Pune, India, April 18, 2022 (GLOBE NEWSWIRE) -- The global orthopedic devices market size is projected to reach USD 68.51 billion by the end of 2027. The increasing investments in product R&D will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Orthopedic Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Orthobiologic Devices, Arthroscopy Devices, and Others), By End User (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 53.44 billion and will exhibit a CAGR of 6.6% during the forecast period, 2020-2027.
Industry Developments:
September 2019: Medical Devices Business Services, Inc. announced that it has signed an agreement with JointPoint Inc. for its takeover. Through this the company will gain access to the company’s exceptional portfolio of surgical software.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2021 to 2028 CAGR | 6.6% |
| 2028 Value Projection | USD 68.51 Billion |
| Base Year | 2019 |
| Market Size in 2020 | USD 53.44 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 145 |
| Segments covered | Types, end-Users and Geography |
| Growth Drivers | Increasing Prevalence of Orthopedic Disorders and Traumatic Injuries to Drive Growth |
| Rapid Rise in the Elderly Population Will Boost the Volume of Surgical Procedures | |
| High Cost of Surgical Implantation and Post-Surgical Complications to Limit Market Growth |
COVID-19 Pandemic to Delay Orthopedic Surgical Procedures
The recent coronavirus outbreak has had a negative impact on several industrial sectors across the world. Accounting to the rapid spread of the disease, governments in several countries have implemented strict measures to control the virus. These measures have had a drastic impact on medium and small scale businesses and evidently, only larger businesses have been able to sustain the negative traits of the pandemic. The delays in elective surgical procedures will restrict the growth of the orthopedic devices market in the coming months. Having said that, the efforts taken to unlock lockdowns and restore normality will bring relief to the companies in this sector.
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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.
Increasing Number of Company Mergers will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing number or orthopedic surgical procedures across the world, there has been an increase in the demand for the product. This has resulted in a healthy market competition. As a result, companies are looking to adopt strategies such as collaborations and mergers with other businesses in this sector, with the aim of establishing a strong brand presence. In September 2019, Medical Devices Business Services, Inc. announced that it has signed an agreement with JointPoint Inc. for its takeover. Through this the company will gain access to the latter’s exceptional portfolio of surgical software. Increasing number of such large scale acquisitions will emerge in favor of market growth.
Major factors such as rise in prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis. In addition rapid increase in the aging population across the globe are the factors that are driving the market. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies hamper the growth of the orthopedic devices market. On the contrary, emerging economies offer lucrative opportunities for the growth of the orthopedic devices market in near future.
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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.
Fortune Business Insights™ presents a list of all the 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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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
- Impact of COVID-19 on Orthopedic Devices Market
- Global Orthopedic Devices Market Analysis, Insights and Forecast, 2016-2027
- 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
- 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
- North America Orthopedic Devices Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis – By Type
- Joint Reconstruction Devices
- Knee
- Hip
- Extremeties
- Spinal Devices
- Spinal Fusion Devices
- Spinal Non- Fusion Devices
- Trauma Devices
- Arthroscopy Devices
- Orthobiologic Devices
- Others
- Joint Reconstruction Devices
- Market Analysis – By End User
- Hospitals
- Orthopedic Clinic
- Ambulatory Surgical Centers
- Others
- Market Analysis – By Country
- U.S.
- Canada
TOC Continued….!
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