Orthopedic Devices Market to Showcase 4.3% CAGR and Hit USD 71.67 Billion by 2026; Rising Number of Knee & Hip Replacements Procedures to Spur Growth: Fortune Business Insights™

Orthopedic Devices Market to Showcase 4.3% CAGR and Hit USD 71.67 Billion by 2026; Rising Number of Knee & Hip Replacements Procedures to Spur Growth: Fortune Business Insights™

GlobeNewswire

Published

Key Prominent Players Covered in the Orthopedic Devices Market Research Report Are Smith & Nephew, Stryker, Zimmer Biomet, Medical Devices Business Services, Inc., NuVasive, Inc., Medtronic, Integra LifeSciences, Wright Medical Group N.V., Össur Corporate, Globus Medical and other key market players.

Pune, India, Nov. 24, 2020 (GLOBE NEWSWIRE) -- The global orthopedic devices market is set to gain traction from the ever-increasing geriatric population across the world. As per a research published in 2015 by the United Health Foundation, every year, more than 300,000 adults belonging to the age group of 65 years and above are estimated to be hospitalized for hip fractures. Besides, around 30% of seniors fall per year. It is further leading to higher number of orthopedic injuries.

The study further mentions that the orthopedic devices market size stood at USD 51.33 billion in 2018 and is projected to reach USD 71.67 billion by 2026, thereby exhibiting a CAGR of 4.3% during the forecast period. North America procured USD 23.86 billion orthopedic medical devices market revenue in 2018. This growth is attributable to the presence of adequate reimbursement policies, as well as surging incidence of orthopedic surgeries.

*KEY INDUSTRY DEVELOPMENTS:*

· January 2019 – Integra LifeSciences announced that it has signed a license and development agreement with Consortium of Focused Orthopedists, LLC (CFO), for a short stem and stemless shoulder system.  This enabled Integra LifeSciences to add in extremity orthopedics portfolio, which is a fast-growing segment of the shoulder arthroplasty market to accelerate growth opportunities globally.
· August 2019 – Globus Medical acquired all the assets of privately-owned StelKast, a manufacturer of implants and instruments for hip and knee replacement. The company expanded into cranial procedures, as well as arthroplasty, with disruptive and differentiated products with their robotic technology. The company is willing to launch a commercial robotic system for joint reconstruction applications in late 2020.

*
*

*Request a Sample Copy of the Research Report: *https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/orthopedic-devices-market-102586

*
*

*Rising Prevalence of Musculoskeletal Diseases to Drive Growth*

The American Academy of Orthopedic Surgeons, a provider of educational programs for allied health professionals and orthopaedic surgeons, published a report that affirms that every year in the Unites States alone, approximately 6.8 million patients suffering from several orthopedic injuries come to medical attention.

It proves that the rising prevalence of orthopedic injuries and musculoskeletal diseases is further resulting in agonizing physical pain and limited mobility. It is expected to propel the orthopedic devices market growth during the forthcoming years. However, the surgical procedure is very expensive in nature. It may hamper the growth of the market.

*
*

*To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: *https://www.fortunebusinessinsights.com/orthopedic-devices-market-102586

*
*

*Joint Reconstruction Segment to Lead Backed by Increasing Number of Surgical Procedures*

Based on type, the market is grouped into joint reconstruction devices, dental implants, trauma devices, spinal devices, orthobiologic devices, arthroscopy devices, trauma devices, and others. Out of these, in 2018, the joint reconstruction segment held 35.8% in terms of orthopedic devices market share and is anticipated to lead the market throughout the forecast period.

This growth is attributable to the rising number of procedures, namely, extrementies and shoulder reconstructions, hip and knee replacements, and other similar procedures associated with joints. The arthroscopy devices segment is likely to expand at fast pace owing to the increasing emergence of novel products and upsurging cases of soft tissue injuries related to sports.

*
*

*Quick Buy -  Orthopedic Devices Market Research Report: *https://www.fortunebusinessinsights.com/checkout-page/102586

*
*

*High Purchasing Power of the Masses to Favor Growth in Asia Pacific *

Geographically, the market is fragmented into Latin America, Asia Pacific, the Middle East and Africa, North America, and Europe. Amongst these, North America procured USD 23.86 billion orthopedic medical devices market revenue in 2018.

