Lower Extremity Post-operative Orthotics – Key to Fixing Altered Biomechanics
With a wealth of technological innovation on the horizon, orthopedic surgery is heading on the path of minimal invasive and more precise operations, with a greater proportion of outpatient and overnight procedures. While significant advances have occurred inside operating rooms, several changes have also been taking place beyond the clinic room, outside of the hospital, and in the time before and after the surgery. As new tools and techniques continue to enter the orthopedic practice, analysts at Transparency Market Research (TMR) turn the spotlight on the lower extremity post-operative orthotics market, in their new research study.
TMR’s analysts expect the market to grow ~5% year-over-year, to reach a value of ~US$ 817 million in 2019, up from ~ US$ 785 million in 2018. Lower extremity post-operative orthotics have been gathering increased momentum as a viable rehabilitative device to help restore altered lower extremity biomechanics and promote fast recovery, following surgery.
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Feet- & Ankle-related Disorders – A Bane for Well-being but a Boon to Market Growth
In the view of changing habits and rapid inclination towards sedentary lifestyles, a large number of individuals, worldwide, are affected by medical conditions such as obesity and diabetes that can create severe symptoms in their feet, ankles, knees, and other parts of the body. Some feet- and ankle-related disorders require surgical interventions, thereby potentially raising the demand for lower extremity post-operative orthotics.
According to TMR’s analysts, rising application in foot fracture repair & restoration accounted for ~40% sales in 2018, while greater awareness and efficacy of lower extremity post-operative orthotics in the recovery of bunion surgery is likely to result in increased profit pools of market players. As patients are seeking personalization in lower extremity post-operative orthotics purchases, manufacturers are targeted towards developing custom and prefabricated devices through the incorporation of innovative technologies such as 3D printing and robotic automation in manufacturing. These technologies are further likely to enable modifications based on an individual patient’s anatomy and functionality.
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However, it is pertinent to note that, lack of proven studies regarding the efficacy and relevance of custom foot post-op orthotics in providing positive outcome has added to the reluctance of their prescription as well as adoption.
Stakeholders to Bolster the Sales Force with Multi-channel Strategy
Although the market remains considerably consolidated, with a few large-sized multinational players enjoying monopoly in certain segments, a number of small players have been recently posing significant competition by offering high quality products at affordable prices at local levels. As the competition intensifies, a strong product portfolio no longer suffices for maintaining a distinctive brand persona. While hospital pharmacies continue to influence growth strategies, the emergence of new digital channels such as mail-order pharmacies or Internet pharmacies is likely to bring significant changes in terms of targeting a larger patient pool and increasing overall reach.
High adoption of better treatment options and favorable reimbursement policies in North America have worked to the advantage of stakeholders in the lower extremity post-operative orthotics market. In addition, these stakeholders are tapping into newer opportunities in developing countries in Asia Pacific, considering increased healthcare expenditure per capita and rapid adoption of novel treatment methods in the region.
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