Orthopedic Composite Market Size, Impacted by COVID-19, to Reach US$ 315.7 Million in 2026, Says Stratview Research
DETROIT, Oct. 13, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Orthopedic Composites Market by Product Type (Orthotics, Lower Limb Prosthetic, and Others), by Material Type (Nylon Composites, Cotton Composites, Carbon Fiber Composites, and Others), by Resin Type (Acrylic Composites, Vinyl Ester Composites, Epoxy Composites, and Other Composites), by Process Type (Wet Lamination, Prepreg, and Others), by Technology Type (Technical Composites and Advanced Composites), by End-User Type (Hospital, Prosthetic Clinics, and Ambulatory Surgical Centers), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
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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 from the Report
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 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 based 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.
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Based on the product type, 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.
Based on the material type, 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, 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. Furthermore, growing preference of athletes in the Olympics and Paralympics towards CFRP prosthetics will strengthen the segment's demand.
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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. 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.
The market's attractiveness has led to a series of mergers & acquisitions by key players over the past few years:
-- In 2020, Steeper Group completed the acquisition of the Espire Elbow
prostheses ranges from College Park Industries enhancing its product
portfolio.
-- In 2019, Fillauer acquired Therapeutic Recreational Systems to enhance
its customer base.
-- 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 the upper limb
prosthetic solutions.
-- In 2016, Össur acquired Medi Prosthetics from the Medi Group to improve
its product portfolio and strengthen its market position.
-- In 2015, Össur acquired Touch Bionics to enter the upper limb
prosthetic market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on 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:
-- Market structure: Overview, industry life cycle analysis, supply chain
analysis.
-- 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.
This report studies the orthopedic composites market and has segmented the market in seven ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the seven ways in which the market is segmented:
Orthopedic Composites Market, By Product Type:
-- Orthotics (Regional Analysis: North America, Europe, Asia-Pacific, and
RoW)
-- Lower Limb Prosthetic (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Orthopedic Composites Market, By Material Type:
-- Nylon Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Cotton Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Carbon Fiber Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Orthopedic Composites Market, By Resin Type:
-- Acrylic Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Vinyl Ester Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Epoxy Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Other Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
Orthopedic Composites Market, By Process Type:
-- Wet Lamination (Regional Analysis: North America, Europe, Asia-Pacific,
and RoW)
-- Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and
RoW)
-- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Orthopedic Composites Market, By Technology Type:
-- Technical Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Advanced Composites (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
Orthopedic Composites Market, By End-User Type:
-- Hospital (Regional Analysis: North America, Europe, Asia-Pacific, and
RoW)
-- Prosthetic Clinics (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
-- Ambulatory Surgical Centers (Regional Analysis: North America, Europe,
Asia-Pacific, and RoW)
Orthopedic Composites Market, By Region:
-- North America (Country Analysis: The USA, Canada, and Mexico)
-- Europe (Country Analysis: Germany, The UK, France, Italy, Spain, and
Rest of Europe)
-- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and
Rest of Asia-Pacific)
-- Rest of the World (Country Analysis: Brazil, the UAE, and Others)
Stratview Research has several high value market reports in the composites and advanced materials industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Advanced-Materials.html
About Stratview Research
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We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.
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