Global Orthopedic Devices Market (2021 to 2028) – Growth, Trends, COVID-19 Impact and Forecasts – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Orthopedic Devices Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The orthopedic devices market was valued at USD 39,585 million in 2020, and it is expected to reach USD 51,425 million by 2026, registering a CAGR of about 4.9% over the forecast period, 2021-2026.
Companies Mentioned
- B. Braun Melsungen AG
- AGIS Network Inc.
- Amedica Corp.
- Arthrex Inc.
- Boston Scientific Corporation
- Integra LifeSciences Corporation
- Johnson & Johnson
- Medtronic PLC
- Smith & Nephew PLC
- Stryker Corporation
- Zimmer Biomet
Key Market Trends
The Joint Reconstruction Segment is Expected to Grow at a Healthy Rate Over the Forecast Period
With COVID-19 infections rising globally, there was a decline in both emergence and elective amputation surgeries owing to the current COVID-19 situation, which may decline the demand for orthopedic devices and adversely impact the market growth. For instance, according to the study published in the British Journal of Surgery, in May 2020, more than 580,000 planned surgeries in India may be canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020.
The joint reconstruction segment is anticipated to register high growth due to the rising elderly population, the rising prevalence of osteoporosis and osteoarthritis, and the rising incidence of road accidents and sports injuries. For instance, according to UN report 2019, there were about 703 million people aged 65 years or over in the world in 2019. The number of older persons is anticipated to double to 1.5 billion in 2050. The rising elderly population is prone to several bone and joint disorders, which further fuels the market growth.
Additionally, companies are focusing on implementing strategies, such as mergers and acquisitions, product innovations, and recent developments, to gain a competitive advantage. For instance, in 2019, Smith & Nephew acquired Brainlab’s orthopedic joint reconstruction business. This acquisition is expected to boost the development and adoption of digital technologies to enhance efficiency and outcomes during surgeries, which may positively impact the market’s growth.
Asia-Pacific is Expected to Register the Fastest Growth Over the Forecast Period
Amid the pandemic, the procurement of equipment, especially capital equipment, has been on hold by a significant portion of hospitals performing amputation and orthopedic surgeries. All these factors are likely to affect the regional market growth.
The pandemic has had ramifications for ways of working of various surgical procedures, including orthopedic surgeries. There are strict guidelines specific to each specialty that have to be implemented and followed for orthopedic surgeons to be able to continue to provide safe and effective care to their patients during the COVID-19 pandemic.
For instance, in March 2020, in the United States, the National Association for the Advancement of Orthotics and Devices (NAAOP) issued an alert in which it was made clear that during the COVID-19 national emergency, state and local health authorities should consider orthotic and prosthetic practices as essential providers that must remain accessible to patients in need of orthotic and prosthetic care.
North America is expected to dominate the market due to the direct presence of key regional players, a strong distribution network, and well-established healthcare infrastructure. Recent trends in the North American orthopedic devices market include the use of new polymer materials and development of prosthetic devices as per the functional needs of patients.
Additionally, an increasing number of accidents and amputations in the country are also expected to drive the market for orthopedic devices in the United States. According to the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), in 2017, there were 34,247 motor vehicle crashes in the United States, causing around 37,133 deaths.?
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Large Joint Reconstruction Surgeries
4.2.2 Growing Burden of Orthopedic Disorders, Trauma, and Accidents Cases
4.2.3 Development of Bioabsorbable and Titanium Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.3.2 Poor Reimbursement Scenario and Lack of Skilled Surgeons
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Application
5.2 Geography
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ojlbbo
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