The global orthopedic devices market is expected to display a 4% CAGR between the assessment period from 2020 and 2026. The coronavirus pandemic will negatively affect the industry as elective musculoskeletal surgeries are being postponed around the world. In addition, supply disruptions from manufacturers in China will have a marginal impact on the market. The market is likely to witness a strong resurgence towards Q4 of 2020, while telehealth and VR surgeries will generate lucrative opportunities.
"Rising cases of obesity and diabetes, poor diet and lifestyle, and a growing trend of alcohol and smoking will support the demand for orthopedic devices. Innovations in osteology will make devices more cost-effective, bolstering sales in the years to come," says the FACT.MR report.
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Orthopedic Devices Market- Key Takeaways
- Joint reconstruction devices are key contributors to market revenue, supported by the high number of knee, hip, and shoulder surgeries.
- Ambulatory surgery centers are gaining traction as end users for orthopedic devices, aided by the growing adoption of minimally invasive surgeries.
- North America remains a prominent orthopedic devices market, supported by favorable reimbursement properties and higher patient awareness about treatment options.
Orthopedic Devices Market- Driving Factors
- High numbers of orthopedic injuries in addition to musculoskeletal ailments are key factors driving adoption rates.
- Rising numbers of back and hip fractures arising from osteoporosis cases generate greater demand.
Orthopedic Devices Market- Major Restraints
- High costs associated with surgical procedures and orthopedic devices is a key obstacle hindering sales.
- Limited motion allowed by orthopedic devices for users hold back adoption rates.
COVID-19 Impact on Orthopedic Devices Market
The coronavirus outbreak is expected to cause a temporary economic downturn for the orthopedic devices market followed by a steady resurgence. Postponed elective surgeries will hurt demand in the short term. Further, the pandemic is causing reductions in workforce, limiting access of sales representatives to surgeries, and cancelling major orthopedic conferences. The market is likely to witness a steady recovery post 2020 with relaxation on elective procedures.
Explore the global Orthopedic Devices Market with 65 figures, 73 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/connectus/sample?flag=RM&rep_id=4780
Competitive Landscape
Exactech Inc., Zimmer Biomet, Wright Medical Group N.V., Johnson & Johnson, DJO Global Inc., Stryker and Smith & Nephew, are some of the leading players in the orthopedic device market.
Orthopedic device market players are largely investing product development and integration of new materials and technology to boost cost efficiency in a competitive market.
For example, Orthofix Medical Inc. has announced the FDA approval of its orthopedic plating system for pediatric patients. Further, Happe Spine LLC has announced its receival of patent protections for a porous bioactive polyether ether ketone substrate for spinal orthopedic devices. Also, Sky Medical Technology Ltd. has unveiled the Geko device to manage post-operative edema.
About the Report
This study offers readers a comprehensive market forecast of the orthopedic devices market. Global, regional and country-level analysis of the top industry trends impacting the orthopedic devices market is covered in this FACT.MR study. The report offers insights on the orthopedic devices market on the basis of product (joint reconstruction, knee replacement, elbow & shoulder replacement, spinal device, trauma fixation, orthopedic prosthetics, arthroscopy device, orthopedic braces and support, orthopedic accessories, and others), and end user (hospitals, orthopedic clinics, ambulatory surgical centers, and others) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
Press Release: https://www.factmr.com/media-release/1550/global-orthopedic-devices-market
The new report on the Cutlery market provides estimations of the size of the global market and share and size of key regional markets during the historical period of 2015 – 2019.
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Earwax removal aids are the medical tools used to remove earwax caused due to excessive formation of cerumen.
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Fact.MR has adopted multi-disciplinary approach to shed light on the evolution of the global Emulsifiers and Co-emulsifiers market during the historical period of 2014 – 2018.
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Fact.MR’s Report on Global Pea Fiber MarketPea fiber is a byproduct which is extracted from the seeds and pods of a pea plant.
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