“The 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 by 2026.”
Market Highlights
Introduction
Orthopedics is the branch of medicine that treats the damage to 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 producing orthopedic devices.
Orthopedic devices made from composite materials deliver excellent lightweight, durability, and corrosion-resistant features. Owing to these advantages, composite materials started gaining traction in sporting events such as the Paralympic and Olympics. However, the high cost of these materials is still acting as a bottleneck towards greater adoption among the user base.
COVID-19 Impact
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.
Segments Analysis
By Product Type
“Lower limb prosthetics accounts for larger applications during the forecast period.”
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.
By Material Type
“Carbon fiber composite is expected to grow with the highest CAGR during the forecast period.”
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.
By Resin Type
“Epoxy resin is expected to grow with the highest CAGR during the forecast period.”
The market is segmented into 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 strengthens the segment’s demand.
Regional Analysis
“North America accounts for the largest share of the market during the forecast period.”
The region is also expected to maintain its dominance over the next five years, owing to the well-formulated healthcare policies regarding prosthetics & 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 a well-established healthcare infrastructure.
Key Players
The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the orthopedic composite market (arranged alphabetically).
- Alchemy Composites
- Blatchford Prosthetics
- Fillauer LLC
- Howard Orthopedics Inc.
- Össur
- Ottobock SE & Co. KGaA
- Steeper Inc.
- WillowWood Global LLC
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
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.
What Deliverables Will You Get in this Report?
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Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth analysis of the Orthopedic Composites Market
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How lucrative is the future?
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The market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast
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Who are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirements?
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10% free customization
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Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s orthopedic composites market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process. This report offers high-quality insights and is the outcome of a 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 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, 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.
Customization Option
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
Recent Market News & Developments
The market’s attractiveness has led to a series of mergers & acquisitions by key players over the past few years.
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In 2020, Steeper Group completed the acquisition of the Espire Elbow prostheses ranges from College Park Industries enhancing its product portfolio.
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In 2019, Fillauer acquired Therapeutic Recreational Systems to enhance its customer base.
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In 2017, Ottobock acquired the BeBionic prosthetic products and related business from the British med-tech company Steeper. The acquisition has strengthened its position as a market leader in upper limb prosthetic solutions.
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In 2016, Össur acquired Medi Prosthetics from the Medi Group to improve its product portfolio and strengthen its market position.
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In 2015, Össur acquired Touch Bionics to enter the upper limb prosthetic market.
