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Orthopedic Prosthetics Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Orthopedic Prosthetics Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021
  • 175 pages
  • ID: 6067894
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the orthopedic prosthetics market are Otto Bock HealthCare GmbH, Blatchford Ltd, Zimmer Biomet Inc., DePuy Synthes, and Stryker Corp.

The global orthopedic prosthetics market is expected to grow from $1.75 billion in 2020 to $1.95 billion in 2021 at a compound annual growth rate (CAGR) of 11.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.53 billion in 2025 at a CAGR of 6.7%.

The orthopedic prosthetics market consists of sales of orthopedic prosthetic devices.Orthopedic prosthetics are artificial devices used to replace a missing body part lost due to disease, trauma, surgical removal of body appendage, disabling illness or congenital conditions.

Orthopedic prosthetic devices are segmented into upper and lower extremity prosthetics. Upper extremity prosthetics include hand, elbow, shoulder and lower extremity prosthetics include foot and ankle, knee, hip.

In June 2019, Smith & Nephew acquired orthopedic joint reconstruction business from Brainlab for an undisclosed amount.With this acquisition the company expands its business of shoulder and wrist implants.

The Brainlab orthopaedic joint reconstruction business provides surgeons with digital workflow tools, from pre-operative planning to intraoperative navigation to postoperative evaluation and sharing.

The orthopedic prosthetics market is regulated as per the guidelines by the food and drug administration (FDA).The FDA has subjected these devices under the class III category, which includes those devices involving a high risk associated with the usage.

Class III devices are required to undergo a premarket approval application (PMA) before they can be used.PMA is the process followed by the FDA for scientific evaluation, to assess the safety of the devices.

If a PMA application is found to be lacking valid clinical assessment and correct scientific reasoning, it impacts the FDA’s approval and prevents the prosthetic device from being released into the market.

The orthopedic prosthetics market is being driven by an increasing number of trauma cases and accidental injuries.The trauma cases and accidental injuries are caused by various factors such as road accidents, sports injuries, other medical complications and work related accidents.

Most of these injuries may require amputations and prosthetic devices to replace the lost body part. For instance, as of 2017 there are 2.1 million people living with limb loss in the USA and about 300-500 amputations were performed each day. Therefore, driving the demand for orthopedic prosthetics, thus growth in the orthopedic prosthetics market.

The orthopedic prosthetics market is being restrained by entry barriers due to guidelines by the FDA’s regulatory control over these devices based on the risks associated with them.These devices fall into the class III category as per the FDA, which includes devices involving high risk associated with the usage.

Class III devices are required to undergo a premarket approval application (PMA), which is the FDA process of scientific evaluation for assessing the safety of these devices.Such stringent guidelines associated with these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market.

For instance, DePuy’s hip prosthetic device was denied approval by the FDA after it was assessed as unsafe, thus creating an entry barrier and restraining the market.

The companies in the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing is a process which involves a digital model being transformed into a three dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the process of 3D printing. These devices have shorter lead times, lower costs and consistent quality. For instance, Zdravprint is a Russian company which is developing prosthetics for hand, elbow and shoulder using 3D printing technology.

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