SEATTLE, April 17, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global orthopedic extension devices market is estimated to be valued at US$ 837.4 million in 2020 and is expected to exhibit a CAGR of 4.0% over the forecast period (2020-2027).
Key Trends and Analysis of the Orthopedic Extension Devices Market:
Key trends in the market include the rising number of injuries and trauma cases, surgical procedures, technological advancements, and the increasing adoption of growth strategies such as acquisitions, collaborations, and product launches by market players.
Rising incidence of falls and bone injuries is expected to augment the market growth during the forecast period. For instance, according to the World Health Organization’s factsheet of 2018, each year, there are around 37.3 million falls, which require medical attention, whereas an estimated 646,000 individuals die from falls every year.
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The increasing number of surgical procedures for hip, knee, and spine is expected to propel the orthopedic extension devices market growth. For instance, according to OECD stats, the total hip replacement procedures in Germany were around 2,50,661 and 2,55,720 in 2016 and 2017 respectively.
The increasing number of product approvals from regulatory agencies, and product launches are expected to propel the market growth. For instance, in May 2019, Getinge, announced the launch of Maquet Yuno II, a surigical table to support advanced orthopedic techniques and reduces the complexity of setup for trauma surgeries and neurosurgery in the U.S. The systems also supports and enhance the workflow of the surgeons
Moreover, partnerships and distribution agreements among market players are expected to propel the market growth during the forecast period. For instance, in February 2016, Merivaara, a provider of operating table and other medical devices, announced a distribution agreement with Brazil-based Network Medical. Under the agreement, Network medical is responsible for promotion and selling of Merivaara's products such as lights, operating tables and OpenOR in the Latin America region.
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Key Market Takeaways:
- The orthopedic extension devices market is expected to exhibit a CAGR of 4.0% during the forecast period (2020-2027) owing to the rising number of injuries and trauma cases, surgical procedures, advancements in technology of orthopedic extension devices, and increasing adoption of growth strategies such as acquisitions, collaborations, and product launches by market players.
- Key players are focused on adopting growth strategies such as product launches, collaborations, and acquisitions for enhancing their product offerings in the potential market, which in turn is expected to propel the market growth. For instance, in January 2018, Mizuho OSI and Trilux Medical showcased their range of surgical suite solutions such as ProAxis surgical table for surgical positioning at the Arab Health 2018 in Dubai International Convention and Exhibition Centre.
Key players operating in the global orthopedic extension devices market are—
Allen Medical Systems Inc., Alliance Impex, Condor Medicaltechnik, DRE Medical, ImplanTec, IOT- Innovative Orthopedic Technologies, Mediland Enterprise, Merivaara, MIKAI, Mizuho OSI, NUOVA BN, OPT SurgiSystems, Schaerer Medical, Schmitz u. Soehne, Skytron, Smith & Nephew, St. Francis Medical Equipment, TECHNOMED INDIA, and TRUMPF Medizin Systeme GmBH.
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Market Segmentation:
- Global Orthopedic Extension Devices Market, By Product Type:
- Hip Surgery
- Knee Surgery
- Spine Surgery
- Arm Surgery
- Others
- Global Orthopedic Extension Devices Market, By End User:
- Hospitals
- Ambulatory Surgical Centers
- Speciality Clinics
- Global Orthopedic Extension Devices Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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