Orthopedic Devices Market to Rise at 6.6% CAGR and Reach USD 68.51 Billion by by 2027; Increasing Prevalence of Musculoskeletal Disorders will Emerge in Favor of Market Growth, says Fortune Business Insights™
Key Companies Covered in the Orthopedic Devices Market Research Report Are Stryker, Johnson & Johnson Services, Inc, Zimmer Biomet, Smith & Nephew, Medtronic, NuVasive, Inc, Arthrex Inc, Globus Medical, Össur Corporate, Integra LifeSciences and other key market players
Pune, Oct. 19, 2020 (GLOBE NEWSWIRE) -- The global orthopedic devices market size is projected to reach USD 68.51 billion by the end of 2027. The increasing investments in product R&D will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Orthopedic Devices Market Size, Share & COVID-19 Impact Analysis, By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Orthobiologic Devices, Arthroscopy Devices, and Others), By End User (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 53.44 billion and will exhibit a CAGR of 6.6% during the forecast period, 2020-2027.
Orthopedic devices are used in treatment and prevention of deformities that are formed in the musculoskeletal systems in humans. The increasing prevalence of osteoporosis, coupled with the rise in musculoskeletal disorders across the world will lead to an increase in the demand for the product.
The presence of several large-scale orthopedic device manufacturers across the world will emerge in favor of market growth. Increasing number of surgical procedures that involve orthopedic implants will create several growth opportunities for the companies operating in the sector. The increasing investments in the research and development of efficient orthopedic devices will bode well for the growth of the market in the coming years.
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*Highlights of the Report:*
· Analysis of the impact of Covid-19 that the market would face in the near future.
· In-depth analysis of the growth drivers and obstacles.
· Profile of all the companies operating in the market.
· Elaborate data about the dominating region.
· Competitive landscape consisting of mergers & acquisitions, investments, partnerships, new product launches, opening of new facilities, and new contracts.
*COVID-19 Pandemic to Delay Orthopedic Surgical Procedures*
The recent coronavirus outbreak has had a negative impact on several industrial sectors across the world. Accounting to the rapid spread of the disease, governments in several countries have implemented strict measures to control the virus. These measures have had a drastic impact on medium and small scale businesses and evidently, only larger businesses have been able to sustain the negative traits of the pandemic.
The delays in elective surgical procedures will restrict the growth of the orthopedic devices market in the coming months. Having said that, the efforts taken to unlock lockdowns and restore normality will bring relief to the companies in this sector.
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*Click here to get the short-term and long-term impact of COVID-19 on this market.*
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*Increasing Number of Company Mergers will Emerge in Favor of Market Growth*
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing number or orthopedic surgical procedures across the world, there has been an increase in the demand for the product. This has resulted in a healthy market competition. As a result, companies are looking to adopt strategies such as collaborations and mergers with other businesses in this sector, with the aim of establishing a strong brand presence.
In September 2019, Medical Devices Business Services, Inc. announced that it has signed an agreement with JointPoint Inc. for its takeover. Through this the company will gain access to the latter’s exceptional portfolio of surgical software. Increasing number of such large scale acquisitions will emerge in favor of market growth.
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*North America to Emerge Dominant; Increasing Number of Orthopedic Surgical Procedures will Emerge in Favor of Market Growth*
The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing prevalence of musculoskeletal disorders, coupled with the rising number of orthopedic surgeries will emerge in favor of market growth.
As of 2019, the orthopedic devices market in North America was worth USD 24.74 billion and this value is projected to rise at a considerable pace in the coming years. Besides North America, the market in Europe will rise at a considerable pace driven by increasing awareness towards the adoption of advanced orthopedic surgical procedures in countries such as Germany, France, and the UK.
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*List of companies profiled in the report:*
· Stryker (Kalamazoo, U.S.)
· Johnson & Johnson Services, Inc. (New Jersey, U.S)
· Zimmer Biomet (Warsaw, U.S.)
· Smith & Nephew (Hertfordshire, U.S.)
· Medtronic (Dublin, Ireland)
· NuVasive, Inc. (California Inc.)
· Arthrex Inc. (Florida, U.S.)
· Globus Medical (Pennsylvania, U.S.)
· Össur Corporate (Reykjavik, Iceland)
· Integra LifeSciences (New Jersey, U.S.)
· Other prominent players
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*Industry Developments:*
*September 2019: *Medical Devices Business Services, Inc. announced that it has signed an agreement with JointPoint Inc. for its takeover. Through this the company will gain access to the company’s exceptional portfolio of surgical software.
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*Table of Contents:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Prevalence of Orthopedic Diseases by Key Countries/Region
· Key Industry Developments – Mergers, Acquisitions, Partnerships & New Product Launch
· Overview of New Product Launches
· Regulatory and Reimbursement Scenario by Key Countries/Region
· Impact of COVID-19 on Orthopedic Devices Market
· *Global Orthopedic Devices Market Analysis, Insights and Forecast, 2016-2027*
· Key Findings / Summary
· *Market Analysis, Insights and Forecast – By Type*
· Joint Reconstruction Devices
· Knee
· Hip
· Extremeties
· Spinal Devices
· Spinal Fusion Devices
· Spinal Non- Fusion Devices
· Trauma Devices
· Arthroscopy Devices
· Orthobiologic Devices
· Others
· *Market Analysis, Insights and Forecast – By End User*
· Hospitals
· Orthopedic Clinic
· Ambulatory Surgical Centers
· Others
· *Market Analysis, Insights and Forecast – By Region*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa
TOC Continued….!
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*Have a Look at Related Reports:*
Orthopedic Implants Market Share & Industry Analysis, By Product (Joint Reconstruction; Spinal Implants; Trauma Implants, Dental Implants; Orthobiologics, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2019-2026
Orthobiologics Market Share and Global Trend by Product Type (Viscosupplements, Bone Growth Stimulators, Demineralized Bone Matrix, Synthetic Bone Substitutes, Stem Cells, Allografts), Application (Spinal Fusion, Maxillofacial & Dental, Soft Tissue Repair, Reconstructive & Fracture Surgery), End User (Hospitals, Ambulatory Surgical Centers, Speciality Clinics) and Geography Forecast till 2025
Spinal Devices Market Share & Industry Analysis, By Product Type (Fusion Devices (Cervical Devices, Thoracolumbar Devices, Interbody Devices, and Biologics), Non-Fusion Devices (Vertebral Compression Fracture Devices, Artificial Discs, Dynamic Stabilization Devices, and Others), and Stimulation Devices) By Disease Indication (Degenerative Disc Disease, Complex Deformity, Traumas & Fractures, and Others), By End User (Hospitals & Ambulatory Surge
Trauma Implants Market Share & Industry Analysis, By Product (Metal Plates & Screws, Pins/Wires, Nails & Rods, and Others) End-user (Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers, and Others) and Regional Forecast, 2019-2026
Hip Replacement Market Share & Industry Analysis, By Procedure (Total Hip Replacement, Partial Hip Replacement, and Revision & Hip Resurfacing), By End User (Hospitals & Ambulatory Surgery Centers, Orthopedic Clinics, and Others) and Regional Forecast, 2019-2026
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