- 4 Disabilities
- 5 Pediatrics
- Orthotic Devices Market By Geography (Covers 12 + Countries)
- Orthotic Devices Market By Entropy
- The Foot Laboratories
- Bayer Healthcare
- Cascade Dafo, Inc;
- Flexor S.A.
- Comfortfit Orthotic Labs Inc;
- Marathon Orthotics Inc;
- Kintec Lab Services
- Aetrex Worldwide Inc;
- AcorOrthopaedic, Inc;
- Solo Laboratories Inc;
- Sols Systems
- Footbalance System Ltd;
- Zimmer Holdings Inc;
- Tynor Orthotics Pvt Ltd;
- Townsend Design
What can you expect from the report?
The Orthotic Devices Market is Prepared with the Main Agenda to Cover the following 20 points:
- Market Size by Product Categories
- Market trends
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End user Analysis
- Product Benchmarking
- Product Developments
- Mergers & Acquisition Analysis
- Patent Analysis
- Demand Analysis (By Revenue & Volume)
- Country level Analysis (15+)
- Competitor Analysis
- Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Strategic Analysis
- Current & Future Market Landscape Analysis
- Opportunity Analysis
- Revenue and Volume Analysis
Does IndustryARC publish country, geography or application based reports in Orthotic Devices Market?
Yes, we do have separate reports as mentioned below:
- Americas Market for Orthotic Devices (2018-2023)
- Europe Market for Orthotic Devices (2018-2023)
- APAC Market for Orthotic Devices (2018-2023)
- RoW Market for Orthotic Devices (2018-2023)
- Prefabricated Over-The-Counter (Oct.) Market for Orthotic Devices (2018-2023)
- Custom Market for Orthotic Devices (2018-2023)
- Knee Braces and Supports Market Market for Orthotic Devices (2018-2023)
- Ankle Braces and Supports Market for Orthotic Devices (2018-2023)
- Upper Extremity Braces and Supports Market for Orthotic Devices (2018-2023)
- Spinal Braces and Supports Market for Orthotic Devices (2018-2023)
- Foot Insoles Market for Orthotic Devices (2018-2023)
- Injuries Market for Market for Orthotic Devices (2018-2023)
- Chronic Diseases Market for Orthotic Devices (2018-2023)
- Support Applications Market for Orthotic Devices (2018-2023)
- Disabilities Market for Orthotic Devices (2018-2023)
- Pediatrics Market for Orthotic Devices (2018-2023)
Does IndustryARC customize these reports and charge additionally for limited customization?
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- Increase the level of data in application or end user industry.
- Increase the number of countries in geography chapter.
- Find out market shares for other smaller companies or companies which are of interest to you.
- Company profiles can be requested based on your interest.
- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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