Market Trends of Orthopedic Prosthetics Industry
Electric Prostheses are Expected to Hold Significant Market Share During the Forecast Period
Electric prostheses, also commonly known as myoelectric prostheses, are controlled using electric signals that are created by the body's muscles. Owing to the COVID-19 pandemic, a major setback was observed in demand for electric prostheses. However, definite measures were taken by regulatory authorities. For instance, the National Association for the Advancement of Orthotics and Prosthetics (NAAOP) issued an alert in 2021 that all the state and local health authorities in the United States should consider orthopedic and prosthetic practices as an essential service that must remain accessible to patients in need of orthopedic and prosthetic care during the pandemic. Post the pandemic, a significant increase in the demand for electric prostheses is being observed.
These electric-powered prosthetics work by using the user's existing muscles in the residual limb to control the functions of the prosthetic device itself. Technological advances in electric prostheses are further expected to drive the market. For instance, in August 2021, engineers at MIT and Shanghai Jiao Tong University designed a soft, lightweight, and potentially low-cost neuroprosthetic hand. This hand prosthetic can perform a wide range of daily activities, such as zipping a suitcase, shaking hands, and petting a cat. Hence, such innovations in electric prostheses are expected to fuel the market's growth.
As per data from the Ministry of Road Transport and Highways published in June 2022, around 2,300 road accidents occurred in India in the first six months of 2022. Traffic accidents often lead to severe injuries, which may support the demand for electric prostheses. Hence, these devices have become a great option for those who want a natural-looking prosthesis that utilizes the existing nerves for functional use.
Owing to such factors, the segment is expected to witness strong growth during the forecast period.
North America Expected to Continue Market Dominance During the Forecast Period
Though the surgical procedures associated with orthopedics resumed during the pandemic, the number of COVID-19 cases also increased. In response to this, many centers, such as Fourroux Prosthetics, followed the guidelines of the Centers for Disease Control and Prevention and added safety measures while providing services to patients in the United States. Thus, as hospitals and other centers providing orthopedic treatment to patients followed these guidelines, steady growth was expected in the market post the COVID-19 pandemic.
The key factors driving the market's growth in North America include the direct presence of key regional players, a strong distribution network, and a well-established healthcare infrastructure. Recent trends in the North American orthopedic prosthetics market include the use of new polymer materials and the development of prosthetic devices as per the functional needs of patients.
Manufacturers are concentrating on developing lightweight yet long-lasting orthopedic prosthetics to satisfy users' needs. For instance, in February 2020, In2Bones Global Inc. introduced the ''Avenger Radial Head Prosthesis System'' in the US market. This product is used for primary and revision joint replacement of the radial head. Expansion of the company in the North American market and its new innovative products are among the factors aiding the growth of the market.
Key companies operating in the orthopedic prosthesis business are implementing strategic movements such as partnerships and acquisitions, which are augmenting the market's growth in the United States. For instance, in December 2021, WillowWood Global LLC entered a strategic partnership with Blue Sea Capital LLC, a growth-oriented private equity firm. This partnership will help increase funding for the company and create more innovative products.
Hence, owing to factors such as the introduction of novel products and strategic partnerships among key players, the market is expected to witness strong growth in the coming years.
