The global orthotics and prosthetics market, valued at $3 billion in 2010, is forecast to grow at a compound annual growth rate (CAGR) of six percent from 2010 through 2017, reaching in excess of $4.5 billion by 2017, according to the GlobalData report, “Orthotics and Prosthetics – Global Pipeline Analysis, Competitive Landscape, and Market Forecasts to 2017,” as reported on Pharmiweb.com. A growing elderly population, an increasing incidence of musculoskeletal disorders, and a rising number of sports-related injuries are expected to be key growth drivers in the orthotics market, while the prosthetics category is expected to be driven by a growing amputee population and further advancements in prosthetic technology.
In 2010, the orthotics category accounted for 74 percent of the total revenue generated. The category is expected to remain the biggest revenue contributor through 2017, and is forecast to grow at a CAGR of 6 percent during 2010-2017.
With a 42 percent share of total global revenues, the United States is the largest market for orthoses and prostheses in the world. The United States is forecast to remain the largest revenue contributor to the orthotics and prosthetics market in 2017, and is slated to account for nearly 36 percent of global revenues in that year.
