Orthopedic Devices Market to Generate $47.79 Bn, Globally, by 2026 at 3.1% CAGR: AMR

Increase in incidence of orthopedic injuries or diseases along with surge in aging population worldwide drive the global orthopedic devices market.

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Allied Market Research

Jun 30, 2020, 09:30 ET

PORTLAND, Oregon, June 30, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Orthopedic Devices Market by Product (Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, and Screw Drivers), Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, and Sports Injuries and Extremities and Trauma Orthopedic Devices): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global orthopedic devices industry generated $37.29 billion in 2018, and is projected to garner $47.79 billion by 2026, witnessing a CAGR of 3.1% from 2019 to 2026.

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Prime determinants of growth

Increase in incidence of orthopedic injuries or diseases such as osteoporosis, traumatic fractures, osteoarthritis, and rheumatoid arthritis along with surge in aging population worldwide drive the global orthopedic devices market. However, high costs of different procedures that include orthopedic implants & treatments and stringent government policies restrain the market growth. Contrarily, huge potential in emerging countries offer lucrative opportunities in the coming years.

Covid-19 Scenario

As the coronavirus pandemic spreads its wings, some of the medical procedures have been delayed by hospitals and medical fraternities. Moreover, patients have postponed their surgeries to prevent probability of infection. So, the orthopedic device demand would experience downfall.
With lockdown imposed in many countries, the shortage of raw materials supply has occurred. Though few factories have been reopened as lockdown restrictions ease off, the shortage will be there.

The accessories segment to contribute to the highest share in terms of revenue

On the basis of product, the accessories segment accounted for nearly one-third of the total share of the global orthopedic devices market in 2018, and is estimated to contribute to the highest share in terms of revenue during the forecast period. This is attributed to utilization of supporting fractured bones following the surgeries. However, the drill guide segment is expected to portray the fastest CAGR of 3.7% from 2019 to 2026, owing to frequent utilization of drill guide by orthopedic surgeons for most of the surgeries.

The knee orthopedic devices segment to maintain its lead position by 2026

By application, the knee orthopedic devices segment held the highest share, accounting for nearly one-fourth of the global orthopedic devices market revenue in 2018, and is estimated to maintain its lead position during the forecast period. This is due to rise in usage of knee orthopedic devices in knee replacement, rheumatoid arthritis, and posttraumatic arthritis. However, the hip orthopedic devices segment would manifest the highest CAGR of 3.7% during the forecast period. This is attributed to surge in osteoarthritis that is commonly found in the patients who fail conservative care.

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North America to maintain its dominance during the forecast period

Based on region, North America accounted for the highest share based on revenue of the global orthopedic devices market, holding nearly two-fifths of the total share in 2018, and is estimated to maintain its dominance during the forecast period. Rise in demand for advanced healthcare services with presence of well-developed healthcare infrastructure along with huge reimbursement coverage are the factors responsible for the market growth. However, Asia-Pacific is estimated to register the largest CAGR of 4.4% from 2019 to 2026, owing to surge in metabolic disorders, large population base, and improvement in patient awareness about orthopedic devices.

Leading market players

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
Zimmer Biomet Holdings, Inc.

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