This growth is attributable to the presence of adequate reimbursement policies, as well as surging incidence of orthopedic surgeries. Apart from these, availability of state-of-the-art treatment options and rising awareness among the patient pool regarding the presence of these advanced devices would contribute to the market growth.

Europe, on the other hand, is set to generate the second-largest market share in the coming years on account of the rising healthcare expenditure and increasing awareness campaigns about unique products. Asia Pacific would showcase a considerable CAGR because of the growing patient pool and increasing purchasing power of the masses in the developing nations, such as China and India.

*
*

*List of all the companies operating in the orthopedic medical devices market. They are as follows:*

· Smith & Nephew
· Stryker  
· Zimmer Biomet
· Medical Devices Business Services, Inc.
· NuVasive, Inc.
· Medtronic            
· Integra LifeSciences
· Wright Medical Group N.V.
· Össur Corporate
· Globus Medical
· Other prominent players

*
*

*Have Any Query? Ask Our Experts:* https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/orthopedic-devices-market-102586

*
*

*Global Orthopedic Devices Market Segmentations:*

*By Type*

·               Joint Reconstruction Devices

o              Knee

o              Hip

o              Extremeties

·               Spinal Devices

o              Spinal Fusion Devices

o              Spinal Non- Fusion Devices

·               Trauma Devices

·               Arthroscopy Devices

·               Orthobiologic Devices

·               Dental Implants

o              Endosteal Implants

o              Superperiosteal Implants

o              Transosteal Implants

·               Others

*By End User *

·               Hospitals

·               Orthopedic Clinic

·               Ambulatory Surgical Centers

·               Others

*By Geography*

·               North America (U.S. and Canada)

·               Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)

·               Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)

·               Latin America (Brazil, Mexico, and Rest of Latin America)

·               Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

*
*

*Get your Customized Research Report: *https://www.fortunebusinessinsights.com/enquiry/customization/orthopedic-devices-market-102586

*
*

*SECONDARY DATA SOURCES THAT WE REFER TO:*

· Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
· Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
· Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
· Industry journals and paid databases

*SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:*

· Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
· Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
· Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
· Number of procedures and average price of procedures
· Replacement rate and pricing of capital equipment
· Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
· Market & technological trends, new product developments, product pipeline.

*
*

*Have a Look at Related Reports:*

Sedation In ICU Setting Market Share and Global Trend By Drug/Drug Class (Propofol, Benzodiazepams (Midazolam, etc.), Dexmedetomidine, Remifentanil), & Geography Forecast till 2026

Acute Bacterial Skin And Skin Structure Infections (ABSSSI) Treatment Market Share and Global Trend By Infection Type (Hospital-acquired ABSSSI, Community-acquired ABSSSI), By Route of Administration (Oral, Parenteral), By Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy) and Geography Forecast till 2026

Regenerative Medicine Market Share and Global Trend By By Product (Cell Therapy, Gene Therapy, Tissue Engineering, Platelet Rich Plasma), By Application (Orthopaedics, Wound Care, Oncology), By Distribution Channel (Hospitals, Clinics) & Geography Forecast till 2026

Hyaluronic Acid Based Dermal Fillers Market Share and Global Trend By Crosslinking Type (Monophasic, Biphasic), By Application (Scar Treatment, Wrinkle Correction Treatment, Lip Enhancement, Restoration of Volume/ Fullness), By End User(Specialty & Dermatology Clinics, Hospitals & Clinics) and Geography Forecast till 2026

Botulinum Toxin Market Share and Global Trend By Application (Therapeutics, Aesthetics), By End User(Specialty & Dermatology Clinics, Hospitals & Clinics), By Type(Botulinum Toxin Type A, Botulinum Toxin Type B) and Geography Forecast till 2026

*
*

*About Us:*

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

*
*

*Contact Us:*

Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.

*Phone:*
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Fortune Business Insights™
LinkedIn | Twitter | Blogs

*
*

*Press Release: *https://www.fortunebusinessinsights.com/press-release/orthopedic-devices-market-9738

Full Article