According to the newest report by Renub Research, titled "Orthopedic Prosthetic Market Global Forecast by Products, Technology, Regions, Company Analysis" Prosthetics may be a medical branch that deals in designing, evaluating, fabricating, fitting, and delivering a prosthesis or artificial limb to exchange a missing part. Orthopedic implants are manufactured to exchange a damaged bone, missing joint, or bone for patients. These implants are fabricated with the utilization of titanium alloys and stainless steel for the strength and plastic coating that acts as artificial cartilage. These operations are finished internal fixation for the aim of repairing bone with surgical implementation. For internal fixation of broken bones, doctors use internal fixators like wires, nails, screws, plates, and pins.
The marketplace for Global Orthopedic Prosthetics Market is increasing year on year consistent with Renub Research analysis; the market is forecasted to be US$ 2.72 Billion by the top of the year 2025. Growth factors for this market are the prevalence of diabetics and rising sports injuries. North America is leading the market as compared to other regions of the globe. the utilization of electric-powered, conventional, and hybrid orthopedic prosthetics are driving the market. consistent with Renub Research analysis, electric-powered orthopedics will have a significant market share. Innovation in medical devices and increasing per capita income, also as support by government and NGOs around the world, are enabling the patient to shop for orthopedic prosthetics devices with none hurdle.
The impact of COVID-19 on the Global Orthopedic Prosthetics Market
The growth rate of the worldwide orthopedic prosthetics market has been disturbed by the COVID-19 pandemic as most of the healthcare companies are investing heavily in the research and development of Coronvirus treatment. The marketplace for Global Orthopedic Prosthetics Market will decline within the year 2020 as a result of lockdown imposed by government authorities.
Orthopedic Prosthetics refers to the fields of design, identification, manufacturing, and fitting of custom made artificial limbs in patients with missing limbs thanks to accidental injuries, a congenital condition, trauma, etc. Orthopedic prosthetic products nowadays have improved usability, comfort, wear also as tear resistance due to the advancement in manufacturing and designing techniques.
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In recent years, technological advancement within the field of Medical devices, especially in Orthopedics prosthetics, is one of the expansion factors of this market.
According to the WHO report, nearly 50 mn people across the world are severely injured per annum in road accidents, suffering serious injuries to body parts and sometimes also leading to loss of body parts like limbs. the amount is claimed to witness an alarming rise of around 65% within the next 20 years. The scenario will cause a big rise in demand for orthopedic prosthetic products across the world.
The orthopedic prosthetics market is being restrained by entry barriers thanks to guidelines by the FDA's regulatory control over these devices supported the risks related to them. These devices make up the category III category as per the FDA, which incorporates devices involving high risk related to the usage. Class III devices are required to undergo a premarket approval application (PMA), which is that the FDA process of scientific evaluation for assessing the security of those devices. Such stringent guidelines related to these devices are creating an entry barrier and thus restraining the orthopedic prosthetics market. as an example, DePuy's hip prosthesis was denied approval by the FDA after it had been assessed as unsafe, thus creating an entry barrier and restraining the market.
The companies within the orthopedic prosthetics market are witnessing the emergence of 3D printed orthopedic prosthetics. 3D printing may be a process that involves a digital model being transformed into a 3-dimensional solid object. 3D printed orthopedic prosthetics are devices that are manufactured by the method of 3D printing. These devices have shorter lead times, lower costs, and consistent quality. as an example, Zdravprint may be a Russian company that is developing prosthetics for hand, elbow, and shoulder using 3D printing technology.
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