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(GLOBE NEWSWIRE) — SEATTLE, May 27, 2021 (GLOBE NEWSWIRE) — According to Coherent Market Insights, the Chinese orthosis and prosthetics market would be worth US$ 1,509.4 million in 2020, with a CAGR of 5.0 percent projected over the forecast period (2020-2027).
The development of new products by key players is projected to drive the growth of the China orthosis and prosthetics market. For example, ssur announced the debut of ssur Formfit Pro in June 2018, a line of 3D gadgets designed for persons with musculoskeletal problems or ailments like knee osteoarthritis (OA). Formfit Pro Knee, Formfit Pro Knee OA, Formfit Pro Wrist and Formfit Pro Ankle, Formfit Pro Elbow, and Formfit Pro Back are all part of the ssur Formfit Pro.
Furthermore, technical improvements in orthotic and prosthetic devices are likely to drive the growth of the Chinese orthotic and prosthetics market. Externally powered prostheses that are controlled by signals generated by the body's muscles are known as myoelectric prostheses. When the muscles contract, a biological process produces an electric tension in the microvolt range. This tension can be sensed on the skin, which is amplified and supplied to the prosthesis' electronics as control signals. Ottobock, for example, sells a myoelectric prosthesis called Bebionic Hand.
To maintain a competitive edge in the industry, market players are pursuing growth tactics such as regional expansion. For example, Xiamen Huakang Orthopedic Co., Ltd., a Chinese manufacturer and supplier of orthopaedic braces, opened a new factory in the country in December 2020 to produce orthopaedic rehabilitation products such as ankle foot orthoses, ankle splints, walker braces, knee braces, hip abduction, LSO spinal back braces, waist belt, shoulder immobiliser arm slings, elbow braces, wrist brace thumb splints.
In order to strengthen their company and product offerings, key firms are focusing on inorganic tactics such as acquisitions and partnerships. For example, ssur purchased powered prosthetic ankle technology from SpringActive, Inc., a developer of human performance enhancement technologies, in February 2019 for the development of powered ankle prosthesis.
Because of the rising technology microprocessor controlled prosthesis use, a sophisticated system of sensors and motors to give easy functioning to the limbs, the China orthosis and prosthetics market is predicted to grow at a CAGR of 5.0 percent during the forecast period (2020-2027). Microprocessor knees, for example, ensure reliable navigation across hills, ramps, and other uneven terrain. Sensors in these prosthetics assess pressure in various regions of the foot and send data to a hydraulic damping system and micro-motors, which respond appropriately. The Ottobock Genium knee prosthetic system, for example, is controlled by a microprocessor.
Ottobock, ssur 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., Nobel China Limited, Shiji
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