The report titled “Global Orthopedic Devices Market” assesses the Orthopedic Devices market globally based on application, product, surgery type, end user, and region. A comprehensive report provides a detailed historical and future market size with market trend analysis. RationalStat provides market share analysis, production capabilities of the top companies, Covid-19 impact analysis, and an overview of the competition, market strategies, and potential growth areas for the target players evaluated in the global Orthopedic Devices market study.
Market Overview and Dynamics: Increasing cases of sports & traumatic injuries are expected to fuel the growth of the Global Orthopedic Devices Market
The global Orthopedic Devices market is expected to grow at a CAGR of around 6% during the forecast period of 2022-2028. The increasing cases of accidents and traumatic injuries coupled with sports injuries are expected to fuel the market growth of orthopedic devices in the forthcoming years.
- Moreover, technological advancements like smart medical devices including smart knee implants are rapidly gaining traction and are expected to spur the growth of the global orthopedic devices market. Not only this, the manufacturers are focusing on product development and providing customers with pocket-friendly solutions. Such factors are anticipated to influence the growth of the global orthopedic market.
- In addition, the growing prevalence of musculoskeletal illnesses and abnormalities is expected to influence the demand for orthopedic devices as it supports increased mobility for patients suffering from such illnesses.
- Furthermore, the implementation of cutting-edge technologies like wearable medical gadgets is gaining traction among patients having a handsome amount of disposable income. This is expected to further fuel the market growth of the global orthopedic devices market.
Besides, the presence of a huge patient pool in need of knee, elbow, and shoulder replacement procedures, as well as increased investment in R&D by key market participants, are important growth levers for the joint reconstruction segment.
- Based on the application, Sports Injuries, Trauma, and Extremities (SET) Orthopedic Devices hold a dominant share whereas knee and hip orthopedic devices are slowly gaining customer attraction.
- Based on surgery type, more patients are preferring minimally invasive surgeries as it is performed by making only small incisions and few stitches whereas open surgery holds a significant share as patients with comparatively lower disposable income opt for the same.
- Based on region, North America holds a prominent share of the global orthopedic devices market as it is expected to grow at a steady pace owing to an increase in the demand from a range of third-party payers such as governments, local dealers, and private health insurance organizations
Competition Analysis: Cheap and easy operations in various developing economies are expected to drive the growth of the global Orthopedic Devices market in the upcoming years
Due to the presence of many well-established companies in the global orthopedic devices market, there is intense competition in the global orthopedic devices market. The global Orthopedic Devices market is expected to witness growth in the forthcoming years as orthopedic operations become economical in developing economies like India and Thailand. This is expected to increase the footfall of overseas patients further fueling the growth of the global orthopedic devices market.
The rise in minimally invasive and fusion surgeries, coupled with the increased use of synthetic cages and the addition of pedicle screws as fixation devices, are all contributing to the growth of the orthopedic devices market.
Acquisitions, product launches, and partnerships are the identified industry trend in the global orthopedic devices market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
- In March 2021, Implanet, a medical technology company specializing in knee-surgery implants, acquired Orthopaedic & Spine Development (OSD).
- In November 2020, Medtronic PLC launched the Adaptix Interbody System, a titanium spinal implant. Titan Spine, a privately held surface technology and titanium spine interbody implant company, was also purchased by Medtronic. Such measures will help the market flourish even further.
Some of the prominent players that contribute significantly to the orthopedic devices market growth are Medtronic PLC, DePuy Synthes (Johnson & Johnson), Stryker Corp., NuVasive Inc., B.Braun Melsungen AG, Zimmer Biomet, Globus Medical Inc., Orthofix Medical Inc., Aesculap Inc., CONMED Corp., and Donjoy Inc. among others. Some of the recent developments in the market include,
RationalStat has segmented the global orthopedic devices market on the basis of application, product, surgery type, end-user, and region.
- By Application
- Hip Orthopedic Devices
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Dental Orthopedic Devices
- Sports Injuries, Trauma, and Extremities (SET) Orthopedic Devices
- Craniomaxillofacial (CMF) Orthopedic Devices
- By Product
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Screw Drivers
- By Surgery Type
- Open Surgery
- Minimally Invasive Surgery
- By End User
- Orthopedic Clinics
- Others (Ambulatory Surgical Centers etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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