Orthopedic Devices Global Market Report 2021: COVID 19 Impact and Recovery to 2030

New York, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Devices Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027749/?utm_source=GNW
7 billion in 2020 to $49.59 billion in 2021 at a compound annual growth rate (CAGR) of 16.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $61.08 billion in 2025 at a CAGR of 5%.

The orthopedic devices market consists of sales of orthopedic devices and related services by entities (organizations, sole traders and partnerships) that produce orthopedic devices used in treating bone abnormalities. This market is segmented into joint reconstruction devices and equipment; spinal surgery devices and equipment; trauma fixation devices and equipment; orthobiologics devices and equipment; arthroscopy devices and equipment; orthopedic braces and support devices and equipment; craniomaxillofacial (CMF) devices and equipment; orthopedic prosthetics; orthopedic accessories.

North America was the largest region in the global orthopedic devices market, accounting for 44% of the market in 2020.Asia Pacific was the second largest region accounting for 23% of the global orthopedic devices market.

Africa was the smallest region in the global orthopedic devices market.

Biodegradable implants are increasingly being used in trauma orthopedic surgeries.Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure.

Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and poly lactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws which are more expensive.Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for second surgery, are highly useful in fracture fixation in children; and result in less implant related infections.

For instance, Stryker Corporation offers orthrobiologics such as bone repair biodegradable products that are used in bone regeneration and bone healing, soft tissue regeneration and muscle connection to bone.

The orthopedic devices market was limited by development of new drugs and therapies which allow patients to avoid surgical procedures.With advances in tissue engineering, stem-cell therapy and other treatment alternatives such as platelet-rich plasma (PRP) injections, patients are able to avoid surgical procedures for medical conditions such as arthritis, tendonitis and others.

This has negatively impacted the demand for orthopedic devices as an increasing number of people opted for these alternative treatment methods, to avoid risks and complications associated with orthopedic procedures.

The increase in patient pool due to rising geriatric population globally, contributed significantly to the growth of the orthopedic devices market during the historic period.According to the Population Reference Bureau, the share of population over the age of 65 in the global population increased from 8% in 2015 to 9% in 2019.

The global population aged 65 years or over was 703 million in 2019.This rise in the geriatric population increased the demand for medical care and drove the healthcare expenditure.

For instance, in 2017, half of the Dutch healthcare budget was spent on elderly over 65. These factors increased the demand for these products and drove the market during the historic period.
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