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Össur operates within the global non-invasive orthopaedic industry, delivering advanced and innovative solutions within the prosthetics and bracing & supports markets.

Medical Device Market

The Prosthetics Market

Prosthetics include artificial limbs and related products for individuals who were born without limbs or who have had limbs amputated. Össur offers a full range of premium lower and upper limb prosthetics, including feet, knees, hands, liners, and other components.

The size of the global prosthetics component market is estimated to be approximately USD 1.3-1.4 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%. We estimate that the market declined 6-7% in 2020 due to the COVID-19 pandemic but that the market was largely back to pre-COVID levels at the end of 2021.

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. Growth in the prosthetics industry is mainly driven by increased utilization of higher quality prosthetics that lead to increased mobility and quality of life for the end-users as well as growth in emerging markets due to increased utilization of prosthetic solutions in the markets, better healthcare coverage and increasing disposable income.

Prosthetic Market

Market size

USD billion
1.3-1.4

Market share

23–24%

Market growth

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%. We estimate that the market declined by 15-20% in 2020 as the demand for bracing & supports products is largely driven by injuries, surgeries, and physician access which was affected by the COVID-19 pandemic and the associated lockdowns, but we estimate that the market was largely at pre-COVID levels at the end of 2021.

Market growth is driven by a healthy volume growth in the bracing & supports market 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 postoperative 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. Stakeholders can be categorized into five groups.

Orthopaedic Industry Stakeholders

End-Users

Individuals that use the products.

Prescribers

Healthcare professionals who prescribe the products, based on the condition/clinical indication of the user.

Providers

Healthcare professionals who provide end-users with products, such as CPO’s, doctors, podiatrists.

Payers

Public and private insurance companies. About 90% of Össur products 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:

The End-Users
By collaborating closely with the end-users, Össur gains a better understanding of their needs and challenges. In turn, Össur improves their mobility by providing new technologically advanced products to achieve their goals.