Orthopedic Devices Market to Showcase 4.3% CAGR and Hit USD 71.67 Billion by 2026; Rising Number of Knee & Hip Replacements Procedures to Spur Growth: Fortune Business Insights™
Pune, India, Nov. 24, 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.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. 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.KEY INDUSTRY DEVELOPMENTS:January 2019 – Integra LifeSciences announced that it has signed a license and development agreement with Consortium of Focused Orthopedists, LLC (CFO), for a short stem and stemless shoulder system. This enabled Integra LifeSciences to add in extremity orthopedics portfolio, which is a fast-growing segment of the shoulder arthroplasty market to accelerate growth opportunities globally.August 2019 – Globus Medical acquired all the assets of privately-owned StelKast, a manufacturer of implants and instruments for hip and knee replacement. The company expanded into cranial procedures, as well as arthroplasty, with disruptive and differentiated products with their robotic technology. The company is willing to launch a commercial robotic system for joint reconstruction applications in late 2020.
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Rising Prevalence of Musculoskeletal Diseases to Drive GrowthThe 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.
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Joint Reconstruction Segment to Lead Backed by Increasing Number of Surgical ProceduresBased 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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High Purchasing Power of the Masses to Favor Growth in Asia PacificGeographically, 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.
List of all the companies operating in the orthopedic medical devices market. They are as follows:Smith & NephewStryker Zimmer BiometMedical Devices Business Services, Inc.NuVasive, Inc.Medtronic Integra LifeSciencesWright Medical Group N.V.Össur CorporateGlobus MedicalOther prominent players
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Global Orthopedic Devices Market Segmentations:By Type· Joint Reconstruction Deviceso Kneeo Hipo Extremeties· Spinal Deviceso Spinal Fusion Deviceso Spinal Non- Fusion Devices· Trauma Devices· Arthroscopy Devices· Orthobiologic Devices· Dental Implantso Endosteal Implantso Superperiosteal Implantso Transosteal Implants· OthersBy End User· Hospitals· Orthopedic Clinic· Ambulatory Surgical Centers· OthersBy Geography· North America (U.S. and Canada)· Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)· Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)· Latin America (Brazil, Mexico, and Rest of Latin America)· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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SECONDARY DATA SOURCES THAT WE REFER TO:Annual reports, investor presentation, SEC filings, and press releases of companies operating in the marketStudies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, ClinicsIndustry journals and paid databasesSECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companiesDetails in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facilityNumber of procedures and average price of proceduresReplacement rate and pricing of capital equipmentMarket dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunitiesMarket & technological trends, new product developments, product pipeline.
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