Precedence Research, Recently Published Report on “Orthopedic Devices Market Size, Share, Growth, Trends, Segmentation, Regional Outlook and Forecast 2020 - 2027”.
OTTAWA, Oct. 06, 2020 (GLOBE NEWSWIRE) -- The global orthopedic devices market garner revenue around US$ 48.5 billion in 2019 and expected to reach over US$ 56.23 by 2027, projected to register compound annual growth rate (CAGR) of around 2.87% during period 2020 to 2027. Read more details@ https://www.precedenceresearch.com/orthopedic-devices-market
Orthopedic devices are intended to inhibit or manage musculoskeletal harms, while straighten fragile limbs or joints. They are employed to substitute missing bone or joints or to offer support to the injured bone. Orthopedic surgeries that integrate robotics are less invasive and provide reproducible precision, subsequent in less hospital stays and quicker recovery times. In Switzerland, La Source clinics tasted a reduction in average hospitalization from 10 to 6 days by means of surgical robots. However, this technology is still costly to obtain, and robust, evidence-based studies are desirable to validate that robotic technology front-runners to improved outcomes.
Orthopedic devices are manufactured with the help of stainless steel and titanium alloys for strength, and plastic coating works as synthetic cartilage. In orthopedics, internal fixation is a surgery that involves incorporation of implants to heal the injured bone. Most general orthopedic medical devices are the pins, rods, screws, and plates that are utilized for fastening of fractured bones while they heal. At present, several biotechnology firms are employing stem cells for orthopedic treatment. For instance, BioTime emphases on stem cell therapies for age-linked degenerative ailments, Bio-Tissue on orthobiological solutions for cartilage flaws and IntelliCellBioSciences on adipose-derived stem cells for orthopedic diseases.
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Growth Factors
The global orthopedic devices market is expected to grow at a noteworthy rate during the estimate period on account of the increasing elderly population across the world. Aged people are highly prone to progress bone associated disorders which is estimated to upsurge demand for countless orthopedic devices and implants from this population. Further, escalating frequency of obesity and diabetes, absence of physical activity, poor diet, and intensifying trend of alcohol consumption and smoking are some more factors that can lead injury to bone health. This will offer alluring prospects for orthopedic devices market in the near future.
The number of people undertaking joint replacement surgeries like total knee and hip replacement has augmented gradually and endures to upsurge, owing to a growth in the aging population. The upsurge in the musculoskeletal diagnoses and osteoporosis-related fractures is motivating the demand for orthopedic implants amongst the populace aged 65 years or older. The global orthopedic device market is compelled by the rising government focus on plummeting disease charge burden due to rising incidence of aged population.
Report Highlights
- Global orthopedic devices market is extremely fragmented. Market companies emphasis on constant product advancements and proposing orthopedic devices at competitive prices, particularly in emerging nations.
- High pervasiveness of orthopedic conditions along with implementation of progressive treatment procedures is predicted to prosper growth of the market in the U.S.
- Minimally invasive orthopedic devices that do not need repeat procedures are estimated to lift the quantity of procedures in the established and emergent regions.
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Regional Snapshots
North America dominated global orthopedic devices market in 2019 due to high demand for progressive healthcare services and existence of well-built healthcare infrastructure. Further, presence of market giants and repayment coverage are some of the factors motivating the regional growth of the market.
As per Arthritis Research report (UK), on “The State of Musculoskeletal Health 2018”, approximately 17.8 million people are projected to live with a musculoskeletal disorder in the UK, which is about 28.9% of the total population. These statistics demonstrate that the number of orthopedic surgeries is growing progressively, which may lead to surge in the demand for orthopedic implants in this region.
Demand for orthopedic surgeries in India and China is also anticipated to grow extremely in the nearby future. Moreover, growing medical tourism, due to the obtainability of cost efficient and cutting-edge healthcare treatment selections, than other regions, and cumulative implementation of innovative technologies are boosting the demand for the orthopedic devices t in Asia Pacific.
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Key Players & Strategies
Companies financing significantly in robotics include Stryker, Zimmer Biomet, Smith & Nephew, Mazor Robotics, OMNlife Science Inc., Think Surgical, Verb Surgical and Intuitive Surgical. For illustration, Zimmer Biomet incorporated the ROSA robotic device utilized for spine and brain surgeries to its product selection via its acquisition of Medtech. Stryker acquired Mako Surgical Corp. in order to construct total knee and total hip replacement robotic products. Further, Smith & Nephew acquired Blue Belt Holdings for partial knee replacements for a robotic-assisted surgery product.
Some of the noticeable players functioning in the global orthopedic devices market include Smith & Nephew, Stryker, DePuySynthes, Zimmer Biomet, Medtronic Spinal, Arthrex, Inc, and DJO Global among others.
Market Segmentation
By Product Type
- Joint Reconstruction
- Orthopedic Prosthetics
- Spinal Devices
- Trauma Fixation
- Arthroscopy Devices
- Orthopedic Accessories
- Orthopedic Braces and Supports
- Others
By End-user
- Ambulatory Surgical Centers
- Hospitals
- Orthopedic Clinics
- Others
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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