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Global Orthopedic Devices Market to Expand CAGR of 4.0% Through 2026

The global orthopedic devices market is set to expand modestly, registering a moderate CAGR of 4.0% throughout the forecast period (2020-2026). A rapidly expanding geriatric population pool as well as increasing incidence rates of accidents and sports injuries are major factors contributing to the growth of the global orthopedic devices market.

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Moreover, technological advancements such as minimally invasive surgeries, artificial intelligence, 3D-bioprinting and tissue engineering, custom-made implants and development of variable axis screw systems are anticipated to provide a significant boost to the market.

However, the coronavirus pandemic is anticipated to limit growth prospects, with patients delaying elective surgical procedures in favor of treatment for COVID-19 infected patients. However, with social distancing measures being relaxed, the market is expected to witness a gradual resurgence, attributed to the restoration of production and manufacturing capacities of key industrial players, thus ameliorating the demand-supply gap.

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Key Takeaways of Global Orthopedic Devices Market Study:

  • By product, the joint reconstruction segment shall dominate the market, acquiring a market share exceeding 30%. This is followed by the spinal devices segment, capturing 1/4th of the global orthopedic devices market. A large patient pool awaiting joint replacements and technological advancements in neurological surgeries are key growth drivers.
  • By end-user, orthopedic clinics are expected to gain significant traction. The segment is poised to expand 1.3x in the forecast period. However, the hospitals segment shall continue its dominance, capturing nearly half of the global orthopedic devices market.
  • By region, North America is expected to dominate the global orthopedic devices market, while Asia-Pacific shall expand the fastest. Growth in demand for orthopedic surgeries has attracted key market players to establish their businesses in North America while rising per capita healthcare expenditure is stimulating market growth in Asia-Pacific.

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“Rising emphasis on technological innovations is anticipated to accelerate the growth of the global orthopedic devices market. Key manufacturers are exploiting this knowledge to develop new pipeline products,” infers a Fact.MR analyst.

Global Orthopedic Devices: Market Segmentation

Fact.MR has studied the global orthopedic devices market with detailed segmentation on the basis of product, end-user and region.

Product End-User Region
Joint Reconstruction:

  • Hip Replacement:
  • Total Hip Replacement Implant
  • Partial Hip Replacement Implant
  • Hip Resurfacing Implant
  • Revision Hip Replacement Implant

Knee Replacement:

  • Total Knee Replacement Implant
  • Partial Knee Replacement Implant
  • Revision Knee Replacement Implant

Elbow & Shoulder Replacement

Others

Hospitals North America
Spinal Devices:

  • Spinal Fusion Devices
  • Spinal Non-fusion Devices
Orthopedic Clinics Europe
Trauma Fixation:

  • Metal Plates & Screws
  • Pins/Wires
  • Nails and Rods
  • Others
Ambulatory Surgical Centers Asia Pacific
Orthopedic Prosthetics:

  • Lower Extremity Orthopedic Prosthetics
  • Upper Extremity Orthopedic Prosthetics
Others Latin America
Arthroscopy Devices   Middle East & Africa (MEA)
Orthopedic Braces and Support:

  • Upper Extremity Braces and Support
  • Low Extremity Braces and Support
 
Orthopedic Accessories:

  • Bone Cement
  • Casting System
  • Removal Systems
   
Others    

 

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Robust Product Portfolio, Key to Market Players’ Strong Presence:

The global orthopedic devices market is consolidated, dominated by the following top four players: Zimmer Biomet, Johnson & Johnson, Stryker and Smith & Nephew. Collectively, these companies account for nearly 55% of the market share. Therefore, the degree of competition from new entrants is quite low. Innovations in 3D printing and personalization implants technology are anticipated to fuel the growth of emerging players in the hip implants sub-segment. Important players in the hip implants segment include Smith & Nephew, DJO Global, Inc., Wright Medical Group N.V., and Exactech, Inc.

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