Hip Knee Ankle Foot Orthosis HKAFO Market Size, Type, segmentation, growth and forecast 2023-2030
Tags: business, marketing, growchart
Published: 2023-10-19 18:16:26


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Hip Knee Ankle Foot Orthosis HKAFO Market
The Hip Knee Ankle Foot Orthosis HKAFO Market is expected to grow from USD 2.80 Billion in 2022 to USD 4.70 Billion by 2030, at a CAGR of 6.50% during the forecast period.

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Hip Knee Ankle Foot Orthosis HKAFO Market Size
Hip Knee Ankle Foot Orthosis HKAFO is a type of orthotic device that supports the hip, knee, ankle, and foot. The HKAFO market research report segments the market based on type, application, region, and key players. The types of HKAFOs include dynamic and static orthotics, and they are used in medical supply stores, clinics, and hospitals. The regions covered in the report include North America, Asia Pacific, Europe, Middle East, Africa, and Australia. The key players in the HKAFO market are DJO Global, Inc, Smith & Nephew Plc, DeRoyal Industries, Ossur Global, Stepper Inc., Stryker Corporation, DePuy Synthes, Ottobock Holding, Thuasne, and Freedom Innovations, Freedom Innovations LLC. The report also covers the regulatory and legal factors specific to the market conditions. These factors include government regulations, reimbursement policies, and patent laws that affect the selling, manufacturing, and distribution of HKAFOs in different regions.

Hip Knee Ankle Foot Orthosis HKAFO Market Key Player
DJO Global, Inc
Smith & Nephew Plc
DeRoyal Industries
Ossur Global
Stepper Inc.

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Hip Knee Ankle Foot Orthosis HKAFO Market Segment Analysis
Hip Knee Ankle Foot Orthosis (HKAFO) is a medical device used as a support system for patients suffering from various musculoskeletal, neurological or orthopedic conditions affecting the lower limbs. The global HKAFO market is expected to witness substantial growth in the forecast period, primarily driven by increasing prevalence of orthopedic disorders in elderly population and growing awareness about the benefits of using HKAFO.

The target market for HKAFO includes individuals suffering from stroke, cerebral palsy, spinal cord injury, multiple sclerosis, arthritis and other orthopedic conditions. The primary benefit of HKAFO is that it provides a stabilizing effect to the lower limbs, improves body balance and prevents abnormal gait patterns. The growing geriatric population in many countries and rising prevalence of obesity are also major factors driving revenue growth in the HKAFO market.

In addition, the latest trends in HKAFO market include the introduction of technologically advanced products to enhance the comfort level of patients while wearing the device. Manufacturers are also focused on developing lightweight and flexible materials, making HKAFO more convenient and easy to wear. Improvements in the design of HKAFO have also contributed to the significant growth in the market.

Despite the substantial growth rate in the HKAFO market, there are challenges that need to be addressed. One of the major challenges is the high cost associated with these devices, which makes them unaffordable for many patients. Additionally, the lack of trained healthcare professionals to fit and adjust the HKAFO is another challenge that market players need to address.

In terms of the main findings of this report, the global HKAFO market is expected to grow at a compound annual growth rate (CAGR) of over 6.50% from 2022 to 2030. This growth is attributed to the increasing incidence of orthopedic disorders, the growing geriatric population, and rising awareness about the benefits of HKAFO. The report recommends manufacturers to focus on developing lightweight, flexible, and easy-to-wear products coupled with training programs to guide healthcare professionals on the proper use of these devices and to address the cost barrier for HKAFO.

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Market Segmentation (by Application):
Medical Supplies Store
Clinic
Hospital

Information is sourced from www.reportprime.com