Global Orthotic Devices Market Analysis and Forecast (2014 -2020) June 2014 | Page 10

EXECUTIVE SUMMARY
The market for Orthotic Devices has seen some changes in recent times. 2013 has witnessed a surge
in the number of innovations in the orthotic device industry, owing to growing demand for
affordable and efficient orthoses, and the development of modern modeling and manufacturing
techniques for orthotic devices has revolutionized the industry, enabling automation of the industry
up to a great extent. At present, the regulations for orthotic devices market should be synchronized
across the world to ensure uniformity in their quality and safety. Manufacturers of orthotic devices
in the developing countries are currently exploring new markets to reduce their manufacturing and
operational costs. The nations which are currently targeted as potential production zone and market
are countries in Asia Pacific, as the manpower supply is high, wages are low, and the number of
users growing by leaps and bounds as time goes by.
In the near future, innovations will include orthotic devices that can be printed and assembled by the
patients themselves within the comfort of their homes. At present, the orthotics market is already
experiencing novel modeling techniques and smart phone apps that allow patients to get diagnosed
through their phone and simultaneously fabricate orthotic devices through a 3D printer. North
America, in particular, is expected to be responsible for the majority of innovations and R&D
activities, owing to both government and private funding.
The global orthotic devices market is supposed to change its course in the coming years, with
respect to a number of aspects, like new manufacturing methods, measurement and analysis
techniques, and the type of materials used. According to an exhaustive research conducted
by IndustryARC, the global orthotic devices market was around $4.8 billion in 2013, and this is
expected to reach $7.33 billion by 2020, growing at a CAGR of 6.2% from 2014 to 2020, which is an
impressive amount of money.