-- Rise in geriatric population and increase in chronic diseases related to orthopedics such as osteoarthritis, traumatic fractures, osteopenia, and others are play a major role in the growth of the orthopedic device market. In addition, various growth opportunities such as surge in healthcare infrastructure, increase in affordability, and rise in awareness related to orthopedic conditions in emerging economies are expected to boost the market growth in the coming years.
Orthopedic devices market garnered $37.29 billion in 2018, and is estimated to generate $47.79 billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026. The report offers a detailed analysis of drivers & opportunities, top investment pockets, key players, major segments, and competitive landscape.
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Increase in prevalence of orthopedic injuries or diseases including traumatic fractures, osteoporosis, osteoarthritis, and rheumatoid arthritis and rise in geriatric population across the world drive the global orthopedic devices market. However, high costs related to various procedures involving orthopedic implants & treatments and strict government regulations hinder the market growth. On the other hand, untapped potential in emerging economies present lucrative opportunities for market players.
Covid-19 Scenario:
- During the coronavirus pandemic, the medical procedures that can be postponed until the pandemic moderates or lowers have been postponed by hospitals and medical facilities. Many orthopedic procedures have been postponed by patients themselves. So, the demand for orthopedic devices would reduce.
- Moreover, there has been shortage of supply of raw materials as factories have been shut down. Even though some of the factories have been reopened, the shortage will persist for some time.
The report offers a detailed segmentation of the global orthopedic devices market based on product, application, and region.
Based on product, the accessories segment held nearly one-third of the total share of the global market in 2018, and is expected to maintain its highest contribution based on revenue during the forecast period. However, the drill guide segment is estimated to witness the largest CAGR of 3.7% from 2019 to 2026.
Based on application, the knee orthopedic devices segment contributed to the highest share, holding nearly one-fourth of the global market revenue in 2018, and is projected to maintain its leadership status throughout the forecast period. However, the hip orthopedic devices segment is estimated to grow at the largest CAGR of 3.7% during the forecast period.
Based on region, North America held the largest share in terms of revenue in 2018, accounting for nearly two-fifths of the total share, and is expected to maintain its dominant position throughout the forecast period. However, Asia-Pacific would witness the highest CAGR of 4.4% from 2019 to 2026.
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Key players of the global orthopedic devices market analyzed in the research include Arthrex, Inc., DJO Global, Inc., CONMED Corporation, B. Braun Melsungen AG, Globus Medical Inc., Smith & Nephew Plc., Medtronic Plc., Wright Medical Group N.V., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
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