Orthopedic prosthetics are artificially made substitutes for limbs. Limb loss can be due to congenital disease, trauma, accident, illness, or amputation. The four common types of prosthetic limbs based on partial or complete limb loss are prosthetics below elbow, above elbow, below knee, and above knee. These are connected by an artificial part called socket. Commonly used materials in the manufacture of prosthetic limbs include metal, polymer, and wood. Recently, carbon fiber composites and light-metal alloys have been used in the manufacture of prosthetic limbs. Carbon fiber composites have gained popularity due to significant advantages offered by carbon technology over conventional materials. The carbon fiber-reinforced polymer (CFRP) prosthetic limbs are more preferred due to reduced weight, increased flexibility, higher strength, increased durability, more comfort, and lower cost.
Increase in injuries leading to amputation, rise in prevalence of diabetes, cancer, and vascular complications, and technological advancements are the major factors projected to propel the growth CFRP orthopedic prosthetics market. According to Amputee Coalition’s limb loss statics, over 1 million limb amputations are performed globally each year, with below knee amputations being the most common. Low awareness about prosthetic limbs in developing countries is anticipated to hamper the growth of the global CFRP orthopedic prosthetics market. Usage of robotics in prosthetic limbs and use of environmental friendly materials are the recent trends in the global CFRP orthopedic prosthetics market.
The global CFRP orthopedic prosthetics market can be segmented based on product type, technology, and end-user. In terms of product type, the CFRP orthopedic prosthetics market can be divided into upper extremity prosthetics, lower extremity prosthetics, sockets, and others. The lower extremity prosthetics segment dominated the market in 2017 and is expected to sustain its leadership position in terms of CFRP orthopedic prosthetics market share during the forecast period. This is attributed to suitability of CFRP for lower limb prosthetics, higher fatigue resistance, and increased load-bearing and lightweight requirements among end-users. The sockets segment is expected to grow at a high CAGR from 2018 to 2026 due to increase in demand for greater device performance, wearer comfort, and capability. Based on technology, the global CFRP orthopedic prosthetics market can be classified into traditional prosthetics, electric-powered prosthetics, and others. The traditional prosthetics segment held the largest market share in 2017 and is expected to continue to dominate the market during the forecast period. This is due to lower cost than other options, no dependence on external power for operation, and comparatively less time taken to adjust with body. In terms of end-user, the market can be categorized into hospitals, rehabilitation centers & clinics, and others. The hospitals segment accounted for the largest market share in 2017 and is expected to sustain its leadership position from 2018 to 2026.
In terms of region, the global CFRP orthopedic prosthetics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017 due to high amputation rates in the U.S., rise in prevalence of diabetes, surge in prevalence of cancer and vascular complications leading to amputations, high awareness about prosthetics, and technological advancements. According to an article published in Physical Medicine and Rehabilitation, nearly 2 million people in the U.S. are living with limb loss. The CFRP orthopedic prosthetics market in Asia Pacific is anticipated to expand at the highest CAGR owing to rise in prevalence diabetes, surge in awareness, increase in per capita income, and improved health care infrastructure.
Major players operating in the global CFRP orthopedic prosthetics market include Össur, The Ohio Willow Wood Company, Kinetic Research, Inc., Hanger, Inc., Touch Bionics, Inc., TRULIFE, Ottobock, Freedom Innovations, LLC, Blatchford Group, and Fillauer LLC.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.