Increasing cases of musculoskeletal conditions among the geriatric population drives the growth of Global Orthopedic Devices Market.
According to TechSci Research report, “Global Orthopedic Devices Market By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Ortho-biologics, Others) By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Others) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, the global orthopedic devices market is anticipated for an impressive boost in the upcoming five year, 2022-2026. The market has shown a consistent growth with influential CAGR in past five years until 2019. The factors like increasing cases of bone damages and orthopedic concerns among the old population is expected to be driving the market growth in the forecast years. Moreover, advanced technologies are being developed, and government investments for these device will ensure a painless and effective treatment for the orthopedic issues thus driving the growth of the global orthopedic device market.
Also, the rising number of traumatic injuries require an early diagnostic and non-surgical treatments to help with the unbearable pain for the patient. The increasing traumatic injuries’ cases are anticipated to drive the growth of the global orthopedic devices market in the forecast years.
Due to the onset of COVID-19 and imposition of complete lockdown to mitigate the coronavirus, there has been shutdown of many manufacturing units and disruption in the supply chain resulting in interrupted production and lesser supply of the orthopedic devices all around the globe. Also, the economy has been adversely affected in many countries resulting in the hinderance to the growth of the orthopedic device market. However, after relief from lockdown market is again going to pick up pace to grow significantly.
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The global orthopedic device market is segmented by type, application, end user, and regional distribution. Based on application the market is further categorized into hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, craniomaxillofacial orthopedic devices, dental orthopedic devices, and others. Increasing cases of knee and hip replacement is going to make major impact of the increasing shares of knee orthopedic devices, and hip orthopedic devices, thus driving the growth of global orthopedic devices market.
Moreover, government is spreading the awareness regarding the availability of the orthopedic devices, continuous advancement in the technology of these devices is forcing the end users to continuously upgrade their devices thus driving the growth of the orthopedic market. Also, government reimbursement for the orthopedic treatment plans will fuel the adoption of these devices for a painless treatment thus driving the forecast growth of the global orthopedic devices market.
Some of the major competitors in the market are Medtronic Plc., Stryker Corporation, B. Braun Melsungen AG, Conmed Corporation, Smith & Nephew plc, Johnson & Johnson Private Limited, NuVasive, Inc., Zimmer Biomet Holdings, Inc., Arthrex, Inc., DJO Global, Inc., Aesculap Implant Systems, LLC, Globus Medical Inc, Wright Medical Group N.V., DJO, LLC., Integra Lifesciences Corporation, among others. The companies are focusing on extensive research and developments activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
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“Technological advanced devices are readily sold in the developed countries, that reduces the cost of older versions of these devices that can be introduced in the developing countries. North America has the highest demand of technologically advanced products whereas Asia-Pacific region can be a big market for the older versions of the product thus introducing the idea of better healthcare. Moreover, booming medical tourism is also effective toward the growth of the global orthopedic devices market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Orthopedic Devices Market By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Ortho-biologics, Others) By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Others) By End User (Hospitals & Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Orthopedic Devices and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Orthopedic Devices.
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