New York, USA, Dec. 14, 2022 (GLOBE NEWSWIRE) — The Global Orthopedic Devices Market to Reach USD 57 Billion by 2027, Assesses DelveInsight
As per DelveInsight analysis in the orthopedic devices market, the rise in the number of bone disorders, increasing cases of occupational and non-occupational injuries, growing old age population, and the latest technological developments in product design are likely to propel the global orthopedic devices market.
DelveInsight’s Orthopedic Devices Market Insights report provides the current and forecast market analysis, individual leading orthopedic devices companies’ market shares, challenges, orthopedic devices market drivers, barriers, and trends, and key orthopedic devices companies in the market.
Key Takeaways from the Orthopedic Devices Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global orthopedic devices market during the forecast period.
- Notable orthopedic devices companies such as Stryker Corporation, Zimmer Biomet, Johnson and Johnson, Enovis, Smith & Nephew PLC, Medtronic PLC, Boston Scientific Corporation, NuVasive Inc., Globus Medical Inc., ConMed Corporation, Bioventus, Orthofix, Colson Medical LLC, Exactech Inc., Medacta International, Surgalign Holdings, Paragon 28 Inc, Orthofix, Arthrex Inc., Seimens, Bosch Global, and several others are currently operating in the orthopedic devices market.
- In August 2022, the US Food and Drug Administration (FDA) granted 510(k) clearance for MicroPort Navibot’s robot-assisted SkyWalker System for orthopedic applications.
- In May 2022, Orthofix US LLC got approval from the FDA for its orthopedic device AccelStim Bone Growth Stimulator in Texas, USA, which can be used in cases of bone fractures.
- In March 2022, Stryker launched the Insignia Hip stem, used for total hip stem arthroplasty and hemi-arthroplasty processes, at the American Academy of Orthopedic Surgeons Annual Meeting.
- In June 2021, Medtronic received FDA clearance for UNiD rods, screws, and fusion devices using Artificial Intelligence Technology to treat spinal injuries.
- Thus, owing to such developments in the market, rapid growth will be observed in the Orthopedic Devices market during the given forecast period.
To read more about the latest highlights related to the orthopedic devices market, get a snapshot of the key highlights entailed in the Global Orthopedic Devices Market Report
Orthopedic Devices Overview
Orthopedic devices can be defined as any device, physical support, or implant assisting the human body, mostly in the skeletal system to restore damaged bones, joints, ligaments, and other neighboring structures to recover primary functional locomotive abilities.
Orthopedic devices are designed to stabilize the body posture by treating deformities and restoring normal skeletal function by replacing or reinforcing the damaged part. Furthermore, when combined with modern diagnostic techniques, these advancements have significantly reduced the need for complex surgical procedures in orthopedics.
Orthopedic Devices Market Insights
The global orthopedic devices market is studied geographically in North America, Europe, Asia-Pacific, and the Rest of the World. North America currently leads the global orthopedic devices market in terms of revenue share and is expected to maintain this position throughout the study period. This is due to the presence of a large patient pool suffering from bone disorders such as osteoarthritis, osteoporosis, and others. In addition to an increase in the number of cases of bone disorders, the number of occupational and non-occupational injuries in the United States has increased. Thus, the presence of a large patient base, combined with manufacturers’ increased focus on launching new products in the orthopedic devices market, is expected to support the growth of the orthopedic devices market in the United States during the forecast period.
To know more about why North America is leading the market growth in the orthopedic devices market, get a snapshot of the Orthopedic Devices Market Outlook
Orthopedic Devices Market Dynamics
The global orthopedic devices market is expected to grow significantly due to factors such as the rising prevalence of bone disorders such as osteoporosis, osteoarthritis, and others, increasing geriatric population, increasing cases of occupational and non-occupational injuries coupled, latest technological developments in product design coupled with increasing regulatory approvals are expected to result in appreciable revenue growth in the orthopedic devices market.
However, the availability of alternative therapies and complications associated with orthopedic devices, particularly implants, may act as restraints on the orthopedic devices market growth.
Furthermore, the orthopedic devices market experienced a brief period of market restraint due to implementing lockdown as necessary measures to break the chain of COVID-19 infection transmission. The COVID-19 pandemic necessitated a massive reorganization of healthcare services and medical procedures. During the COVID-19 crisis, many countries separated medical procedures based on the need for urgent medical care to streamline the workflow, and various elective medical procedures were suspended. To focus more on dealing with the COVID-19 situation, most countries adopted surgical procedures only in cases of immediate urgency.
However, the easing of lockdown restrictions, opening up of industries, and resumption of regular clinical visits in the healthcare sector have been positive for the orthopedic devices market during the forecast period.
Get a sneak peek at the orthopedic devices market dynamics @ Orthopedic Devices Market Dynamics Analysis
|Orthopedic Devices Market CAGR||4.78%|
|Projected Orthopedic Devices Market Size by 2027||USD 57.79 Billion|
|Key Orthopedic Devices Companies||Stryker Corporation, Zimmer Biomet, Johnson and Johnson, Enovis, Smith & Nephew PLC, Medtronic PLC, Boston Scientific Corporation, NuVasive Inc., Globus Medical Inc., ConMed Corporation, Bioventus, Orthofix, Colson Medical LLC, Exactech Inc., Medacta International, Surgalign Holdings, Paragon 28 Inc, Orthofix, Arthrex Inc., Seimens, Bosch Global, among others|
Orthopedic Devices Market Assessment
- Orthopedic Devices Market Segmentation
- Market Segmentation By Technology Type: Implants, Supports, and Others
- Market Segmentation By Application: Knee Orthopedic Devices, Hip Orthopedic Devices, Wrist Orthopedic Devices, Shoulder Orthopedic Devices, Spine Orthopedic Devices, Ankle Orthopedic Devices, and Others
- Market Segmentation By End User: Hospitals, Orthopedic Clinics, Ambulatory Surgical Centres, and Others
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the orthopedic devices market are set to emerge as the trendsetter explore @ Orthopedic Devices Companies
Table of Contents
|3||Regulatory and Patent Analysis|
|4||Key Factors Analysis|
|5||Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Orthopedic Devices Market|
|7||Orthopedic Devices Market Layout|
|8||Global Company Share Analysis – Key 3-5 Companies|
|9||Orthopedic Devices Market Company and Product Profiles|
Interested in knowing the orthopedic devices market by 2027? Click to get a snapshot of the Orthopedic Devices Market Trends
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