Global Orthotic Devices Market Analysis and Forecast (2014 -2020) June 2014 | Page 11

According to IndustryARC, "The figure above shows the market revenue forecasting for period
2014-2020. In the global market, North America will contribute to largest share in the market,
followed by Europe and Asia Pacific. North America’s lead position in the market can be attributed
to highly developed economy and high incidence of chronic diseases and aging population.” This
shows the steady growth of the market for Orthotic devices in the years to come, and the presence
of USA in the same. Asia Pacific and Europe will become major players in the market soon, and
countries like South America, the Middle East, and parts of Africa will be relatively low-key players
with less than 10% of the total global market.
Prefabricated devices form a major chunk of the orthotic devices market, and this segment is
growing rapidly at a CAGR of 5.72%, and has been predicted to grow from $3.05bn in 2014 to
about $4.25bn by 2020, and this rate is quite considerable. These devices are available widely, and
they do not require a licensed orthotist’s prescription to be procured. There are two major types of
prefabricated devices – over-the-counter (which are pre-made and can be used by anyone) and
customized. The former appeal to a lot of customers because they promise to be a quick and easy
solution which can be bought without a doctor’s prescription. With the growth of new, costeffective strategies for creating biomechanical orthotics and adding cost-effective strategies, custommade orthoses is now becoming quite the rage in the market. In the course of their in-depth study,