Orthotics market poised for growth, innovation
HAMILTON, N.Y. – The global orthotics device market is expected to reach $7.33 billion by 2020, a growth rate of 6.2%, according to a new report from IndustryARC. Prefabricated devices, which comprise a major segment of the market, are expected to reach $4.25 billion by 2020, while custom-made devices are expected to increase to $3.15 billion. Much of the demand can be attributed to the increase in chronic diseases and an aging population, according the report. The report also forecasts increased innovation in the manufacturing of such devices, including 3D printing and CAD/CAM-based models to specifically treat or support patients with specific disorders.