Market Challenges And Opportunities
China Orthosis and Prosthetics Market - Drivers
- Increasing adoption of growth strategies such as geographical expansion: Key market players are focusing on adoption of growth strategies such as geographical expansions to maintain a competitive edge in the China orthosis and prosthetic market. For instance, in December 2020, Xiamen Huakang Orthopedic Co., Ltd., a China-based manufacturer and supplier of orthopedic braces, established a new factory in the country for orthopedic rehabilitation products such as ankle foot orthosis, ankle splints, walker braces, knee braces, hip abduction, lumbar sacral orthosis (LSO) spinal back braces, waist belt, shoulder immobilizer arm slings, elbow braces, wrist brace thumb spica, finger braces, cervical collar, and others.
- Increase in product offerings from key market players: Market players are focusing on increasing product offerings in the market, and this is expected to boost the growth of the China orthosis and prosthetics market over the forecast period. For instance, Myomo, Inc., a wearable medical robotics company, offers improved arm and hand function for those suffering from neurological disorders and upper limb paralysis. The company develops and markets the MyoPro product line. MyoPro is a powered upper limb orthosis that is designed to support the arm and restore function to the weakened or paralyzed arms of patients suffering from CVA stroke, brachial plexus injury, traumatic brain or spinal cord injury, ALS or other neuromuscular disease or injury.
- Higher cost of prosthetics
China Orthosis and Prosthetics Market: Restraint
- High cost of prosthetics : High cost of customized and myoelectric prosthesis is expected to hinder growth of the China orthosis and prosthetics market. For instance, price of a prosthetic leg starts from US$ 5,000 and a high end prosthetic leg can cost over US$ 50,000 and these prosthetics have a life of three to five years irrespective of their cost. High cost of the equipment can increases high financial burden on patients in emerging countries such as China, where healthcare infrastructure is less advanced compared to developed economies. These factors are expected to hamper growth of the China orthosis and prosthetics market. Counterbalance: The key players operating in the market should focus on developing prosthetics which would be affordable for the people in such emerging economis.
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