Orthotic Devices Market - Forecast(2021 - 2026)

 Orthotic Devices Market Overview

Orthotic devices are particularly beneficial for the patients suffering from arthritis, musculoskeletal and orthopedic ailments, deformities and abnormal posture alignment among others. These devices are applied externally and can help correct any abnormalities or biomechanical alignment of the body. The market is estimated to grow at a CAGR of 5.25% during the forecast period 2018-2023. The Asia-Pacific orthotic devices market is forecast to grow at a CAGR of 8.14%, which can be mainly attributed to the technological advances in bulk manufacturing of OTC orthotics.

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Orthotic Devices Market Outlook

There are various types of orthotic devices available in the market with each having its own benefit. Based on their manufacturing method, the global orthotics market is divided into two types: prefabricated orthotic devices and custom-made orthotic devices. The share of custom orthotic devices in the overall market is expected to increase in the coming years. Custom orthotics are devices that are manufactured based on specific measurements of the patients and are made to fit and function according to the user’s requirement and condition. The market has been analyzed on the basis of its geographic region comprising of Americas, Europe, Asia-Pacific, and the Rest of the World.

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Orthotic Devices Market Growth Drivers 

Rise in demand for orthotic devices market is mainly driven by aging population prone to osteoporosis, osteoarthritis, and other bone disorders, increased bone injury prevalence, and increased sport related problems. The use of orthotic devices worldwide will be encouraged as people increasingly seek alternatives to surgical deformity correction and pain management. Moreover, innovations in this industry are enabling orthotic devices to be easily accessible and more affordable.

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Orthotic Devices Market Challenges 

Higher cost of custom made orthotic devices is one of the most prominent factors offsetting the growth of the orthotic devices market. Although custom-made orthotic devices have many advantages over the pre-fabricated devices, pre-fabricated devices are widely used owing to affordability and easy availability. The prefabricated devices available in the market presently are technologically advanced and are available in various ranges and sizes used to treat different disorders or diseases.

Orthotic Devices Market Research Scope

The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the orthotic devices market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the manufacturing method, device texture, device type, distribution channel and end-use application.

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