South Korea Prosthetic Orthotics Market was valued at USD 0.9 Billion in 2022 and is projected to reach USD 1.4 Billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030.
The South Korea Prosthetic Orthotics Market is witnessing significant growth, driven by technological advancements and an increasing demand for personalized healthcare solutions. The market for prosthetics and orthotics, which includes artificial limbs and devices that help improve mobility for patients with disabilities, is expanding rapidly due to the aging population and the rising number of patients requiring rehabilitation services. The country's robust healthcare system and the government's initiatives to support healthcare innovation further accelerate the growth of this market.
Among the key drivers of this market is the increasing number of amputees, whether due to accidents, diabetes, or congenital disabilities. Prosthetics have become more sophisticated, with developments in materials like carbon fiber and advanced technologies such as 3D printing, which are making them lighter, stronger, and more customizable. Additionally, advancements in the prosthetic orthotics market include the development of bionic limbs that can respond to the user's muscle movements, offering greater comfort and functionality.
Orthotics, devices used to support or correct musculoskeletal deformities, also play a significant role in the market. With the rise in musculoskeletal disorders and sports injuries, orthotic devices are increasingly being prescribed by healthcare professionals. These products are gaining popularity among individuals recovering from surgery, trauma, or chronic pain. South Korea's growing healthcare infrastructure and the increasing availability of specialized orthotic devices are key factors contributing to the market's expansion.
Industries that rely heavily on the prosthetic orthotics market include hospitals, rehabilitation centers, and specialized clinics. These sectors require a continuous supply of high-quality prosthetic and orthotic devices to meet the growing demand from patients seeking rehabilitation. Furthermore, the increasing awareness of disability rights and the need for accessible healthcare solutions in South Korea is leading to higher adoption rates of prosthetic and orthotic devices in various medical institutions.
In addition, the demand for more affordable and innovative prosthetics is pushing manufacturers to create cost-effective solutions. As a result, the South Korea Prosthetic Orthotics Market is expected to grow significantly in the coming years, driven by both technological innovation and the evolving needs of the population.
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Steeper
Össur
Zimmer Biomet
DJO Global
Ottobock
3M Company
Bauerfeind
DeRoyal
Medi GmbH & Co.
Lohmann & Rauscher
Breg
THUASNE
ORTEC
BSN Medical
Tynor Orthotics
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Prosthetic Orthotics Market
Prosthetics
Orthotics
Robotic Prosthetics
3D Printed Prosthetics
Microprocessor Prosthetics
Orthotic Devices
Limbs
Joints
Sockets
Linings
Hospitals
Clinics
Rehabilitation Centers
Home Care Settings
Plastic
Carbon Fiber
Silicone
Aluminum
Other Materials
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Prosthetic Orthotics Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Prosthetic Orthotics Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Prosthetic Orthotics Market, By Type
6. South Korea Prosthetic Orthotics Market, By Application
7. South Korea Prosthetic Orthotics Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Prosthetic Orthotics Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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