The growing elderly populace with osteoarthritis and ligament injury, escalating technological progress in prosthetic & orthotic devices, an increasing number of sports injuries and road accidents globally, surging cases of osteosarcoma in young adults and children, and a mounting demand for user-friendly prosthetics that require minimal training are some of the primary factors propelling the global prosthetics & orthotics market. Nevertheless, the high cost of these devices is anticipated to hinder their expansion in the foreseeable future.

Prostheses and orthoses empower individuals with physical disabilities or functional limitations to lead a robust, fruitful, and self-sufficient existence. Prosthetic products encompass artificial lower and upper limbs, liners, and associated products for amputees while bracing & supports products are primarily used to support joints and other body parts for osteoarthritis patients and those with sports injuries.

Orthoses are utilized to control, stabilize or immobilize a joint. It can be used as fixed or mobile support, relying on the treatment plan to address various symptoms of pain and discomfort in the feet and legs such as correcting foot deformities, giving support to the ankle, help the foot or ankle function better, and decrease the risk of additional injuries.

Technological Advancements Fueling the Growth of Prosthetics & Orthotics Market
Innovative solutions developed in this field enhance the quality of life of amputees and those suffering from neurological diseases such as stroke, spinal cord injury, and multiple sclerosis. Furthermore, technological advancements in the orthopedic segment, such as the 3D printing of implants and the introduction of bionic technology and sensor technology in prosthetic limbs, offer an extraordinary growth opportunity in the Prosthetics & Orthotics market.

 In July 2022, WillowWood company announced the launch of its META Shock X, the third high-activity prosthetic foot from the META family.

 In March 2022, Hanger Clinic announced that its proprietary AmpuShield limb protector has obtained an innovative technology contract from Vizient, Inc., the nation's largest member-driven healthcare performance improvement company.

Opportunities in Prosthetics & Orthotics Market
The advancement of prosthetic technology includes lightweight running legs and more responsive legs and feet, allowing for more effective navigation. The future and emerging trend toward creating more sensitive limb-based products and brain-controlled prosthetics with the arrival of neuroprosthetics. Some of the latest trends include, Sensitive Limbs, Brain-Controlled Prosthetics, and Passive Prosthetics devices.

Upcoming Market Challenges: Prosthetics & Orthotics Market
Many of these technologies are still in development and could take many years before the most advanced prosthetics reach the global market.

North America is Poised to Hold a Higher Share in the Prosthetics & Orthotics Market
From a geographical outlook, North America is set to hold a higher share of the global prosthetics & orthotics market. The primary reason for this trend can be attributed to the rising prevalence of sports-related injuries and vehicular accidents, a growing number of diabetes-related amputations, technological advancements in prosthetics & orthotics devices, and better healthcare coverage in the region.

Competitive Landscape: Prosthetics & Orthotics Market
Some of the major and established players operating in the global market are Ossur, Ottobock Healthcare GmbH, Blatchford Inc., and Hanger, Inc., among others.

Growth Strategies Adopted by Leading Players to Establish Their Foothold in Prosthetics & Orthotics Market
Key players operating in the global market are adopting both organic and inorganic growth strategies, such as collaborations, acquisitions, and new product launches to garner a larger market share.

 In January 2023, WillowWood Global LLC announced that they have formed a strategic alliance with Reboocon Bionics B.V., the inventor and manufacturer of the motorized prosthetic knee, INTUY Knee

 In December 2022, Adapttech entered into a partnership with Alfred to distribute its prosthetic fitting solutions to the Nordic market

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