Pune India, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the orthopedic extension devices market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the orthopedic extension devices market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as surgery type, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global orthopedc extension devices market are Globus Medical, ConforMIS, Medacta, DJO Global, Smith & Nephew, Zimmer Biomet, Stryker, NuVasive, Medtronic, DePuySynthes among others. To achieve a substantial market share in the worldwide orthopedic devices market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
In order to ensure the patient’s safety and ease the workflow of surgical procedures, orthopedic extension devices are incorporated into operating tables. Surgical procedures such as hip surgery, knee surgery and other orthopedic surgeries are on the rise, driving the demand for advanced orthopedic operating tables and extension devices. As the global population ages and osteoarthritis and osteoporosis becomes more common, the global market will continue to grow, and technological advancements and increased medical tourism will continue to make the market grow as well. Increasing geriatric populations, osteoporosis and osteoarthritis, as well as increased joint replacement and sports accident rates are boosting the market growth. There is an increased incidence of sports injuries, accidents, and age-related degenerative diseases that contribute to the growth of this market. The increasing awareness about the advantages of these devices is also a major factor in its growth. There are some factors which are hampering the market growth such as stringent regulations and high cost of the devices. The government has imposed stringent regulations on the use of orthopedic devices as a result of the use of low-quality materials by some hospitals and doctors, which has a detrimental effect on patients' health.
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Scope of Orthopedic Extension Devices Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Product Type, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Globus Medical, ConforMIS, Medacta, DJO Global, Smith & Nephew, Zimmer Biomet, Stryker, NuVasive, Medtronic, DePuySynthes among others |
Segmentation Analysis
Knee surgery is expected to be the fastest-growing segment in 2022.
The product type segment includes hip surgery, arm surgery, knee surgery, spine surgery and others. The knee surgery segment is expected to witness the highest growth rate during the forecast period. These devices are made from metal, plastic, or a combination of both materials. The knee surgery orthopedic extension devices are made to support and extend the knee joint. A knee surgery orthopedic extension device can be divided into overall and assembly types. The overall type of knee surgery orthopedic extension device is a complete knee replacement implant.
Hospitals are expected to be the fastest-growing segment in 2022.
The end-user segment includes ambulatory surgical centers, hospitals, and others. Hospitals are expected to grow at the fastest rate during the forecast period. In hospitals, orthopedic patients are often treated. Hospitals' effective reimbursement procedures are essential in driving up the number of people obtaining care. As minimally invasive procedures gain popularity, the market is expected to grow.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the orthopedic extension devices market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. As a result of the growing number of surgical practices and product launches in North America, orthopedic extension devices dominate the market share. A growing government expenditure on rapid development of new disease-controlling drugs fuels the growth of the global orthopedic extension device market as the region also has a strong healthcare infrastructure.
Country Analysis
- Germany
Germany's orthopedic extension devices market size was valued at USD 68.04 million in 2022 and is expected to reach USD 94.5 million by 2030, at a CAGR of 4.2% from 2023 to 2030.
A growing number of sports injuries, an increasing prevalence of diabetes, and an increasing geriatric population, all are contributing to the market's growth.
- China
China’s orthopedic extension devices market size was valued at USD 70.7 million in 2022 and is expected to reach USD 99 million by 2030, at a CAGR of 4.5% from 2023 to 2030.
As the country's population ages, chronic diseases will become more prevalent, surgery devices will develop, and orthopedic devices will become more widely accepted, all of which are contributing to the growth of its orthopedic devices market.
- India
India's orthopedic extension devices market size was valued at USD 54.44 million in 2022 and is expected to reach USD 76.8 million by 2030, at a CAGR of 4.4% from 2023 to 2030.
In India, the largest geriatric population is expected to reside, which will result in an increase in demand in the near future from these countries. In addition, the growing medical tourism industry will attract more patients due to the availability of advanced healthcare treatments at cost-efficient rates.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing cases of road accidents and rising geriatric population.
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