Lower Extremity Post-operative Orthotics – Key to Fixing Altered Biomechanics
With a wealth of technological innovation on the horizon, orthopedic surgery is heading on the path of minimal invasive and more precise operations, with a greater proportion of outpatient and overnight procedures. While significant advances have occurred inside operating rooms, several changes have also been taking place beyond the clinic room, outside of the hospital, and in the time before and after the surgery. As new tools and techniques continue to enter the orthopedic practice, analysts at Transparency Market Research (TMR) turn the spotlight on the lower extremity post-operative orthotics market, in their new research study.
TMR’s analysts expect the market to grow ~5% year-over-year, to reach a value of ~US$ 817 million in 2019, up from ~ US$ 785 million in 2018. Lower extremity post-operative orthotics have been gathering increased momentum as a viable rehabilitative device to help restore altered lower extremity biomechanics and promote fast recovery, following surgery.
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Feet- & Ankle-related Disorders – A Bane for Well-being but a Boon to Market Growth
In the view of changing habits and rapid inclination towards sedentary lifestyles, a large number of individuals, worldwide, are affected by medical conditions such as obesity and diabetes that can create severe symptoms in their feet, ankles, knees, and other parts of the body. Some feet- and ankle-related disorders require surgical interventions, thereby potentially raising the demand for lower extremity post-operative orthotics.
According to TMR’s analysts, rising application in foot fracture repair & restoration accounted for ~40% sales in 2018, while greater awareness and efficacy of lower extremity post-operative orthotics in the recovery of bunion surgery is likely to result in increased profit pools of market players. As patients are seeking personalization in lower extremity post-operative orthotics purchases, manufacturers are targeted towards developing custom and prefabricated devices through the incorporation of innovative technologies such as 3D printing and robotic automation in manufacturing. These technologies are further likely to enable modifications based on an individual patient’s anatomy and functionality.
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However, it is pertinent to note that, lack of proven studies regarding the efficacy and relevance of custom foot post-op orthotics in providing positive outcome has added to the reluctance of their prescription as well as adoption.
Stakeholders to Bolster the Sales Force with Multi-channel Strategy
Although the market remains considerably consolidated, with a few large-sized multinational players enjoying monopoly in certain segments, a number of small players have been recently posing significant competition by offering high quality products at affordable prices at local levels. As the competition intensifies, a strong product portfolio no longer suffices for maintaining a distinctive brand persona. While hospital pharmacies continue to influence growth strategies, the emergence of new digital channels such as mail-order pharmacies or Internet pharmacies is likely to bring significant changes in terms of targeting a larger patient pool and increasing overall reach.
High adoption of better treatment options and favorable reimbursement policies in North America have worked to the advantage of stakeholders in the lower extremity post-operative orthotics market. In addition, these stakeholders are tapping into newer opportunities in developing countries in Asia Pacific, considering increased healthcare expenditure per capita and rapid adoption of novel treatment methods in the region.
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As governments in developing countries are investing in healthcare infrastructure, and small players are placing their bets on offering cost-effective products, key players will need to strengthen their marketing capabilities. Considering the dissatisfaction towards the efficacy of lower extremity post-operative orthotics, strong collaborative models between manufacturers and research institutes will not only aid in developing better quality products but also remain a key in gaining a distinct competitive edge. Consequently, small players will need to dedicate their efforts in R&D initiatives and technological innovations to strengthen their position in the landscape.
Global Lower Extremity Post-operative Orthotics Market: Overview
Surge in Number of Surgeries to Boost Lower Extremity Post-operative Orthotics Market
- The global lower extremity post-operative orthotics market was valued at ~US$ 785 Mn in 2018. The lower extremity post-operative orthotics market is projected to reach a value of ~US$ 1.2 Bn by 2027, expanding at a CAGR of ~5.3% from 2019 to 2027.
- Changing lifestyles and economic growth lead to increase in the number of sedentary desk jobs. This contributes to rise in the obese population across the world.
- As of 2015, over 37% of the global adult population with a body mass index (BMI) of over 25.1 was categorized as overweight or obese.
- Excess weight creates strain on the feet and ankles, as these bear the weight of holding the body up, along with the hips and knees. Ankle joints suffer injuries when carrying additional weight.
- This leads to a rise in the prevalence of foot- and ankle-related disorders, thereby increasing the number of surgeries such as plantar fascia release, heel spur surgeries, and bunion removal surgeries
- This is likely to increase the number of surgical procedures, thereby propelling the global lower extremity post-operative orthotics market in the near future.
Favorable Government Policies and Initiatives in Developing Countries Augment Market
- As per different estimates, the percentage of people with disabilities in developing as well as underdeveloped regions/sub-regions such as Africa, Latin America, and South Asia is as high as 10% of the population.
- The gap between demand and supply of bracing and support orthotics in these regions/sub-regions has become an issue of concern for healthcare administrative bodies. One of the major concerns in the orthotics industry is that, if orthotic products are imported, the product cost increases significantly, which leads to affordability issues. If the product is procured locally, it is of poor quality, which results in compatibility and compliance issues.
