The global orthopedic prosthetics market is expected to grow at a CAGR of more than 5% during the forecast period, 2017-2021.
Technavio has announced its latest market research report on the global orthopedic prosthetics market, under its orthopedics and medical devices portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Blatchford, Fillauer, Össur, Ottobock Healthcare, and Ohio Willow Wood.
According to Barath Palada, a lead analyst for orthopedics and medical devices research at Technavio, “Companies such as Blatchford, Össur, Ottobock Healthcare, Fillauer, and Ohio Willow Wood are focusing on modern technologies and are manufacturing prosthetics for all patient groups. For instance, Össur offers innovative products such as Pro-Flex, New Form Fit, and Unloader Hip with ground-breaking technologies. Ottobock Healthcare offers body-powered prosthetics, pediatric prosthetics, and myoelectric prosthetics.”
Currently, vendors in the market space are offering electricity powered and hybrid orthopedic prosthetics owing to rapid technological advancements. Modern technologies and the use of new materials are resulting in the development of superior prosthetics.
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Growing focus toward customized orthopedic prosthetics
Customized prosthetics offer a superior level of functionality when compared with normal prosthetics. The demand for customized prosthetics is high, especially from athletes and victims of accidents. Some leading companies like Össur and Ohio Willow Wood offer a broad range of customized prosthetics. For instance, Össur focuses on providing intuitive, mind-controlled, customized, patient-centric prosthetics, especially for osteoarthritis and injuries. Vendors are making use of in-house and third-party CAD/CAM technologies to manufacture prosthetics that can perfectly match with the shape of the amputee’s limb in order to cater to the rising demand for customized orthopedic prosthetics.
Technological innovations and new product launches
Vendors are now using fiber composite materials to manufacture orthopedic prosthetics. The usage of composite materials helps reduce the weight of prosthetics and increase compatibility with the body. The development of carbon fiber sports prosthetics allows end-users to actively participate in sports. Vendors are also using low-temperature polyethylene terephthalate and polyether ether ketone to manufacture low weight orthopedic prosthetics.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Orthopedic Prosthetics Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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