Global Orthopedic Devices Market Leaps with Advancements in Robotics, States Fairfield Market Research
LONDON, Feb. 3, 2021 /PRNewswire/ -- The high prevalence of musculoskeletal and osteoporosis-related conditions is expected to drive the demand for orthopedic devices market during the forecast years of 2020 and 2025. According to Fairfield Market Research, the orthopedic devices market is expected to reach US$59,688.8 Mn by 2025, surging steadily at a CAGR of 6.3%. The market has been on its toes with increasing participation in sporting activities. Growing number of female participants have added to the number of injuries, playing a pivotal role in raising the demand for orthopedic devices in the global market.
Technological advancement in robotics, 3D printing and computer-aided surgeries are expected to attract numerous orthopedic surgeries during the forecast period of 2020 and 2025. These technological advancements have resulted in increased adoption of minimally invasive surgeries for the orthopedic segment too. In several cases, patients are advised and surgeons opt for these kind of surgeries as they are precise, cost-effective and ensure a quick recovery time. These factors are likely to boost the demand for orthopedic devices in the global market.
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COVID-19 Results in Serious Economic Losses for Orthopedic Procedures
The spread of COVID-19 cases has resulted in uncertainty about the world economy. Advanced healthcare facilities across the world are involved in taking care of the ongoing pandemic. This has resulted in shortage of healthcare workers to address other illnesses hence, impacting the global orthopedic devices market. American Academy of Orthopedic Surgeons survey in May 2020 revealed that 34% of the patients postponed surgeries by more than 3 months due to COVID-19. The same survey has found that surgeons feel their facility will be back to pre-COVID-2019 levels of surgery in not less than 11 weeks.
The market is also facing other restraints due to COVID-19 such as disruption of the supply chain and limitations on elective surgical procedures worldwide.
Joint Reconstruction to Hold Dominant Share as Hip and Knee Replacement Procedures Rises
The global orthopedic devices market is segmented into orthobiologics, arthroscopy devices, trauma devices, spinal devices, reconstruction devices and others. Among these, the joint reconstruction segment is expected to dominate the global market as it held the largest market share of 37% in 2020. This segment's rise is attributable to increase in procedures such as shoulder and extremities reconstruction, hip and knee replacements and other musculoskeletal procedures related to joints.
The arthroscopy devices segment is also projected to grow at a significantly high growth rate as there has been a rise of sports-related soft tissue injuries and introduction of new products in this area.
Asia Pacific's Medical Tourism Makes a Strong Case for Orthopedic Devices Market
North America is expected to lead the global market as this region has higher participation in sporting activities. The U.S. Consumer Product Safety Commission NEISS data states that there were more than 3 million sports-related injuries in 2019. Furthermore, a huge pool of geriatric population is also expected to make a significant contribution to uptake of orthopedic devices as osteoarthritis remains highly prevalent. As of 2020, North America held a share of 46% in the global market.
Meanwhile, Asia Pacific also stands a strong chance of making its mark in the global orthopedic devices market as India remains central to growing medical tourism. The report states that healthcare costs in India are less by 20% as compared to the U.S., while Thailand is another 10% less. This difference in costs is expected to lure in an influx of patients in need of orthopedic procedures during the forecast period.
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Diverse Portfolio to Propel the Companies towards Growth
The key players in the market are focusing on investing in strategic collaborations to expand their product portfolio and introduce advanced orthopedic devices to patients. Medtronic announced an agreement to acquire Titan Spine in May 2019 to accelerate Medtronic's strategy to transform spinal procedures and improve outcomes through complete procedural solutions. Similarly, Johnson & Johnson Medical Shanghai and TINAVI signed strategic collaboration to expand digital surgery footprint for spine and trauma surgery. The market is shaped by constant innovations hence, making it more competitive for the players.
The key players operating in the global orthopedic devices market are Acumed LLC (Colson Associates, Inc.), Arthrex, Inc., B.Braun Aesculap, CONMED Corporation, DePuy Synthese (J&J), DJO (Colfax Corporation), Exactech, Globus Medical, Integra Lifesciences, Medtronic (Spine Division),Nuvasive, Orthofix Medical, Össur, Smith+Nephew, Stryker Corporation, Wright Medical (Stryker), Zimmer Biomet.
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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