Our Markets
Össur operates within the global non-invasive orthopaedic industry, delivering advanced and innovative solutions within the prosthetics, bracing & supports and patient care markets.
The Prosthetics Market
Prosthetics include artificial limbs and related products for people who were born with limb loss or limb difference, or who have had limbs amputated. Össur provides a full range of premium lower and upper limb prosthetics, including feet, knees, hands, fingers, liners, and other components.
The size of the global prosthetics component market is estimated to be approximately USD 1.4-1.5 billion. Össur is the second largest company operating in Prosthetics with a market share estimated at 23-24%.
The growth rate of the prosthetics market is estimated to be 3-5%.
Growth in the prosthetics market is mainly due to volume and product mix. The growth is driven by the renewal and maintenance cycle as well as better access to prosthetic solutions and reimbursement for higher quality Prosthetics.
Volume growth in the market is estimated to be moderate. Volume growth is determined by a relatively stable global amputee population and a moderate increase in the number of new amputees that get fitted with a prosthesis every year.
Pricing in the prosthetics market is on average relatively stable. However, due to global inflation rates, we estimate that various reimbursement systems are more likely to increase reimbursement price points in the short to medium term than in previous years.
Growth in the prosthetics industry is mostly driven by increased utilization of higher quality prosthetics that lead to increased mobility and quality of life for individuals as well as growth in emerging markets due to increased utilization of prosthetic solutions in the markets, better healthcare coverage and increasing disposable income.
Prosthetics Market
Market Size
USD billion
1.4-1.5
Market Share
23–24%
Market growth
3-5%
Moderate volume growth
Relatively stable pricing
Positive product mix*
Primary Sales Channels
Orthotic & Prosthetic clinics (O&P)
Source: Össur management estimates
Note: Estimates only account for component sales from providers to suppliers, i.e. not clinical services
* Increased penetration of high-end innovative products
The Bracing & Supports Market
Bracing & Supports include products used to provide support for therapeutic and preventative purposes. Össur offers a comprehensive line of products with primary focus on osteoarthritis and injury solutions including devices supporting the spine, knee, hip, foot, ankle, and hands.
The size of the global bracing & supports product market that Össur operates in is estimated to be approximately USD 2.7-3.0 billion and Össur’s market share is estimated at 5-7%.
The growth rate of the bracing & supports market is estimated to be 2-3%.
Market growth is driven by a healthy volume growth, supported by global healthcare trends such as an aging and more active population. Price levels are relatively stable as bracing & supports products are reimbursed in most of the markets that Össur operates in. For some markets, there is moderate price pressure for selected product categories, mainly products of a lower innovation level. In addition, measures such as competitive bidding for off-the-shelf spinal and back braces in the US which came into effect in January 2021, puts further pressure on pricing for certain products.
Increased amateur sports and activity levels, increased volumes of elective surgeries such as knee replacement surgeries, that drive demand for post-operative bracing solutions, and the utilization of high-end innovative products such as the Unloader® OA bracing products, support market growth in Bracing & Supports.
Bracing & Supports Market
Market Size
USD billion
2.7 - 3.0
Market Share
5-7%
Market Growth
2-3%
Moderate volume growth
Relatively stable price pressure
Positive product mix*
Primary Sales Channels
Orthotic & Prosthetic clinics (O&P)
Hospitals
Orthopaedic clinics
Source: Össur management estimates
Note: Estimates only account for component sales from providers to suppliers, i.e. not clinical services
* Increased penetration of high-end innovative products
Orthopaedic Industry Stakeholders
In the orthopaedic industry, many stakeholders and decision makers are involved in the purchasing decision. The stakeholders can be categorized into five groups.
End-Users
People who use our products and services solutions.
Prescribers
Healthcare professionals who prescribe the products, based on the condition/ clinical indication of the end-user.
Providers
Healthcare professionals who provide end-users with products, such as CPO’s, doctors, podiatrists.
Payers
Public and private insurance companies. Around 90% of Össur product sales and services are reimbursed by a third party.
Influencers
Healthcare systems, insurance companies, medical associations, end-users and their families.
Industry Trends Create Opportunities
Economic development around the world and global macrotrends create demand and opportunities for growth. We have selected six trends that have a positive impact on demand for Össur’s products and services.
An aging and more active population
- The global population of 65 and older is increasing and so is the amputee population.
- A growing number of people afflicted by vascular diseases, the leading cause of amputation.
- An increased number of fractures, joint instability, and joint afflictions.
Access to healthcare improving in emerging markets
- Global economic growth will be powered by emerging markets.
- Disposable income increasing in emerging markets and willingness to pay out-of-pocket.
- Increasing healthcare coverage in emerging markets.
Increased pressure on healthcare budgets
- Healthcare providers increasing efforts to manage cost.
- Demand for cost effective solutions without compromising quality.
- Consolidation in patient care.
Increased penetration of new technologies and high-end products
- New innovative technologies being accepted for reimbursement.
- Gradual transition from volume to value-based payment in healthcare.
- Increased acknowledgment of total healthcare economic benefits of Bionics and OA bracing.
Increasing regulatory requirements
- Investments in people and processes to adapt to changing healthcare requirements.
- Product development to meet prevailing regulatory requirements.
- Increasing importance of digital and personal data security.
Improved treatment options
- Increasing healthcare coverage and better access to patients.
- People with limb loss and limb difference more often get fitted with a prosthesis.
- Innovative products creating more benefits for prosthetic users.
