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Orthopedic Composites Market | Covid-19 Impact Analysis
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s orthopedic composites (prosthetics and orthotics) market realities and future possibilities for the forecast period of 2021 to 2026. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for composites market in orthopedics at the global, regional, as well as country level. Also, the report provides the possible loss that the industry may register by comparing pre-COVID and post-COVID scenario. The report segments and analyzes the market in the most comprehensive manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as formulate growth strategies.
Orthopedic Composites Market: Highlights
Orthopedics is that branch of medicine which treats the damages of the skeletal system, ligaments, and muscles. It comprises prosthetics (devices that substitute for a limb or joint) and orthotics (lower back support and knee braces). Since the first use of artificial legs, the orthopedics market has come a long way. The biggest leap in technology occurred in the late 1980s with the advent of composite materials in the production of orthopedic devices. Orthopedic devices made from composite materials deliver excellent features such as lightweight, durability, and corrosion resistance. Owing to these advantages, composite materials started gaining traction in sporting events such as the Paralympic and Olympic. However, the high cost of these materials is still acting as a bottleneck towards the greater adoption among the user base.
The market’s attractiveness has led to a series of mergers & acquisitions by key players over the past few years.
The coronavirus pandemic has unnerved the global economy and has an unprecedented impact on all the major markets. The orthopedic composite market is no different. The supply chain has heavily been disrupted causing a hefty decline in the demand for composites in 2020. Tokyo Paralympic 2020 has been postponed to 2021; significantly impacting the 2020-market for carbon fiber lower limb prosthetics. However, the market is expected to rebound from 2021 onwards, with the recovery in the demand for prosthetics and orthotics. Stratview Research estimates that the global orthopedic composites market is likely to rebound at a lucrative rate in the post-pandemic market developments, reaching the market value of US$ 315.7 million in 2026.
The orthopedic composites market is segmented based on the product type into orthotics, lower limb prosthetics, and others. Lower limb prosthetics is likely to remain the biggest application segment of the market during the forecast period, propelled by high cases of lower limb amputations, improving healthcare spending across the globe, and higher adoption of composite materials in artificial leg manufacturing.
The market is also segmented based on the material type as nylon composites, cotton composites, carbon fiber composites, and others. Carbon fiber composite is estimated to grow with the highest CAGR over the forecast period, propelled by its increasing adoption in lower limb prosthetics in the wake of greater performance including excellent strength-to-weight ratio and corrosion resistance over their counterparts.
Based on the resin type, the market is segmented as acrylic composites, vinyl ester composites, epoxy composites, and other composites. Epoxy resin is estimated to expand with the highest CAGR over the next five years, owing to its excellent compatibility with carbon fiber in the fabrication of lower limb prosthetics and orthotics. Further, the growing preference of athletes in the Olympics and Paralympics towards CFRP prosthetics to strengthen the segment’s demand.
In terms of region, North America accounts for the largest share of the market in 2020. The region is also expected to maintain its dominance over the next five years, owing to the well-formulated healthcare policies regarding prosthetic & orthotics, huge healthcare expenditure, and higher adoption of advanced technology. Europe is the second-largest prosthetics and orthotics market and has the presence of major companies along with well-established healthcare infrastructure.
The supply chain of this market comprises raw material suppliers, intermediate products suppliers, orthopedic composite part fabricators, distributors, and end users. The major orthopedic composite manufacturers include Össur, Ottobock SE & Co. KGaA, Fillauer LLC, Steeper Inc., Howard Orthopedics Inc., WillowWood Global LLC, Blatchford Prosthetics, and Alchemy Composites.
Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The orthopedic composites market is segmented into the following categories.
Orthopedic Composites Market, By Product Type:
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Report Customization Options
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