Orthosis and prosthetics, also referred to as orthoses or prostheses, are custom-designed braces or artificial limbs that provide anatomical, functional, therapeutic and rehabilitative benefits. Orthosis aids injured or disabled individuals by supporting a weak or deformed body part and correcting physical abnormalities. Prosthetics help replace missing body parts. They help improve functionality and range of motion for conditions like arthritis and injuries. With rising accidents in industries as well as daily life, demand for orthosis and prosthetics is growing in China. The rapid industrialization and changing lifestyle has led to increasing road accidents and workplace injuries in the country.
The global China Orthosis and Prosthetics Market is estimated to be valued at US$ 2113.57 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advances are fueling market growth. Various innovations are enhancing orthosis and prosthetics. Researchers are developing new bio-compatible materials that are lighter, more durable and customizable. 3D printing techniques are allowing prosthetics to be fabricated on site, reducing delays. Myoelectric and microprocessor controlled prosthetics are more functional than traditional ones. Such smart technologies are enabling greater mobility and independence. Their wider adoption especially in developed regions is boosting the orthosis and prosthetics market in China.
Porter's Analysis
Threat of new entrants: Low. Significant capital investment is required to set up manufacturing facilities and establish strong distribution network.
Bargaining power of buyers: Moderate. Large buyers have greater leverage to negotiate on price though differentiated products and services provided by established players reduce impact.
Bargaining power of suppliers: Low. Raw materials required are commodity chemicals and established players have backward integration. Threat of new substitutes: Low. Alternate materials are still in nascent stage and orthosis and prosthetics have functional benefits over other options.
Competitive rivalry: High. Industry comprises numerous global and regional players differentiating through innovation, customization and after-sales support.
Key Takeaways
The China Orthosis And Prosthetics Market Size is expected to witness high growth. The global China Orthosis and Prosthetics Market is estimated to be valued at US$ 2113.57 Mn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2024 to 2031.
Regional analysis: China accounts for over 70% of the orthosis and prosthetics market share in the Asia Pacific region. Growing Geriatric population, rising healthcare investments and awareness are further augmenting demand. Japan and India also present lucrative opportunities with presence of major players focusing on these untapped markets.
Key players: Key players operating in the China Orthosis and Prosthetics market are RETAL Industries Ltd., Plastipak Holdings, Inc., ALPLA Werke Alwin Lehner GmbH & Co KG. These players are focusing on new product launches, partnerships and geographical expansion strategies to gain greater market share in the high potential China market.
For More details on the topic:
https://www.marketwebjournal.com/china-orthosis-and-prosthetics-market-size-market-share-analysis/
