07 Jun Global Orthopedic Market Projected to Grow to $54.5 Billion in 2021 Following -10.6% Decline
ORTHOWORLD® Inc.’s newest installment of THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT® projects +14.6% growth in 2021 led by Joint Replacement and Spine Procedures
CHAGRIN FALLS, OHIO, UNITED STATES, June 7, 2021 /EINPresswire.com/ — ORTHOWORLD® Inc. today released public and private company sales forecasts along with Joint Replacement, Spine, Trauma, Sports Medicine and Orthobiologics market projections in its newest installment of THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT®.
“After a rough 15 months, we’re optimistic that the orthopedic market will rebound in the second half of 2021 and achieve something akin to normalcy as we move into 2022,” said Mike Evers, co-author of the report and Digital Content Strategist for ORTHOWORLD. “We’re projecting that the market will grow +14.6% this year vs. 2020, which is an increase of +2.5% or $1.3 billion vs. 2019.”
The largest orthopedic companies—DePuy Synthes, Stryker, Zimmer Biomet, Smith+Nephew, Medtronic, Arthrex and NuVasive—control 64% of the market, a metric that is expected to grow amid a robust merger and acquisition environment.
Additional key trends identified in the report include increasing adoption of enabling technologies such as robotics and surgical planning and navigation tools, as well as the continued migration of orthopedic and spine procedures to ASCs. “We expect upward growth of ASC procedures over the next five years, especially with Centers for Medicare & Medicaid Services’ removal of approximately 300 primarily musculoskeletal-related services from inpatient-only lists and coverage of outpatient total hip replacements,” said Carolyn LaWell, Chief Content Officer at ORTHOWORLD Inc.
A sub-segment to watch, according to ORTHOWORLD, is the $1 billion foot and ankle market. The innovative core comprises small companies, a selection of whom are primed for acquisition by larger suitors. “We expect a brisk cadence of tuck-in acquisitions in this space as buyers seek to boost their lower extremities portfolios,” added Mr. Evers.
THE ORTHOPAEDIC INDUSTRY ANNUAL REPORT is the definitive source for orthopedic market intelligence, serving the needs of the orthopedic community through an individual, annual Membership fee. ORTHOWORLD’s Membership comprises orthopedic executives and all those with an interest in the continued advancement of the specialty.
Learn more about the report, supplementary data tables and comprehensive company lists from ORTHOWORLD.com.
SOURCE: EIN Newswire,7th June 2021