Sep 16, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Orthopedic Composites Market.
It was estimated prior to this unanticipated outbreak that the Orthopedic Composites Market was expected to reach a value of US$ 315.7 million during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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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.
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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.
Key players operating in the global Orthopedic Composites market are-
- Ottobock SE & Co. KGaA
- Fillauer LLC
- Steeper Inc.
- Howard Orthopedics Inc.
- WillowWood Global LLC
- Blatchford Prosthetics
- Alchemy Composites
Features of the Report
This report offers high-quality insights and is 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.
The Orthopedic Composites analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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