Increasing Number of Patients with Disability to Augment the Orthotic Devices Market Growth

 

Orthotic Devices Market

The medical field has recently been revolutionized by the invention of orthotic devices. Orthotic devices, also known as orthoses, are braces that help support weakened muscles while walking. This revolutionary technology allows patients to freely move their limbs in ways they could not do in the past. Orthotic devices allow individuals to physically move their joints and to avoid the painful symptoms often associated with joint discomfort.

There are a number of different types of orthotics devices that can be used, but the most popular are splints, braces, cushions, and custom fit orthotics. Orthoses can be worn at any time of the day or night. Orthoses help reduce pain of body parts, increase mobility, organ deformities, and improve the independence by enhancing the mobility of the patient. For example, ankle braces that allow a person to stand straight are orthotics.

Market Dynamics:

Increase in number of patients with disability is expected to fuel the growth of the orthotic devices market. For instance, according to the WHO, more than 1 billion people live with some form of disability and the number is dramatically increasing due to demographic trends and increases in chronic health conditions, among other causes.

Moreover, increasing incidence of sports injuries and road accidents worldwide are expected to propel the growth of the orthotic devices market. For instance, each year, around 1.35 million people die as a result of road traffic crashes, according to the WHO (World Health Organization). Road traffic accidents are the 9th leading cause of death worldwide.

Increasing demand for orthotic devices, as well as increasing research and development, is also expected to augment the growth of the orthotic devices market. For instance, in September 2020, Sree Chitra Tirunal Institute for Medical Sciences and Technology (India) signed a MOU with Tynor Orthotics Private Ltd. for the co-development of orthotic devices and to promote joint research programs in orthotics and rehabilitation.

However, high cost associated with the custom-made orthotic devices (orthotic device are relatively bulky in nature, is expected to restrain the growth of the orthotic devices market.

Competitive Analysis:

Major players operating in the orthotic devices market are Touch Bionics, Bauerfeind USA, Howard Orthopedics, SP Ultraflex Systems Pvt. Ltd., The Ohio Willow Wood, Ottobock, Ossur Corporate, Chas a Blatchford & Sons, Zimmer Biomet, and Aspen Pharmacare Holdings Limited.

Major players in the market are involved in different business strategies, such as partnerships, to enhance their market presence. For instance, in 2018, Bauerfeind USA partnered with AliMed to provide the customers with the highest quality of orthotic products.

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