09 Apr Orthopedic Devices Market to Reach USD 71.67 Billion by 2026; Increasing Geriatric Population to Boost Growth, says Fortune Business Insights™
Key Companies Covered in the Orthopedic Devices Market Research Report are Smith & Nephew, Stryker, Zimmer Biomet, Medical Devices Business Services, Inc., NuVasive, Inc., Medtronic, Integra LifeSciences, Wright Medical Group N.V., Össur Corporate, Globus Medical and other key market players.
Pune, April 09, 2020 (GLOBE NEWSWIRE) — The global orthopedic devices market is set to gain traction from the ever-increasing geriatric population across the world. As per a research published in 2015 by the United Health Foundation, every year, more than 300,000 adults belonging to the age group of 65 years and above are estimated to be hospitalized for hip fractures. Besides, around 30% of seniors fall per year. It is further leading to higher number of orthopedic injuries.
Fortune Business Insights™ published this information in a recent study, titled, “Orthopedic Devices Market Size, Share & Industry Analysis, By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Dental Implants, Orthobiologic Devices, Arthroscopy Devices, and Others), By End User (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others), and Regional Forecast, 2019-2026.” The study further mentions that the orthopedic devices market size stood at USD 51.33 billion in 2018 and is projected to reach USD 71.67 billion by 2026, thereby exhibiting a CAGR of 4.3% during the forecast period.
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This Report Answers the Following Questions:
- What are the orthopedic medical devices market trends?
- How many opportunities and challenges would the market come across in the near future?
- What are the growth drivers and barriers that the market is likely to face?
- How many segments are present in the market?
- Which companies would generate the highest share during the forecast period?
- Which region is set to remain dominant?
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
Rising Prevalence of Musculoskeletal Diseases to Drive Growth
The American Academy of Orthopedic Surgeons, a provider of educational programs for allied health professionals and orthopaedic surgeons, published a report that affirms that every year in the Unites States alone, approximately 6.8 million patients suffering from several orthopedic injuries come to medical attention. It proves that the rising prevalence of orthopedic injuries and musculoskeletal diseases is further resulting in agonizing physical pain and limited mobility. It is expected to propel the orthopedic devices market growth during the forthcoming years. However, the surgical procedure is very expensive in nature. It may hamper the growth of the market.
Segment-
Joint Reconstruction Segment to Lead Backed by Increasing Number of Surgical Procedures
Based on type, the market is grouped into joint reconstruction devices, dental implants, trauma devices, spinal devices, orthobiologic devices, arthroscopy devices, trauma devices, and others. Out of these, in 2018, the joint reconstruction segment held 35.8% in terms of orthopedic devices market share and is anticipated to lead the market throughout the forecast period. This growth is attributable to the rising number of procedures, namely, extrementies and shoulder reconstructions, hip and knee replacements, and other similar procedures associated with joints. The arthroscopy devices segment is likely to expand at fast pace owing to the increasing emergence of novel products and upsurging cases of soft tissue injuries related to sports.
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Regional Analysis-
High Purchasing Power of the Masses to Favor Growth in Asia Pacific
Geographically, the market is fragmented into Latin America, Asia Pacific, the Middle East and Africa, North America, and Europe. Amongst these, North America procured USD 23.86 billion orthopedic medical devices market revenue in 2018. This growth is attributable to the presence of adequate reimbursement policies, as well as surging incidence of orthopedic surgeries. Apart from these, availability of state-of-the-art treatment options and rising awareness among the patient pool regarding the presence of these advanced devices would contribute to the market growth.
Europe, on the other hand, is set to generate the second-largest market share in the coming years on account of the rising healthcare expenditure and increasing awareness campaigns about unique products. Asia Pacific would showcase a considerable CAGR because of the growing patient pool and increasing purchasing power of the masses in the developing nations, such as China and India.
Competitive Landscape-
Key Players Are Engaging in the Strategy of Acquisition to Broaden Portfolio
Companies operating in the market are striving persistently to gain high share. To do so, they are focusing majorly on the strategy of mergers and acquisitions. It is aiding them in expanding their product portfolio into a wide range of fields. Below are a couple of the key industry developments:
- August 2019: Globus Medical announced the successful acquisition of all the assets of StelKast, a reputed manufacturer of instruments and implants for hip and knee replacement. It would aid the former in to broaden its portfolio in the fields of arthroplasty and cranial procedures.
- May 2019: Medtronic acquired a privately-held surface technology and titanium spine interbody implant company named Titan Spine. It enables Medtronic in gaining the latter’s product portfolio.
List of the Key Companies Operating in the Orthopedic Medical Devices Market. They are as follows:
- Smith & Nephew
- Stryker
- Zimmer Biomet
- Medical Devices Business Services, Inc. (Johnson & Johnson)
- NuVasive, Inc.
- Medtronic
- Integra LifeSciences
- Wright Medical Group N.V.
- Össur Corporate
- Globus Medical
- Other prominent players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Orthopedic Diseases by Key Countries/Region
- Key Industry Developments – Mergers, Acquisitions, Partnerships & New Product Launch
- Overview of New Product Launches
- Regulatory and Reimbursement Scenario by Key Countries/Region
- Global Orthopedic Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Joint Reconstruction Devices
- Knee
- Hip
- Extremeties
- Spinal Devices
- Spinal Fusion Devices
- Spinal Non- Fusion Devices
- Trauma Devices
- Arthroscopy Devices
- Orthobiologic Devices
- Dental Implants
- Endosteal Implants
- Superperiosteal Implants
- Transosteal Implants
- Others
- Joint Reconstruction Devices
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Orthopedic Clinic
- Ambulatory Surgical Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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SOURCE: Globe Newswire, 9th April 2020