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Follow on Google News | Growing Prevalence of Chronic Diseases to Drive Orthotics MarketBy: IndustryARC 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. 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. 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. End
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