Regulatory hurdles require efficient navigation for shorter time-to-market entry
MOUNTAIN VIEW, Calif., Dec. 12, 2012 /PRNewswire/ -- The orthotics and prosthetics (O&P) industry is becoming a fertile ground for innovation because of the expanding patient pool of the elderly and disabled as well as numerous technological breakthroughs. The improving quality of O&P devices and services due to regular clinical interventions and integration of the interpreted data into patient care have considerably enhanced their uptake.
New analysis from Frost & Sullivan's (http://www.technicalinsights.frost.com) Advances in Bionic Prosthesis and Orthotics finds that the O&P industry is experiencing a blend of multiple streams of science and technology. Consequently, market participants must strategize to align competencies, capabilities and resources to expand their market share.
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"Advances in plastic fabrication, structures and materials help manufacturers produce better artificial limbs at a much quicker pace," said Technical Insights Research Analyst Saju John Mathew. "Further, the advent of microprocessors has transformed the overall prosthetics landscape."
Currently, many versions of prosthesis can be developed to fit a patient's varying motor skills, facilitating better functionality and integration with the patient's needs. Superior cosmesis enables the matching of the prosthetics with the patient's sound side to camouflage any disability.
However, there is always a risk of microbial infection during surgical insertion of a prosthetic in the body and this discourages its use. The Food and Drug Administration (FDA) can also peg back the newly conceived technology/product by delaying its commercial launch. In some instances, technology developers prefer to conduct their R&D overseas, citing regulatory delays.
O&P devices, specifically related to neurostimulation technologies, are still at an early stage of commercialization. Developers need to ensure smoother regulatory approvals to attract investors and partners, and to gain global market shares.
As the technology gets smarter and new materials and structures are invented, biocompatibility issues will be resolved. Miniaturization will further enhance the appeal of O&P devices among patients and boost the technology's adoption.
"A strong R&D network under one umbrella can help developers complement existing technologies and explore other applications," noted Mathew. "Additionally, a hassle-free R&D environment aids uninterrupted funding and technology transfer between partners to enhance the value of the developed technology/product."
Advances in Bionic Prosthesis and Orthotics, part of the Technical Insights subscription, outlines the R&D platform and the necessary factors required for the growth of the O&P industry. Further, this research service includes detailed technology analysis and industry trends evaluated following extensive interviews with market participants.
Technical Insights is an international technology analysis business that produces a variety of technical news alerts, newsletters and research services.
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Advances in Bionic Prosthesis and Orthotics
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SOURCE Frost & Sullivan