Orthotic Devices Market: Key Insights
Orthotic devices are medical devices designed to support, align, prevent, or correct the structural deformities of the human body. They treat various conditions such as arthritis, cerebral palsy, spinal cord injuries, foot and ankle injuries, and others. Orthotic devices are available in various forms, such as ankle-foot orthoses, knee-ankle-foot orthoses, spinal orthoses, and others. The global orthotic devices market is estimated to grow in the coming years due to various factors, such as the increasing prevalence of musculoskeletal conditions, the rising geriatric population, and growing awareness about the benefits of orthotic devices. Technological advancements and the development of customized orthotic devices are also expected to drive market growth. However, the high cost of orthotic devices, lack of awareness in developing countries, and lack of reimbursement policies are some of the major restraints that may hinder the orthotic devices market growth. The orthotic devices market is expected to have a bright future, driven by the increasing demand for technologically advanced orthotic devices and growing investment in research and development of these devices.
Growing Physical Health Consciousness and Rising Geriatric Population Drives the Orthotic Devices Market
The growth of the orthotic devices market is driven by the increasing physical health consciousness and the rise in the geriatric population. The elderly population is more prone to various health conditions that require orthopedic support, and this has driven the demand for orthotic devices. Additionally, the growing awareness about physical health and wellness, coupled with the increasing popularity of physical activities such as sports, has also boosted the demand for orthotic devices. These devices provide support to bones and joints and help in reducing the risk of injury, which is why they are becoming increasingly popular. The future of the orthotic devices market looks bright, with a growing demand for these devices expected to boost the market growth in future. However, the high cost of orthotic devices is a major restraint in the market, as they can be unaffordable for many consumers.
Orthotic Devices Market: Segmental Overview
The global orthotic devices market is segmented on the basis of type, application, and end user. Based on type, the global orthotic devices divided into knee braces and supports, ankle braces and supports, upper extremity braces and supports, spinal braces and supports, foot insoles market. Based on the basis of application, the market is segmented into injuries, chronic diseases, support applications, disabilities & pediatrics. Based on the basis of end user, the market is segmented into hospitals, specialty clinics, ambulatory surgical centers.
The knee braces and supports segment is predicted to hold a substantial share of the orthotic devices market. This can be attributed to the growing incidence of knee injuries, the increasing geriatric population, and growing awareness about the benefits of knee braces for individuals suffering from knee-related conditions. In addition, technological advances and new materials have led to the creation of lightweight and comfortable knee braces, further boosting their popularity and market growth. Furthermore, the knee braces and supports segment is estimated to dominate the market owing to increasing demand for knee orthotics for sports activities and rehabilitation purposes.
Orthotic Devices Market: Competitive Landscape and Key Developments
Acor Orthopaedic, Inc.; Aextrex Worldwide, Inc.; Deroyal Industries, Inc.; DJO Global; Alcare Co.; Aspen Medical Products, Inc.; Basko Healthcare; Bauerfeind; Becker Orthopedic; and Biomet Inc are among the key players operating in the orthotic devices market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the orthotic devices market.
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