Orthotic
Devices are the
externally applied orthopedic devices that are used to correct abnormalities
or to alleviate the pain in the human musculoskeletal system. Orthotic
Devices are fitted to the patient’s affected body part and
it functions in different ways based on its design to provide the desired
effect. These devices are commonly used in mild diseased conditions and by
normal individuals to relieve pain and maintain correct posture, as in the case
of foot insoles, knee and back supports. However, the most important use of orthotics lies in the correction of anomalies in
biomechanical alignment of the body or a part. When fitted for specific
functions such as gait correction, correction of spinal curvature and so on,
the orthotic devices significantly transform the patient’s
quality of living.
Table of Contents and Insights:
According to exhaustive research conducted
by IndustryARC, The Global Orthotic Devices Market was valued at $3billion in 2014 and is
forecast to reach $4.3billion by 2020, growing at a CAGR of 6% over the period
2014 to 2020. The market is mainly driven by factors such as growing prevalence
of chronic diseases such as arthritis, diabetes and obesity among the aging
population.
GLOBAL PREVALENCE OF CHRONIC DISEASES IN POPULATION ABOVE 65 YEARS OF AGE, 2013 (%)
Source: WHO, World Bank, CDC
People at the age of 65 years and above are
particularly, at risk of peripheral vascular disease and stroke. People who
survive such attacks have high chances of either being confined to wheelchairs
or suffer debilitating side effects. This creates a significant demand for
support systems such as orthotic devices and assistive technologies.
In the U.S. alone, the percentage of older people suffering from diabetes is
over 28% which will create a major demand for foot orthotics designed for diabetics. Furthermore,
obese people are more at risk of incident ankle and upper leg fractures.
Obesity paired with musculoskeletal degeneration associated with aging, will
also drive the growth of surgical procedures and hence post-surgical braces.
As demand for orthotic
devices increase
among people suffering from various diseases and disorders such as diabetes,
arthritis, cancer, limb deformities etc., there will be a huge unmet necessity
for devices catering to specialized needs of each user segment. Such niche
orthotic devices will require the manufacturers to acquire special skills,
technical expertise and capabilities to ensure that their products are of the
best quality.
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Some leading manufacturers of
orthotic devices include
DJO Global Inc., Össur, Otto Bock, Bauerfeind and DeRoyal Industries. Together
these companies accounted for 58% share in the global market in 2013. These
companies will continue to dominate the market, owing to their brand reputation
among orthotists, loyal
customer base and high quality customer services. These companies will continue
to hold majority share in the total market revenue as they invest heavily into
R&D and constantly innovate technologies to broaden their product
portfolio.
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