- Public as well as private organizations in developing economies such as India, China, Brazil, and Mexico are working closely with medical device manufacturers to develop high quality orthotic products at affordable prices to mitigate the present gap between supply and demand in the orthotics industry.
- According to World Bank data, India’s GDP had risen more than twice in a decade from US$ 1.19 Tn in 2008 to US$ 2.65 Tn in 2017. Moreover, the recent rules and regulatory framework for medical devices in India, with 100% FDI through both, automatic and government routes, can act as a driver of the lower extremity post-operative orthotics industry.
- Inclusive government policies, surge in disposable income, and rise in purchasing power boost the global healthcare industry, including the lower extremity post-operative orthotics market in developing countries.
North America to Account for Leading Share in Lower Extremity Post-operative Orthotics Market
- The report offers detailed segmentation of the global lower extremity post-operative orthotics market based on application, end user, and region. In terms of application, the global lower extremity post-operative orthotics market has been classified into foot fracture repair & restoration, bunion removal surgery, heel spur surgery, and others.
- Based on end user, the global lower extremity post-operative orthotics market has been categorized into hospital pharmacies, retail pharmacies, and others.
- In terms of region, the global lower extremity post-operative orthotics market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the global lower extremity post-operative orthotics market during the forecast period, due to the high adoption of better treatment options and reimbursement policies.
Companies in Lower Extremity Post-operative Orthotics Market
The report provides the profiles of leading players operating in the global lower extremity post-operative orthotics market. Key companies present in the lower extremity post-operative orthotics market include
- Hanger, Inc.
- DJO Global, Inc.
- Fillauer LLC
- Ottobock SE & Co. KGaA (Ottobock Holding)
- Bauerfeind AG
- Össur Corporate
- BSN medical
- Breg, Inc.
- DeRoyal Industries, Inc.
Lower Extremity Post-operative Orthotics Market – Scope of the Report
[163 Pages Report] Transparency Market Research (TMR), in its recent publication, offers an in-depth and unbiased analysis of the lower extremity post-operative orthotics market for the period of 2019-2027. The report divulges compelling insights on various dynamics, including the drivers, restraints, trends, opportunities, and challenges influencing the growth prospects of the lower extremity post-operative orthotics market. TMR’s study also traces the historical and current trends of the lower extremity post-operative orthotics market, to define their impact on its future development.
Key indicators of the lower extremity post-operative orthotics market, including value and supply chain analysis, pricing analysis, historical value and volume analysis, and Y-o-Y growth trend analysis, have been provided in the report. Comprehensive information covered in the report can help readers anticipate both, the qualitative and quantitative growth prospects of the lower extremity post-operative orthotics market for the aforementioned timeframe.
In addition to a detailed taxonomy of the lower extremity post-operative orthotics market, TMR’s study covers an incisive outlook on the competitive landscape. The report highlights the profiles of several incumbent companies as well as new entrants in the lower extremity post-operative orthotics market, wherein, both, the organic and inorganic business strategies of these market players have been mentioned in the report.
The report on the lower extremity post-operative orthotics market allows stakeholders to understand the key demand trends that end users may seek in the long run, and the appropriate sourcing strategy for the same. For companies involved in the lower extremity post-operative orthotics market, the report helps them understand the key end users contributing to demand, allowing them to strategically formulate steps to enhance their sales prospects.
Lower Extremity Post-operative Orthotics Market – Segmentation
The report provides an in-depth segment analysis of the global lower extremity post-operative orthotics market, which has been classified into three broader categories – application, distribution channel, and region. Analysis of the key geographical divisions that hold growth opportunities or account for significant share has also been included as part of the geographic analysis for the lower extremity post-operative orthotics market.
Foot Fracture Repair &Restoration
Bunion Removal Surgery
Heel Spur Surgery
Middle East & Africa
Key Questions Answered in the Lower Extremity Post-operative Orthotics Market Report
Comprehensive insights provided in the lower extremity post-operative orthotics market report answer several questions that help readers gain a deeper understanding and interpret the future growth prospects of the market. Some of these questions include:
- At what stage of development is the lower extremity post-operative orthotics market?
- What are the key growth driving attributes, trends, and short-term and long-term policies of market players?
- What are the extensive next-gen technologies adopted by stakeholders for innovations and development?
- What is the outlook for new entrants in the lower extremity post-operative orthotics market?
- What are the development risks and competitive threats faced by leading players in the lower extremity post-operative orthotics market?
The lower extremity post-operative orthotics market report is a result of holistic research methodology, which includes a perfect combination of primary research, secondary research, and expert panel reviews. The data repository for the lower extremity post-operative orthotics market is updated on a continuous basis, with key stakeholders and their developments tracked at regular intervals.
Secondary sources such as annual reports, company websites, industry white papers, government publications, investor presentations, statistical databases, internal and external proprietary databases, and regulatory databases are generally referred to for developing preliminary market understanding.
Primary research involves interviews and e-mail interactions with C-level executives, KOLs, and regional officers of companies operating in the market, for in-depth and unbiased reviews on the lower extremity post-operative orthotics market across different geographical divisions.
Information obtained from secondary resources and verified by primary resources have contributed to the development of the lower extremity post-operative orthotics market report.