The Report “Orthotic Devices Market – By Type (Knee Braces & Supports, Ankle Braces & Supports Upper Extremity Braces & Supports and Others), By Application (Injuries, Chronic Diseases, Disabilities, Pediatrics) and By Geography, Forecast 2014-2020”, Published by IndustryArc, Manufacturing Innovations & Increasing Awareness towards Orthopedic Ailments Will Drive Orthotic Devices to a $4 Billion plus Market by 2020
Browse 16 Market Tables & 14 Figures spread through 169 Pages and an in-depth TOC on “Orthotic Devices Market”:
Orthotic Devices Market is a highly specialized segment of orthopedics industry which caters to a wide patient pool including patients suffering from arthritis, diabetes, obesity, other musculoskeletal and orthopedic ailments as well as those with deformities, abnormal posture alignment and other disorders. Orthotic devices are the externally applied devices that are used to control biomechanical alignment of the body or to correct any abnormalities. Orthoses are also used to reduce pain, prevent injuries as well as for rehabilitation purposes.
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Based upon their method of manufacturing, market is divided into two types, namely prefabricated OTC Devices and Custom-Made Orthotic Devices. Prefabricated devices form the chunk of the orthotic devices market and this segment is growing rapidly at a CAGR of 4.2% from $1.3 billion in 2014 to $1.6 Billion by 2020. These are available in a wide range and do not require a licensed orthotist’s prescription to be procured. This appeal to a lot of customers since getting prescribed orthotics is a costly affair as well as is linked with many inhibitions, many of the times. However, with development of cost-effective strategies for developing and designing biomechanical orthotics, the market for custom-made orthoses is expected to grow considerably. IndustryARC found in its research that the global custom-made orthotic devices market is estimated to increase from around $1.8 billion in 2014 to around $2.7 Billion by 2020, growing at a CAGR of around 7.3% over the period 2014 to 2020.
Orthotic Devices can be classified into Categories based on their End-User Applications:
- Chronic Diseases
- Support Applications
- Disabilities and
The Market caters to a wide patient pool and also caters to other non-diseased population. There is a growing demand for orthotic devices for prophylactic and rehabilitative purposes, especially in sports and post-operative cases, respectively.
The Market is mainly driven by factors such as rapidly aging problem, growing incidence of disabilities, chronic and lifestyle diseases, increased focus on improving quality of life, innovations in production and modeling technologies, growing awareness towards orthopedic ailments and rise in sports injuries. At the same time, the market is restrained by growing healthcare budget restraints, poor healthcare reimbursement and payment models, consolidation of market leaders.
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“North America will contribute to largest share in the market, followed by Europe and Asia Pacific. In 2013, North America held the largest share, accounting for 48% in the global orthotic devices market, followed by Europe and Asia-Pacific with shares of 32% and 15%, respectively. North America’s leading position in the market can be attributed to highly developed economy and high incidence of chronic diseases and aging population,” IndustryARC reported.
Market will change its course in the coming years, with respect to numerous aspects. Some being the manufacturing methods, measurement and analysis techniques and type of materials used. Manufacturers of orthotic devices in the developed countries are exploring emerging markets to reduce their manufacturing and operational costs. The availability of funds and developing economies will attract manufacturers and orthotic device companies overseas to invest and develop their bases in these regions.
Some of the Leading Manufacturers that dominated the competitive landscape in 2013 include
- DJO Global Inc.
- Otto Bock
- Bauerfeind and
- DeRoyal Industries.
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