Orthopedic Devices Market to grow at a Significant Rate During the Forecast Period
Increasing cases of musculoskeletal conditions among the
geriatric population drives the growth of Global Orthopedic Devices Market.
According
to TechSci Research report, “Global Orthopedic Devices Market By Type (Joint
Reconstruction Devices, Spinal Devices, Trauma Devices, Ortho-biologics,
Others) By Application (Hip Orthopedic Devices, Knee
Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic
Devices, Dental Orthopedic Devices, Others) By End User (Hospitals &
Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast &
Opportunities, 2026”,
the global orthopedic devices market is anticipated for an impressive boost in
the upcoming five year, 2022-2026. The market has shown a consistent growth
with influential CAGR in past five years until 2019. The factors like
increasing cases of bone damages and orthopedic concerns among the old
population is expected to be driving the market growth in the forecast years.
Moreover, advanced technologies are being developed, and government investments
for these devices will ensure a painless and effective treatment for the
orthopedic issues thus driving the growth of the global orthopedic devices
market.
Also,
the rising number of traumatic injuries require an early diagnostic and
non-surgical treatments to help with the unbearable pain for the patient. The
increasing traumatic injuries’ cases are anticipated to drive the growth of the
global orthopedic devices market in the forecast years.
Due
to the onset of COVID-19 and imposition of complete lockdown to mitigate the
coronavirus, there has been shutdown of many manufacturing units and disruption
in the supply chain resulting in interrupted production and lesser supply of
the orthopedic devices all around the globe. Also, the economy has been
adversely affected in many countries resulting in the hinderance to the growth
of the orthopedic devices market. However, after relief from lockdown market is
again going to pick up pace to grow significantly.
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The global orthopedic devices market is segmented by
type, application, end user, and regional distribution. Based on application
the market is further categorized into hip orthopedic devices, knee orthopedic
devices, spine orthopedic devices, craniomaxillofacial orthopedic devices,
dental orthopedic devices, and others. Increasing cases of knee and hip
replacement is going to make major impact of the increasing shares of knee
orthopedic devices, and hip orthopedic devices, thus driving the growth of
global orthopedic devices market.
Moreover, government is spreading the awareness
regarding the availability of the orthopedic devices, continuous advancement in
the technology of these devices is forcing the end users to continuously
upgrade their devices thus driving the growth of the orthopedic market. Also,
government reimbursement for the orthopedic treatment plans will fuel the
adoption of these devices for a painless treatment thus driving the forecast
growth of the global orthopedic devices market.
Some of the major competitors in the market are Medtronic
Plc., Stryker Corporation, B. Braun Melsungen AG, Conmed Corporation, Smith
& Nephew plc, Johnson & Johnson Private Limited, NuVasive, Inc., Zimmer
Biomet Holdings, Inc., Arthrex, Inc., DJO Global, Inc., Aesculap Implant
Systems, LLC, Globus Medical Inc, Wright Medical Group N.V., DJO, LLC., Integra
Lifesciences Corporation, among others. The companies are
focusing on extensive research and developments activities to stay competitive
in the market. Other competitive strategies include formation of alliances and
partnerships.
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“Technological advanced devices are
readily sold in the developed countries, that reduces the cost of older
versions of these devices that can be introduced in the developing countries.
North America has the highest demand of technologically advanced products
whereas Asia-Pacific region can be a big market for the older versions of the
product thus introducing the idea of better healthcare. Moreover, booming
medical tourism is also effective toward the growth of the global orthopedic
devices market,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based Global management consulting firm.
“Global Orthopedic
Devices Market By Type (Joint Reconstruction Devices, Spinal Devices, Trauma
Devices, Ortho-biologics, Others) By Application (Hip Orthopedic Devices, Knee
Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic
Devices, Dental Orthopedic Devices, Others) By End User (Hospitals &
Clinics, Ambulatory Care Centers, Others) By Region, Competition Forecast &
Opportunities, 2026”, has evaluated the future growth potential
of Global Orthopedic Devices and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Orthopedic
Devices.
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