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Global Orthotic Devices Market Analysis and Forecast (2014 -2020)
The prefabricated OTC devices are the primarily used devices owing to their ready availability in the market, low-cost and wide range of choices. These devices are manufactured for different foot deformities and pain management issues for different body parts and are based on generic measurements of feet. The prefabricated OTC devices are expected to grow at a CAGR of 5.72% from $2.9bn in 2013 to $4.25bn by 2020. These devices are affordable and relatively lower in cost, and hence, widely preferred over custom-made devices. The custom-made orthotic devices are, however, gaining attention due to their potential benefits in major limb deformities and other disorders. These devices are fabricated specifically for an individual user and measured in such a way that it perfectly aligns with the user’s body part. Its applications include foot and spine correction, limb alignments etc. The custom-made orthotic devices are expected to grow at a CAGR of 7.97% during the forecast period.
Table of contents and insights:
The global orthotic devices market is driven by factors such as rapidly aging problem, growing incidence of disabilities, chronic and lifestyle diseases, increased focus on improving quality of life, innovations in production and modeling technologies, growing awareness towards orthopedic ailments and rise in sports injuries. At the same time, the market is restrained by growing healthcare budget restraints, poor healthcare reimbursement and payment models, consolidation of market leaders.
Regional Landscape and Opportunities:
· In 2013, North America held 40% share in the global orthotic devices market followed by Europe and Asia Pacific.
· The developing nations in Asia Pacific, Middle East and Africa hold huge potential for growth in the global orthotic devices market, owing to developing economies and technological advances.
· The rest of the world comprising of South America, Middle East and African countries held a share of 8% in the global orthotic devices market.
Top Five Players in the Orthotic Devices Market are
According to the IndustryARC analysis, DJO Inc, Otto Bock Holding GmbH & Co. Kg, Össur hf, DeRoyal Industries Inc, Bauerfeind AG dominated the competitive landscape of the global orthotic devices market in 2013. The top five companies together held a share of over 60% in the global market. The emergence of new companies in the orthotic device market will shift the market share to these small and medium companies in the coming years.
The IndustryARC's report on the "Global Orthotic devices Market" identifies many such insights and M&A opportunities.
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