Orthopedic Prosthetics Market to Face Reduced Demand During Covid-19, Driven by Redirection of Healthcare Resources Towards Pandemic, says Future Market Insights
The worldwide orthopedic prosthetics market is expected to cross a US$ 3.2 billion valuation by the conclusion of the forecasting period in 2030. The covid-19 pandemic has had a moderate effect on the orthopedic prosthetics market. Extensive redirection of healthcare resources by governments and healthcare facilities towards handling the coronavirus crisis has resulted in substantial disruptions and delays in supply chains and delivery schedules, hampering short term growth prospects.
“Rising investments into development of production and designing technologies, aimed towards superior fixation and greater resistance to deterioration, are key factors influencing manufacturers that are likely to bolster demand for years to come,” says the FMI analyst
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Orthopedic Prosthetics Market – Primary Takeaways
- Despite higher costs, electric orthopedic prosthetics are displaying growing demand owing to higher accuracy in limb function.
- Upper limb applications are accounting for major revenue share, largely owing to growing incidences of sports injuries and AI tech in prosthetics.
- Asia Pacific is providing lucrative growth opportunities owing to favorable government initiatives diabetes-related amputations.
Orthopedic Prosthetics Market – Growth Factors
- High rate of osteosarcoma is a major generator of demand for orthopedic prosthetic products.
- Growing numbers of trauma injuries, coupled with the AI integration into new prosthetic offerings contribute to market growth.
Orthopedic Prosthetics Market – Major Constraints
- High costs of purchasing, maintaining, and replacing orthopedic prosthetic devices hold back market growth.
- Lack of adequate reimbursement policies is a key challenge restricting adoption rates.
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The Projected Impact of Coronavirus
The unprecedented burden of the coronavirus crisis on the global healthcare system is creating substantial challenges for players in the orthopedic prosthetics market. Redirection of resources by hospital administration, and governments are limiting the scope of the supply and distribution networks for orthopedic prosthetics. In addition, restrictions on elective medical procedures are hindering market growth in the short term. Demand is likely to recover strongly in the post pandemic period, with new automation technologies gaining traction in the sector.
The orthopedic prosthetics market comprises players including but not limited to Fillauer LLC, Zimmer Biomet Holdings Inc., Ossur, B. Braun Melsungen AG, Blatchford Ltd., Hanger Inc., Johnson & Johnson, Smith & Nephew plc., and Otto Bock Healthcare GmbH.
Players in the orthopedic prosthetics market are pushing for business expansion strategies through the use of product launches with improvements to functionality with new tech integration to bolster scope of use.
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For instance, Mobius Bionics LLC has released (life under kinetic evolution) prosthetic arms offered for veterans in the United States. LegWorks Inc. has unveiled ATK HydraPro, functional prosthetic knee, for waterproof, multi-terrain applications. Also, Next Step Bionics & Prosthetics has unveiled a new osseo-integrated LUKE arm, coupled with post-targeted muscle reinnervation surgery compatibility.
More About the Study
The FMI study provides detailed insights on orthopedic prosthetics market. The market is broken down in terms of product (upper extremity prosthetics, lower extremity prosthetics, liners, sockets, and modular components), technology (conventional, electric powered, and hybrid) and end user (hospitals, prosthetic clinics, rehabilitation centers, and others) across seven key regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa).
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SOURCE: Future Market Insights