Wide range of orthotic products include back braces, ankle support braces, wrist braces and knee braces etc. Prosthetic include artificial limbs, knee components, upper extremity components and implants. Increasing prevalence of degenerative orthopedic diseases, diabetes and obesity leading to disability in China. The geriatric population in China is growing rapidly which is increasing the demand for orthosis and prosthetic devices.
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 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Growth in elderly population is driving the China orthosis and prosthetics market. According to National Health Commission of the People’s Republic of China, geriatric population aged above 65 years in China reached 167 million in 2018, accounting for 11.9% of the total population. It is projected that by 2040, more than 30% of China’s population would be elderly. This rapid growth is anticipated to fuel the orthosis and prosthetics market growth as old people are highly prone to joint and bone diseases leading to disability. As people are living longer due to improved lifestyle and medical facilities, demand for orthotic and prosthetic devices is expected to increase significantly over the forecast period. Appropriate orthosis and prosthetic devices help elderly population maintain independent mobility and enhances their quality of life. Thus growth in geriatric population poses ample market growth opportunity for orthosis and prosthetic devices in China.
Porter’s Analysis
Threat of new entrants: The China orthosis and prosthetics market requires high investments and there are regulatory barriers to entry, limiting the threat of new entrants.
Bargaining power of buyers: There is a large buyer base in China due to the large population and aging demographics. However, the need for orthosis and prosthetics is generally inelastic, limiting buyers’ bargaining power.
Bargaining power of suppliers: There are many raw material suppliers for orthosis and prosthetics manufacturing. However, suppliers still hold some power given their specialized expertise.
Threat of new substitutes: There are limited substitutes for orthosis and prosthetics that can effectively treat mobility and disability issues.
Competitive rivalry: The China orthosis and prosthetics market is fragmented with the presence of small and large manufacturers. Competition is based on product quality, innovation, and pricing.
SWOT Analysis
Strengths: Advanced manufacturing capabilities and strong focus on R&D and innovation. Weaknesses: High reliance on imports of certain advanced materials and components.
Opportunities: Rapidly aging population increases the target patient base. Growing medical infrastructure and availability of insurance further boost the market.
Threats: Price controls and stringent regulations around new product approval increase business risks and uncertainties.
Key Takeaways
The China Orthosis And Prosthetics Market Size is expected to witness high growth due to rising geriatric population, disabilities, and investments to enhance medical infrastructure 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 2024-2031.
Regional analysis: The eastern and southern regions of China dominate the market currently due to higher GDP levels and more developed healthcare systems compared to central and western China. However, central and western regions are growing at a faster pace due to government support for healthcare development in rural areas.
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, and Resilux NV. RETAL Industries Ltd. is a leading player with strong distribution networks across major Chinese cities. Plastipak Holdings focus on manufacturing advanced materials used in prosthetics.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it