Orthotic Devices Market is anticipated to hit $5.10 billion by 2023 at a CAGR of 6.00%.
Americas region holds the largest market share and growth in the Orthotic Devices Market, and is anticipated to reach $2.2 billion by 2023 at a CAGR of 5.5%. However, APAC will witness highest growth
rate during the forecast period, and is expected to reach $1.04 billion by 2023 at a CAGR of 9.20%. Americas Orthotic Devices Market is mainly driven by the increased incidence of chronic diseases that include diabetes, arthritis, and cancer. The key end users in this region include injuries, chronic diseases, support applications, disabilities, and pediatrics.
The quality of devices manufactured, depends on both the production process as well as the raw materials used. Once the design, product features, specifications and patent filing are finished, the company starts the manufacturing process either through its own R&D activities, or licensing agreements with research institutes or universities. The company procures a variety of raw
materials to fabricate Orthotic devices from suppliers, or produces raw materials on their own.
Selected Driving Factors Mentioned in the Full Report:
Growing incidence of chronic diseases, and disabilities are the major growth drivers for Orthotic devices market. Other key drivers include rapid urbanization and associated lifestyle diseases. The custom made Orthotic devices are expected to reach $2.7 billion by 2020 at a CAGR of 7.3%.
The Asia Pacific market for Orthotic devices will show promising growth, owing to technological advances in bulk manufacturing of OTC orthotics as well as in the design and fabrication of custom-orthotic devices.
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