Lower Extremity Devices Market Research, 2031
The global lower extremity devices market was valued at $664.6 million in 2021, and is projected to reach $1,285.57 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031. Lower limbs are fitted with or attached to external devices known as lower extremity orthotics to improve function by providing support, controlling motion, reducing pain, correcting irregularities, and preventing the development of deformities. Every lower limb orthotic is specially made to fit the user's needs, and a podiatrist's thorough assessment and gait analysis are requirements.
Lower extremity devices market growth is driven by an increase in number of patients with bone degenerative diseases. The most prevalent disorders that cause bone degradation include osteoporosis, stress fractures, bone fractures, bone cancer, scoliosis, and osteoarthritis. In addition, one of the main causes of increase in bone-related disorders is traffic accidents. Pelvic bone fractures are considered to be shattered bones that occur most frequently following car accidents.
Furthermore, adopting a modern lifestyle also causes illnesses that increase the risk of trauma & fracture, and obesity & diabetes, which greatly raises the chance of degenerative joint disease. Moreover, one of the key factors driving lower extremity devices industry is the sharp increase in the elderly population. As geriatric population is more vulnerable to orthopedic disorders. This is explained by the fact that arthritis and osteoarthritis are just a couple of the orthopedic disorders that older individuals are particularly susceptible.
However, the low awareness about the benefits of extremity devices as well as the unfavorable reimbursement scenario for these products is expected to hinder the lower extremity devices industry growth. Conversely, the developing economies of the Asia-Pacific and LAMEA regions offer lucrative lower extremity devices market opportunity.
Impact of COVID-19
The COVID-19 epidemic is predicted to have a negative impact on the growth of the global lower extremity device market. However, throughout the epidemic, despite the recommendations to maintain social distance, many individuals treated their illnesses via self-medication or other unconventional methods. Manufacturing, logistical, and transportation activities were disrupted during the lockdown, which slowed market expansion. Compared to many other surgeries, most orthopedic procedures are more elective and can therefore be postponed without compromising morality. As a result, surgeries were postponed or cancelled during the start of the COVID-19 outbreak, and however, the market for is slowly recovering owing to vaccination drive which boosts the lower extremity devices market forecast.
The global lower extremity device market is segmented on the basis of product, application, distribution channel and region. On the basis of product, the market is categorized into knee orthotics, foot & ankle orthotics and hip orthotics. By application, it is divided into trauma & fracture, and others. By end user, it is segmented into orthopedic clinic, retail pharmacies and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and Latin America, the Middle East, and Africa (LAMEA).
By product, the lower extremity devices market size is segmented into knee orthotics, foot & ankle orthotics and hip orthotics. The knee orthotics segment generated maximum revenue in 2021 and is expected to witness highest CAGR during the forecast period, owing to numerous advantages provided by these goods, including medial and lateral support, reduced knee rotation, limited damage during activity, and protection against possibility of injury following surgery.
Knee orthotics segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
Depending on application, the lower extremity devices market size is divided into trauma & fracture, and others. The trauma & fracture segment dominated the market in 2021, owing to surge in road accidents which leads to more fractures and traumas. The others segment is expected to witness highest CAGR during the forecast period owing to rise in cases of osteoporosis.
Trauma and fractures segment dominated the market in 2021, and others segment is expected to be lucrative during the forecast period.
Depending on distribution channel, the market is divided into hospital & surgical centers, retail pharmacies and others. The hospital & surgical centers segment dominated the lower extremity devices market share in 2021, owing to the fact that more number of patients consult hospitals and surgical center during trauma and fractures. The others segment is expected to witness highest CAGR during the forecast period owing to increase in trend of online buying due to discounts.
By Distribution Channel
Hospitals and surgical centers segment dominated the market in 2021, and others segment is expected to be lucrative during the forecast period.
North America accounted for a majority of the global lower extremity devices market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in lower extremity device techniques, increase in incidence of road accidents and presence of key and robust hospital infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing rise in geriatric population, development of healthcare infrastructure and increase in investments projects in the region.
North America dominated the market in 2021, and Asia-Pacific is expected to be lucrative during the forecast period.
The major players profiled in the report are 3M, Bauerfeind AG, Enovis Corporation, Essity AB, DeRoyal Industries, Inc, Orthofix Medical Inc., (Breg Inc), Össur, Otto Bock HealthCare GmbH, Thuasne group and Trulife.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lower extremity devices market analysis from 2021 to 2031 to identify the prevailing lower extremity devices market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the lower extremity devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global lower extremity devices market trends, key players, market segments, application areas, and market growth strategies.
Lower Extremity Devices Market Report Highlights
Market Size By 2031
USD 1.3 billion
CAGR of 6.8%
2021 - 2031
By Distribution channel
Key Market Players
ottobock, Orthofix (Breg Inc.), Ossur, Trulife, Colfax Corporation (Enovis), 3M, Essity(BSN Medical GmbH), DeRoyal Industries Inc., Bauerfeind, Thuasne Group
This section provides opinions of top level CXOs in the global lower extremity device market. According to insights of CXOs, leading companies in the market, development of advanced and reliable lower extremity device, coupled with the increase in awareness for orthotics care and better healthcare services is expected to propel the lower extremity device market.
Market growing at a steady rate in developed nations, Asia-Pacific and LAMEA are expected to offer high growth opportunities to key players in this market. According to the perspectives of CXOs of leading companies in the market, significant advancements in the lower extremity device with increase in clinically backed research, growing investments, funds, and grants, increasing incidences of orthopedic disorders, entry of new players, and growth in the geriatric population is projected to increase the sale of lower extremity device globally