Orthopedic Devices Market Growth – at a CAGR of 3.9% During Forecast Period 2019-2027
Emergen Research: Orthopedics Devices Market By Product, By Type (Joint Reconstruction, Spinal, Trauma, Arthroscopy, Dental Implants, Orthobiologics), By Application (Hip, Knee, Spine, Cranio-Maxillofacial (CMF), Dental, Sports Medical, Extremities, and Trauma (SET)), Forecasts to 2027
Increasing geriatric population, high risk of orthopedic diseases due to obesity and sedentary lifestyle, and rising demand for minimally invasive surgeries are expected to driver global market growth revenue growth
Emergen Research has recently published its latest report titled, “Orthopedics Devices Market By Product, By Type (Joint Reconstruction, Spinal, Trauma, Arthroscopy, Dental Implants, Orthobiologics), By Application (Hip, Knee, Spine, Cranio-Maxillofacial (CMF), Dental, Sports Medical, Extremities, and Trauma (SET)), Forecasts to 2027”
According to Emergen Research, the global orthopedics devices market size was USD 47.89 Billion in 2019 and is expected to reach USD 65.27 Billion in 2027 and register a revenue CAGR of 3.9% during the forecast period, 2020-2027.
Orthopedic devices are special equipment designed for correcting deformities or restoring the normal functioning of the skeletal system and improving overall patient life. Over the recent years, there has been a rapid increase in the demand for advanced orthopedic devices such as joint reconstruction devices, spinal devices, trauma devices, arthroscopy devices, and dental implants due to rising prevalence of musculoskeletal diseases, orthopedic diseases, sports injuries, road accidents and trauma cases across the globe. Various leading manufacturers are focused on introducing innovative products and are heavily investing in research and development activities.
Factors such as rapid advancements in orthopedic devices, rising number of orthopedic surgeries, and high adoption of latest orthopedic devices are key factors expected to drive global market revenue growth over the forecast period. In addition, growing awareness about these advanced products, improving healthcare infrastructure and increasing focus on developing more efficient biomaterials used in these devices are expected to fuel market growth going ahead. However, high cost of orthopedic devices, limited access to advanced orthopedic devices in many hospitals and ambulatory care centers in certain developing countries, and dearth of skilled healthcare professionals are some key factors that can restrain market growth between 2020 and 2027. In addition, stringent regulatory framework for product approval, and high risks of infection and compatibility with implants can also hamper global market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Accessories Segment Register Rapid Revenue Growth:
The accessories segment is expected to register rapid revenue growth over the forecast period. Rising number of orthopedic surgeries due to increasing prevalence of orthopedic diseases and road accidents across the globe, usage of sutures, screws, arthroscopies, and other consumables in surgeries, and high demand for advanced accessories are key factors expected to fuel revenue growth of the segment during the forecast period.
Knee Segment to Account for Largest Revenue Share:
The knee segment is expected to account for largest revenue share during the forecast period. This can be attributed to factors such as high geriatric population, rising incidence of osteoporosis, bone degenerative diseases, improving healthcare infrastructure, availability of advanced surgical procedures and devices, and rapid advancements in knee replacements surgeries.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period owing to increasing number of road accidents and orthopedic diseases, rising geriatric population, presence of well-developed healthcare infrastructure, and availability of advanced devices. In addition, rising number of orthopedic surgeries, high healthcare expenditure, presence of well-trained healthcare experts, and increasing investments in research and development activities are expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- CONMED Corporation
- Medtronic PLC
- Zimmer-Biomet Holdings Inc.
- Smith & Nephew PLC
- Aesculap Implant Systems LLC
- Stryker Corporation
- Donjoy Inc.
- DePuy Synthes
- NuVasive Inc.
- B. Braun Melsungen AG
For the purpose of this report, Emergen Research has segmented the global orthopedics devices market on the basis of product, type, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Surgical Devices
Type Outlook (Revenue, USD Billion; 2017-2027)
- Joint Reconstruction Devices
- Spinal Devices
- Trauma Devices
- Arthroscopy Devices
- Dental Implants
Application Outlook (Revenue, USD Billion; 2017-2027)
- Cranio-Maxillofacial (CMF)
- Sports Medical, Extremities, and Trauma (SET)
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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