The report, titled “Global Orthopedic Devices Market” analyzes the Orthopedic Devices market in the world by application, product, type, user and region. A thorough report offers an in-depth historical and forecast market size along with market trend analysis. RationalStat offers an analysis of the market share and production capabilities of the leading companies, Covid-19’s impact analysis, as well as an overview of market strategy, competition, and growth opportunities for the key players analyzed within the worldwide Orthopedic Devices market research.
The Market and its Dynamics The rising cases of sports-related trauma and injuries are anticipated to propel the expansion of the Global Orthopedic Devices Market
The world Orthopedic Devices market is predicted to grow at a rate of 6% over the period 2022-2028. The rising incidence of injuries and accidents as well as sports injuries are likely to drive the growth of the market for orthopaedic devices in the coming years.
- Furthermore, advances in technology like smart medical devices like knee implants that are smart are becoming popular and are predicted to drive the expansion of the orthopaedic device market. Additionally, companies are investing in developing new products and providing their customers with solutions that are affordable. These aspects are likely to impact the growth of the orthopaedic market globally.
- Furthermore, the rising number of musculoskeletal disorders and other abnormalities is expected to impact demands for devices for orthopedic since they aid in enhancing the mobility of patients with those ailments.
- In addition, the application of cutting-edge technologies, such as wearable medical devices is beginning to gain popularity among those with an impressive amount in disposable earnings. This is likely to increase the development of the global device market for orthopedics.
In addition, the existence of a large patient population that requires elbow, knee and shoulder replacements along with the increase in spending on R&D by major market participants is a major growth driver for joint reconstruction.
Segmental Analysis
- Based on the application, Sports Injuries, Trauma, and Extremities (SET) Orthopedic Devices hold a dominant share whereas knee and hip orthopedic devices are slowly gaining customer attraction.
- Based on surgery type, more patients are preferring minimally invasive surgeries as it is performed by making only small incisions and few stitches whereas open surgery holds a significant share as patients with comparatively lower disposable income opt for the same.
- Based on region, North America holds a prominent share of the global orthopedic devices market as it is expected to grow at a steady pace owing to an increase in the demand from a range of third-party payers such as governments, local dealers, and private health insurance organizations
Competition Analysis: Cheap and easy operations in various developing economies are expected to drive the growth of the global Orthopedic Devices market in the upcoming years
Due to the presence of many well-established companies in the global orthopedic devices market, there is intense competition in the global orthopedic devices market. The global Orthopedic Devices market is expected to witness growth in the forthcoming years as orthopedic operations become economical in developing economies like India and Thailand. This is expected to increase the footfall of overseas patients further fueling the growth of the global orthopedic devices market.
The rise in minimally invasive and fusion surgeries, coupled with the increased use of synthetic cages and the addition of pedicle screws as fixation devices, are all contributing to the growth of the orthopedic devices market.
Acquisitions, product launches, and partnerships are the identified industry trend in the global orthopedic devices market. Key market players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market.
- In March 2021, Implanet, a medical technology company specializing in knee-surgery implants, acquired Orthopaedic & Spine Development (OSD).
- In November 2020, Medtronic PLC launched the Adaptix Interbody System, a titanium spinal implant. Titan Spine, a privately held surface technology and titanium spine interbody implant company, was also purchased by Medtronic. Such measures will help the market flourish even further.
Some of the prominent players that contribute significantly to the orthopedic devices market growth are Medtronic PLC, DePuy Synthes (Johnson & Johnson), Stryker Corp., NuVasive Inc., B.Braun Melsungen AG, Zimmer Biomet, Globus Medical Inc., Orthofix Medical Inc., Aesculap Inc., CONMED Corp., and Donjoy Inc. among others. Some of the recent developments in the market include,
RationalStat has segmented the global orthopedic devices market on the basis of application, product, surgery type, end-user, and region.
- By Application
- Hip Orthopedic Devices
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Dental Orthopedic Devices
- Sports Injuries, Trauma, and Extremities (SET) Orthopedic Devices
- Craniomaxillofacial (CMF) Orthopedic Devices
- By Product
- Drill Guide
- Guide Tubes
- Implant Holder
- Custom Clamps
- Distracters
- Screw Drivers
- Accessories
- By Surgery Type
- Open Surgery
- Minimally Invasive Surgery
- By End User
- Hospitals
- Orthopedic Clinics
- Others (Ambulatory Surgical Centers etc.)
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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