Prosthetics enhance the function and lifestyle of persons with limb loss through the usage of artificial limbs (prostheses). In order to match the functional needs of an individual, the prosthesis must be a unique combination of design, materials, alignment, and construction. These functional needs are complex and differ for lower and upper extremities. Lower limb prostheses can address stability in walking & standing, energy storage & return, shock absorption, cosmetic appearance, and other functional needs related to jumping, running, and other athletic activities. Upper limb prostheses can address grasping & reaching, certain occupational challenges such as painting, hammering, weightlifting, and daily activities such as writing, eating, and dressing.
Orthotics is a field of medicine concerned with the design, fabrication, and manufacture of artificial devices called orthoses. An orthosis controls deformed or weakened regions of the body of a physically challenged person. It is placed on the body to correct or modify structural and functional characteristics of the skeletal and neuromuscular systems. Orthoses can be used to support the limbs of patients suffering from disease or injury through controlling, limiting, guiding, or immobilizing a joint, limb, or body segment. These can be used to enable movement (mechanical), restrict movement, as a rehabilitation device after the removal of a cast, to correct the shape or function of part of the body, to reduce weight bearing pressure, or to ease pain.
According to the American Orthotic & Prosthetic Association and the American Diabetes Association (ADA), risk of losing a leg or foot is 15 to 40 times higher among people suffering from diabetes compared to those without the disease. Over 80,000 diabetes-related lower limb amputations are performed in the U.S. each year. Moreover, around 30,000 limb amputations result from peripheral vascular disease each year.
Key drivers of the global prosthetics and orthotics market include increase in geriatric population, rise in prevalence of diseases such as vascular diseases, diabetes, and osteoarthritis, surge in adoption of braces and supports for non-invasive treatment, rise in obesity rates and cost of treatment, increase in incidence of road accidents & sports injuries, surge in awareness, and availability of personalized orthopedic prosthetics. However, unfavorable reimbursement policies, entry barriers in terms of regulatory guidelines, and shortage of well-equipped rehabilitation centers are the factors hampering the growth of the global prosthetics and orthotics market.
In terms of type, the global prosthetics and orthotics market can be bifurcated into orthotics and prosthetics. Orthotics can be classified into upper limb, lower limb, and spinal orthotics. Prosthetics can be categorized into upper extremity & lower extremity prosthetics, sockets, liners, and modular components. The orthotics segment is projected to lead the global prosthetics and orthotics market due to increase in incidence of sport injuries, rise in prevalence of osteoarthritis, and increase in penetration of orthopedic technology. The upper limb segment is expected to dominate the prosthetics and orthotics market, as these orthotics enable rapid and painless recovery in terms of movement. Based on end-user, the global market can be divided into hospitals, rehabilitation centers, clinics, and others.
In terms of region, the global prosthetics and orthotics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the prosthetics and orthotics market during the forecast period due to well-established and well-equipped health care infrastructure, favorable reimbursement policies, and rise in research and development activities. Asia Pacific is projected to be the fastest growing market for prosthetics and orthotics due to rise in diabetes-related amputations, increase in the number of road accidents, and initiatives taken by governments.
Key players operating in the global prosthetics and orthotics market are Össur Corporate, Zimmer Biomet, Blatchford Group, Fillauer LLC, Ottobock, The Ohio Willow Wood Company, Ultraflex Systems, Howard Orthopedics, Inc., Touch Bionics, Inc., and Bauerfeind USA, Inc. These players have adopted strategies such as partnerships, agreements, collaborations, and new product development to gain competitive advantage in the global market.
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.
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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.
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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?
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.