Future Market Insights (FMI) has introduced a new report on carbon fibre composites for prosthetics. The report has been titled, “Carbon Fibre Composites for Prosthetics Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028.” According to the Amputee Collation, the main causes of limb loss have been vascular diseases (54%) – including diabetes and peripheral arterial disease, trauma (45%) and cancer (less than 2%).
On an average, 185,000 amputations occur in the United States every year. The adoption of prosthetics has witnessed steady growth in the last few years. Proliferating awareness among individuals together with swelling disposable income in the United States is expected to result in an increase in demand for prosthetics. Majority of people agonise from limb or foot loss due to vascular diseases or due to some accident or injury, which is anticipated to further increase the sales of prosthetic products. The rising elderly population represents additional opportunities for orthopaedic prosthetic devices manufacturers. The growing preference for carbon fibre based prosthetic limb sockets among others is mounting with time. The major cause of amputations are diseases related to ageing, such as diabetes related gangrene, peripheral vascular disease and osteoarthritis. Increase in the number incidences of accidents is another core factor expected to drive growth of the U.S orthopaedic prosthetics market.
The companies operating in the global carbon fibre composites for prosthetics market are Össur, Hanger Inc., Otto Bock HealthCare GmbH, Blatchford Ltd., and The Ohio Willow Wood Co., among others. According to the report, the global carbon fibre composites for prosthetics market is expected to witness a CAGR of 3.7% from 2018 to 2028. The market is anticipated to rise to a valuation of US$ 61.9 Mn by the end of 2028.
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Growing Physical Health Consciousness to Augur Well for the Market
The emphasis on leisure sports, physical fitness, and conditioning, such as aerobics and running is mounting, which has led to increased injuries requiring orthopaedic rehabilitative services and products. These trends are demonstrated by the increasing demand for new prosthetic devices that have heightened strength, corrosion resistance, stiffness, etc., essentially properties that enable amputees to actively participate in fitness and leisure sports. Children with congenital deformity of limbs are able to join leisure sports as per their choice. Some military amputees in the U.S army have even returned to active duty in war zones such as Afghanistan and Iraq. For instance, in 2007, out of the 600 service members that came back from Iraq or Afghanistan without a leg, arm, hand or foot, almost 31 resumed active duty owing to prosthetics.
Moreover, growing incidences of accidents due to rapid transformation and use of fast moving machinery as well as an increase in road accidents due to rash and drunk driving has augmented the growth of the market. War victims is another demographic that needs orthopaedic prosthetics. It is projected that the majority of amputees are veterans. Mines are responsible for 26,000 amputations per year and have produced 300,000 amputees worldwide. The use of prosthetics has given new opportunities to these people, thereby pushing the market towards growth in return.
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Availability of Substitutes to Obstruct Market Revenue Growth
Devices manufactured using 3-D printers need additional testing and quality panels than that for products manufactured using conventional manufacturing techniques in order to comply with regulatory and reimbursement requirements, thereby adding to the cost of the manufactured products. As a result, people are shifting towards substitutes with newer and cheaper materials such as aluminium and stainless steel. This could obstruct the growth trajectory of the global carbon fibre composites for prosthetics market.