Transparency Market Research (TMR) has published a new report on the lower extremity post-operative orthotics market for the forecast period of 2019–2027. According to the lower extremity post-operative orthotics market report, the global lower extremity post-operative orthotics market was valued at ~US$ 785 Mn in 2018, and is projected to expand at a CAGR of ~5% from 2019 to 2027. Rise in the number of surgeries and favorable government policies & initiatives in developing countries are the major factors anticipated to drive the global lower extremity post-operative orthotics market during the forecast period.
Increase in Number of Hospitals and e-Commerce Platforms to Propel Lower Extremity Post-operative Orthotics Market
Changing demographics in developing countries such as China, India, Brazil, and South Africa are expected to provide opportunities for medical device manufacturers in the next few years. Public and private healthcare expenditure in these countries is likely to rise during the forecast period. This, in turn, is projected to increase the number of hospitals in these countries in the near future.
According to China’s National Health and Family Planning Commission (NHFPC), the number of private hospitals in China doubled in just six years, i.e., from 2011 to 2017, to reach 16,900. Private hospitals accounted for over 57% of the total hospitals in the country.
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According to the Department of Industrial Policy and Promotion (DIPP) of India, hospitals and diagnostic centers in India witnessed foreign direct investments (FDIs) of US$ 6.09 Bn between April 2000 and March 2019.
China and India are also witnessing technological advancements and development of e-Commerce platforms at a significant rate. Online platforms offer orthotic products at discounted prices as compared to retail sellers, thereby driving the lower extremity post-operative orthotics market.
Increase in healthcare expenditure coupled with rise in the global per capita income augments the global orthopedics industry, including the lower extremity post-operative orthotics market.
Asia Pacific Lower Extremity Post-operative Orthotics Market to Grow at Rapid Pace
North America held a major share of the global lower extremity post-operative orthotics market in terms of revenue in 2018, and is projected to sustain its share in the global lower extremity post-operative orthotics market during the forecast period. This is due to the high adoption of better treatment options and favorable reimbursement policies. The region is also home to several key players such as DJO Global, Hanger, Inc., and Breg, Inc. This is likely to boost the global lower extremity post-operative orthotics market in North America even further.
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The lower extremity post-operative orthotics market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027.
Increase in affordability and adoption of novel treatment methods for the well-being of the rapidly growing population with orthopedic disorders in the region makes it one of the most lucrative markets for lower extremity post-operative orthotics.
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