Coherent Market Insights published a business research report on Orthopedic Devices Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2022–2028. Orthopedic Devices Market with 150+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. The information is gathered based on modern floats and requests identified with the administrations and items.
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Orthopedic devices are medical device that are used to restore skeletal structure and joint movement after fractures. It is also used to treat abnormal growth of bones and soft tissue damage or other deformities. These devices can be surgically implanted or externally attached via minimally invasive procedures.
The global orthopedic devices market is estimated to account for US$ 60,052.8 Mn in terms of value by the end of 2027.
Global Orthopedic Devices Market: Drivers
Growing prevalence of osteoarthritis is propelling growth of the global orthopedic devices market. For instance, according to the study ‘Osteoarthritis in Europe: Impact on health status, work productivity and use of pharmacotherapies in five European countries’ that examined the impact of peripheral joint osteoarthritis across five European countries, UK (43.6%), France, (25.6%), Germany, (15.2%), Spain, (8.4%), and Italy (7.1%) recorded high prevalence of peripheral joint osteoarthritis, with majority of cases aging 55-74 years.
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Moreover, growing aging population is again expected to support growth of the market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
North America held dominant position in the global orthopedic devices market in 2019, accounting for 39.4% share in terms of value, followed by Europe and Asia Pacific, respectively
Global Orthopedic Devices Market: Restraints
Challenges associated with fittings and some side effects of wearing splints are projected to restrict growth of the market. Prefabricated stack splint and the dorsal aluminum splint may not fit well and often lead to skin irritation.
Additionally, high cost associated with fiber material is again expected to hinder growth of the market. For instance, the cost of high quality braces can be around US$ 900.
Orthopedic Devices Market Report Coverage
|Base Year:||2019||Market Size in 2019:||US$ 40,772.0 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||5.0%||2027 Value Projection:||US$ 60,052.8 Mn|
|Companies covered:||aap Implantate AG, Aesculap, Inc., Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., Conmed Corporation, DePuy Synthes, Inc., OSSIO, Globus Medical, Inc., NuVasive, Inc., Conventus Orthopaedics, DJO Global, Inc., and Breg, Inc.|
|Restraints & Challenges:||
Global Orthopedic Devices Market: Opportunities
Adoption of wireless technology is projected to offer provide growth opportunities for players in the global orthopedic devices market. For instance, in August 2019, Intellirod Spine launched iLink, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic or prosthetic to measure wearing compliance, upright posture time and mobility daily through a free smartphone app.
Moreover, transparency around the cost of orthopedic devices is again expected to aid in growth of the market. For instance, in January 2020, Breg, Inc. released a new software release focused on improving transparency around the cost of durable medical equipment products such as knee braces, shoulder slings, splints, boots and crutches at the time of dispensement.
The global orthopedic devices market was valued at US$ 40,772.0 Mn in 2019 and is forecast to reach a value of US$ 60,052.8 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027.
Market Trends/Key Takeaways
Rise in prevalence of obesity is augmenting growth of the market. For instance, the study, ‘Rising incidence of obesity in Saudi residents. A threatening challenge for the surgeons’, published in the International Journal of Health Sciences, in January 2018, reported obesity in 42% of the study population with low physical activity levels and unhealthy dietary habits.
Key players in the market are focused on R&D of new devices. For instance, in June 2018, Breg, Inc. hosted a co-creation workshop on bracing solutions with orthopedic surgeons and administrators
Global Orthopedic Devices Market: Competitive Landscape
Key players operating in the global orthopedic devices market include, aap Implantate AG, Aesculap, Inc., Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., Conmed Corporation, DePuy Synthes, Inc., OSSIO, Globus Medical, Inc., NuVasive, Inc., Conventus Orthopaedics, DJO Global, Inc., and Breg, Inc.
Global Orthopedic Devices Market: Key Developments
Key players are focused on adopting M&A strategies to expand their product portfolio. For instance, in May 2020, Conventus Orthopaedics acquired Flower Orthopedics, a developer of single-use, sterile-packaged implant and instrument kits.
Key players are also focused on R&D of new products to expand their product portfolio. For instance, in July 2019, aap Implantate AG was granted European patent for its resorbable magnesium implant technology.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Orthopedic Devices Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Orthopedic Devices Industry Impact
Chapter 2 Global Orthopedic Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Orthopedic Devices (Volume and Value) by Type
2.3 Global Orthopedic Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Orthopedic Devices Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Orthopedic Devices Market Analysis
Chapter 6 East Asia Orthopedic Devices Market Analysis
Chapter 7 Europe Orthopedic Devices Market Analysis
Chapter 8 South Asia Orthopedic Devices Market Analysis
Chapter 9 Southeast Asia Orthopedic Devices Market Analysis
Chapter 10 Middle East Orthopedic Devices Market Analysis
Chapter 11 Africa Orthopedic Devices Market Analysis
Chapter 12 Oceania Orthopedic Devices Market Analysis
Chapter 13 South America Orthopedic Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Orthopedic Devices Business
Chapter 15 Global Orthopedic Devices Market Forecast (2022-2028)
Chapter 16 Conclusions
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