(I-BusinessNews.Com, October 10, 2020 ) Houston, TX — According to the latest report by Renub Research, titled “Orthopedic Prosthetic Market Global Forecast by Products, Technology, Regions, Company Analysis” Prosthetics is a medical branch which deals in designing, evaluating, fabricating, fitting and delivering a prosthesis or artificial limb to replace a missing body part. Orthopaedic implants are manufactured to replace a damaged bone, missing joint or bone for patients. These implants are fabricated with the use of titanium alloys and stainless steel for the strength and plastic coating that acts as artificial cartilage. These operations are done with internal fixation for the purpose of repairing bone with surgical implementation. For internal fixation of broken bones, doctors use internal fixators such as wires, nails, screws, plates and pins.
The market for Global Orthopedic Prosthetics Market is increasing year on year according to Renub Research analysis; the market is forecasted to be US$ 2.72 Billion by the end 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 world. The use of electric-powered, conventional and hybrid orthopaedic prosthetics are driving the market. According to Renub Research analysis, electric-powered orthopaedics will have significant market share. Innovation in medical devices and increasing per capita income, as well as financial support by government and NGOs around the world, are enabling the patient to buy orthopaedic prosthetics devices without any hurdle.
The impact of COVID-19 on Global Orthopedic Prosthetics Market
The growth rate of the global orthopaedic prosthetics market has been disturbed by COVID-19 pandemic as most of the healthcare companies are investing heavily in the research and development of Coronvirus treatment. The market for Global Orthopedic Prosthetics Market will decline in the year 2020 as a result of lockdown imposed by government authorities.
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This research report covered the market and market share of following products: Upper Extremity Prosthetics, Lower Extremity Prosthetics, Prosthetic Liners and others. According to Renub Research analysis, Lower Extremity Prosthetics is dominating the market.
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