Global Orthopedic Devices Market Size & CAGR (2021 to 2026)
As per our report, the global orthopedic devices market size was valued at USD 48.9 billion for 2021 and is poised to reach USD 37.7 billion by the end of 2026, growing at a 4.1% CAGR during the forecast period.
Impact of COVID-19 on the global orthopedic devices market:
The COVID-19 pandemic has altered all aspects of medicine, affecting practices, education, and research. The pandemic has had a significant impact on orthopedic daily practice. For the foreseeable future, the COVID-19 pandemic has altered the orthopedic landscape. The pandemic’s impact on orthopedic practice, COVID-19 and the trauma patient, elective and emergency surgeries during the pandemic, peri-operative management of COVID-19 patients. Elective surgical procedures have been postponed to reduce the burden on healthcare systems and increase hospital bed availability for the most vulnerable. The management of emergent and urgent surgical cases has been impacted as well.
Various pandemic effects, such as those on training programs and the evolution of telemedicine. Also, virtual healthcare, digital healthcare such as wearables, remote monitoring devices, is rising rapidly due to pandemics. Incorporating new technologies, restructuring of health systems, and reorganization of training programs for optimal patient care are expected to drive the orthopedic devices market.
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KEY DRIVING FACTORS:
Several innovation drivers and growing orthopedic surgeries globally are driving growth in the orthopedic devices market.
The increased demand for orthopedic procedures necessitates the investigation of technological advancements such as 3D printing and material selection innovations such as strong, lightweight titanium in many orthopedic devices. As a result, technological advancements and the integration of digital technologies are currently the primary drivers of the orthopedic devices market’s revenue growth.
It is unsurprising that the global orthopedic devices market is rapidly expanding, owing to an apparent increase in the number of orthopedic surgery procedures performed globally. According to reports, approximately 22.3 million orthopedic surgery procedures were performed worldwide in 2017. In addition, total knee replacement surgeries are expected to increase to 3.5 million per year by 2030.
Accident-related road traffic injuries are on the rise worldwide and are driving factors for the orthopedic devices market.
Each year, approximately 5.8 million people die as a result of injuries, according to the WHO. Approximately 1.36 million people are killed in traffic accidents each year. Non-fatal injuries affect an additional 20 to 50 million people, with many suffering disabilities due to their injuries. Each year, an estimated 180 000 people die due to burns, with the vast majority dying in low- and middle-income countries, according to the WHO. Over 6 million motor accidents occur almost every year, according to the US Department of Transportation.
The market is expected to be driven by the high prevalence of orthopedic conditions such as degenerative bone disease and the growing geriatric population.
According to WHO, Musculoskeletal conditions affect approximately 1.71 billion people worldwide. With a prevalence of 568 million people, low back pain is the most common musculoskeletal disorder. The number of people with orthopedic conditions is rapidly increasing due to population growth and aging. According to WHO, People aged 60 and up will outnumber children under five by 2020. Between 2015 and 2050, the proportion of the global population aged 60 and up will nearly double, rising from 12% to 22%.
The barriers are the high cost of certain orthopedic devices, a scarcity of qualified practitioners to operate the devices, and the possibility of a medical device excise tax. The cost of orthopedic devices and production costs also are more expensive. In addition, FDA regulations are strict, and there are biocompatibility issues.
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KEY MARKET INSIGHTS:
- The drill guide segment accounted for the largest share in 2018 and rapid growth during the forecast period based on product type.
- Based on the application, hip orthopedic devices are expected to be the fastest-growing segment during the forecast period.
- Geographically, the North American orthopedic devices market captured more than 95% of revenue share in 2020.
- The driving force behind the evolution of orthopedics is innovation, which is constantly delivering advances in surgical techniques and products. Now, advances in technology and data are opening up a world of new possibilities. The leading market players include Stryker Corporation, CONMED Corporation, Medtronic Plc., Arthrex, Inc., Smith & Nephew Plc., Zimmer Biomet Holdings, Wright Medical Group N.V., Globus Medical Inc., NuVasive, Inc. Furthermore. Many device developers have gone out of their way to introduce novel innovations in the orthopedic business space, speculating on their future use in orthopedic care.
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Recent Market Developments:
- In Jan 2021, Smith+Nephew announces its acquisition of Integra LifeSciences Holdings Corporation’s Extremity Orthopaedics business.
- In Oct 2020, Medtronic announced the launch of a titanium spinal implant in the United States.
- In Feb 2020, Globus Medical announced First Case Using Next Generation 3D Printed Spine Implant.
SEGMENTS COVERED IN THIS REPORT:
By Anatomical Location:
By Type Of Consumable:
- Orthopedic Staples
- Orthopedic Suture Anchors
- Resorbable Suture Anchors
- Metallic Suture Anchors
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Zimmer Inc.
- Smith & Nephew
BROWSE REGIONAL REPORTS:
- North America Orthopedic Devices Market
- Europe Orthopedic Devices Market
- APAC Orthopedic Devices Market
- Latin America Orthopedic Devices Market
- MEA Orthopedic Devices Market
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