China Orthosis And Prosthetics Market, By Product Type (Orthosis (Knee Ankle Foot Orthoses (KAFO), Wrist Hand Orthoses (WHO), Foot Orthoses (FO), Ankle Foot Orthoses (AFO), Elbow Orthosis (EO), Hip Knee Ankle Foot Orthoses (HKAFO), Shoulder Orthoses, Upper Limb Orthoses, and Others), and Prosthetic (Below Knee (BK) – Transtibial, Above Knee (AK) – Transfemoral, and Upper Extremity (UE) - Transradial, Transhumeral), By Age Group (Pediatric and Adult), and By Indication (Lower Limb Deformities, Upper Limb Deformities, and Others (Spinal), is estimated to be valued at US$ 1,740.1 Mn in 2023, and is expected to exhibit a CAGR of 5.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Rising cases of fractures and sport injuries is expected to driving the China orthosis and prosthetics market growth. For instance, in August 2021, according to a study published by the Journal of the American Medical Association (JAMA) network, the prevalence of clinical vertebral fracture was 9.7% among women and 10.5% among men in 20,416 participants who were recruited for the study.
China Orthosis and Prosthetics Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding the transportation of things from one place to another.
COVID-19 had negative impact on the demand for orthosis and prosthetics, and manufacturing processes of other medical devices especially in China. For instance, Ottobock, a leading global manufacturer of orthotic and prosthetic devices, faced significant challenges due to the pandemic. The company relies on a global supply chain to source components for its devices. The company sources certain components from suppliers in countries that were heavily affected by the pandemic. This led to delays in the production of Ottobock's devices.Furthermore, the restrictions on international shipping made it difficult for Ottobock to transport components from its suppliers to its manufacturing facilities.
China Orthosis and Prosthetics Market: Key Developments
In August 2022, Össur hf, a manufacturer of non-invasive orthopedics, announced the acquisition of Naked Prosthetics, a U.S. -based company that provides finger prostheses for finger and partial hand amputees. The acquisition addressed the needs of the growing but under-served population of patients with finger and partial hand loss.
In February 2022, Össur hf, a manufacturer of of non-invasive orthopedics, introduced its ‘POWER KNEE’ actively powered microprocessor prosthetic knee that is designed for people facing above-knee amputation or limb difference. The company used motor-powered “smart” prosthesis that leveragesadvanced algorithms for detecting patterns in human movement, thus, adjusting and learning the user’s rhythm and speed in real-time.
Browse 9 Market Data Tables and 14 Figures spread through 110 Pages and in-depth TOC on “China Orthosis and Prosthetics Market”- Forecast to 2030, China Orthosis and Prosthetics Market, By Product Type (Orthosis (Knee Ankle Foot Orthoses (KAFO), Wrist Hand Orthoses (WHO), Foot Orthoses (FO), Ankle Foot Orthoses (AFO), Elbow Orthosis (EO), Hip Knee Ankle Foot Orthoses (HKAFO), Shoulder Orthoses, Upper Limb Orthoses, and Others), and Prosthetic (Below Knee (BK) – Transtibial, Above Knee (AK) – Transfemoral, and Upper Extremity (UE) - Transradial, Transhumeral),), By Age Group (Pediatric and Adult), and By Indication (Lower Limb Deformities, Upper Limb Deformities, and Others (Spinal)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/china-orthosis-and-prosthetics-market-4443
Key Takeaways of the China Orthosis and Prosthetics Market:
- China orthosis and prosthetics market is expected to exhibit a CAGR of 5.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the China orthosis and prosthetics market .
- Frequent product launches, technological advancements, and merger and acquisitions are expected to boost growth of the China orthosis and prosthetics market during the forecast period. For instance, in November 2021, Ottobock, a medical device manufacturer, announced the acquisition of 100 percent of the shares of suitX, a U.S.-based company spun out of the Robotics and Human Engineering Lab at the University of California, Berkeley, which specializes in the research and development of occupational and medical exoskeletons. Ottobock and suitX are combining their expertise and products to take the exoskeleton market to a new level and to foster the worldwide adoption of exoskeletons.
- Major players operating in the China orthosis and prosthetics market are Ottobock, Össur hf, Teh Lin Pros. & Ortho. Inc., Shijiazhuang Wonderfu Rehabilitation Device Technology Co., Ltd., Hebei Baisite Prosthetic Orthotic Technology Co., Ltd., Beijing Jingbo Prosthetics & Orthotics Technical Co., Ltd., Nobel China Limited, Shijiazhuang Aofeite Import & Export Co., Ltd., e-Life International Co., Ltd., Rehan International Co., Ltd., and Xiamen Huakang Orthopedic Co., Ltd.
