According to Precedence Research, the orthopedic devices market size is projected to hit US$ 56.23 bn by 2027 and expanding growth at a CAGR of 2.87% from 2021 to 2027.
According to Precedence Research, the orthopedic devices market size is projected to hit US$ 56.23 bn by 2027 and expanding growth at a CAGR of 2.87% from 2021 to 2027.
Recently published report on “Orthopedic Devices Market - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
Growth Factors
Orthopedic devices are the devices that are utilized for preventing and managing injuries and deformities of the system. These devices enable replacement of missing joints or bones and supply support to the fractured bone. Furthermore, these are composed of a mixture of metals like titanium alloys and stainless steel to reinforce strength, while the outer layer of plastic functions as artificial cartilage. In addition, orthopedic devices are extensively utilized for attaching damaged bones during an internal fixation surgery which comprise of implementation of implants for treating injured bone. Increasing instances of accidents and sports injuries across the planet are fueling the market growth. Growth in number of orthopedic procedures is rising the acceptance of orthopedic devices. Moreover, technological developments are again propelling the demand for orthopedic devices in the market which is boosting the market growth
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Report Highlights:
- Depending on application, the orthopedic devices market is further divided into craniomaxillofacial orthopedic devices, spine orthopedic devices, dental orthopedic devices, knee orthopedic devices, sports injuries, hip orthopedic devices, and trauma & extremities orthopedic devices. In addition, the hip orthopedic devices are likely to be the fastest growing segment during the forecast period this is often endorsed to rise in osteoarthritis, which is very general among the hip for patients who fail to have conservative care.
- Based on product, the drill guide segment accounted for the major market share in 2020, and is likely to endure the trend and witness rapid upsurge during the forecast period this is further credited to the regular usage of drill guide by orthopedic surgeons in various surgeries.
- On the basis of region, North America was the dominating segment within the global orthopedic devices market in 2020, and is likely to continue this trend during the forecast period.
- Asia-Pacific are expected to experience high CAGR during the forecast period, this is attributed tohigh disposable incomes, high population base, and improvement in patient awareness regarding the adoption of orthopedic devices products.
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Future of Orthopedic devices Market
The figure of individuals who has gone through joint replacement surgeries, like total hip and knee replacement, has surged gradually and is likely to increase due to a rise within the old age population. The upsurge within the fractured related to osteoporosis and musculoskeletal diagnoses are propelling the demand for orthopedic implants amongst the old population. As per the report in UK 17.8 million people were likely to measure with a musculoskeletal condition within, which more than 25% of the entire population. Therefore the statistics mentioned above indicate that the amount of orthopedic surgeries is rising, which has led to an increase in demand within for orthopedic implants.
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COVID-19 Impact Analysis:
- In 2020, owing to lockdowns around the world, public and private transportation was paused and was put on hold, which diminished the number of road accidents and injuries related to road accidents. Furthermore, in healthcare industry, the management was more conscioustowardsCOVID-19 patients from orthopedic procedures, which impacted the market for the short time period, and specialty hospitals in particular.
- The production disruption &supply of products and restrictions regarding elective surgeries during COVID-19 has significantly hampered the market growth.
- In addition, in a few regions, the small hospitals and orthopedic were shut down or their operations was limited down, as numerous hospitals were being converted to quarantine centers and treatment wards for COVID-19 patients.
Key Developments in the Marketplace:
- In November 2020, the key market player named Aurora Spine Corporation introduced a system named SOLOTM ALIF Stand-Alone Cage which is majorly used in the surgery of spinal. Furthermore, it is a stand-alone device, and it is implanted via a single slit which promotes less traumatic experience for the patient and it further saves the valuable time for the surgical team.
- In March 2020, the key market player named Smith & Nephew introduced Q-FIX MINI,Q-FIX CURVED and SUTUREFIX CURVED which is an All-Suture Anchor systems in order to expand its portfolio of Sports Medicine.
- In June 2017, DePuySynthes acquired Innovative Surgical Solutions, LLC, which operates as Sentio, LLC. Innovative Surgical Solutions is engaged in marketing of nerve localization technology for spine surgery. This acquisition is expected to enhance Johnson & Johnson’s medical devices segment and strengthen DePuySynthes’ position in the spine market.
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