The U.S. market for prosthetics, orthotics and cosmetic enhancement products is expected to increase from $6.8 billion in 2005 to $10.8 billion in 2010, an AAGR (average annual growth rate) of 9.9%, according to a soon-to-be-released report RB-216 Prosthetics, Orthotics and Cosmetic Enhancement Products from Business Communications Company, Inc.
Cosmetic enhancement products have a much higher projected AAGR (28.2% between 2005 and 2010) than either prosthetics (5.5%) or orthotics (3.6%). As a result, cosmetic enhancement products are expected to increase their share of the total market from 12.3% in 2004 to over 30% in 2010. Both prostheses and orthoses are expected to lose market share.
The prosthetics, orthotics, and cosmetic enhancement products industries are entering into a period of extraordinary opportunities, due to a convergence of technological, demographic, cultural and economic factors, according to the study. Advances in materials technology, miniaturization, electronics and operative procedures are opening up many new possibilities. At the same time, the populations of the U.S. and other advanced countries are growing older, resulting in a continual growth in the number of people suffering from physical disabilities and other conditions that medical science is increasingly equipped to ameliorate. More info: (203) 853-4266, ext. 309; Website: www.bccresearch.com.