The global orthopaedic devices market size is projected to reach USD 68.51 billion by the end of 2027. The surging investments in research and development activities to launch new products will propel the market growth. According to a report published by Fortune Business Insights™, titled “Orthopedic Devices Market Size, Share & Industry Analysis, By Type (Joint Reconstruction Devices, Spinal Devices, Trauma Devices, Orthobiologic Devices, Arthroscopy Devices, and Others), By End User (Hospitals, Orthopedic Clinic, Ambulatory Surgical Centers, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 53.44 billion and will exhibit a CAGR of 6.6% during the forecast period, 2020-2027.
List of Major Orthopedic Devices Manufacturers Profiled in the Report:
- Stryker (Kalamazoo, U.S.)
- Johnson & Johnson Services, Inc. (New Jersey, U.S)
- Zimmer Biomet (Warsaw, U.S.)
- Smith & Nephew (Hertfordshire, U.S.)
- Medtronic (Dublin, Ireland)
- NuVasive, Inc. (California Inc.)
- Arthrex Inc. (Florida, U.S.)
- Globus Medical (Pennsylvania, U.S.)
- Össur Corporate (Reykjavik, Iceland)
- Integra LifeSciences (New Jersey, U.S.)
- Other prominent players
What Does This Report Contain?
This report includes in-depth information associated with change in material usage, new product launches, and technological advancements. It provides market dynamics based on various factors, such as opportunities, challenges, drivers, hindrances, and dynamics. At the same time, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
DRIVERS & RESTRAINTS-
Increasing
Number of Company Mergers will Accelerate Growth
The research report encompasses several factors that
have contributed to the growth of the overall market in recent years.
Accounting to the increasing number or orthopedic surgical procedures across
the world, there has been an increasing demand for the product. This has
resulted in a healthy market competition. As a result, companies are looking to
adopt strategies such as collaborations and mergers with other businesses in
this sector, with the aim of establishing a strong brand presence. In addition
to this, the increasing prevalence of osteoporosis, coupled with the rising musculoskeletal
disorders across the world will lead to an increase in the demand for the
product.
Read Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/orthopedic-devices-market-102586
IMPACT OF COVID-19-
COVID-19
Pandemic to Delay Orthopedic Surgical Procedures
The recent coronavirus outbreak has had a negative impact on several industrial sectors across the world. Accounting to the rapid spread of the disease, governments in numerous countries have implemented strict measures to control the virus. These measures have had a drastic impact on medium and small scale businesses and evidently, only larger businesses were able to sustain the negative traits of the pandemic. The delays in elective surgical procedures will restrict the growth of the orthopedic devices market in the coming months. Having said that, the efforts taken to unlock lockdowns and restore normality will bring relief to these companies in this sector.
REGIONAL INSIGHTS-
North America to Emerge Dominant; Increasing Number of Orthopedic
Surgical Procedures to Bolster Growth
The report analyzes the ongoing market
trends across North America, Asia Pacific, Europe, the Middle East &
Africa, and Latin America. Among all regions, the market in North America is projected
to emerge dominant in the coming years. The increasing prevalence of
musculoskeletal disorders, coupled with the rising number of orthopedic
surgeries will augment growth. As of 2019, the market in North America was
worth USD 24.74 billion and this value is projected to rise at a considerable
pace in the coming years.
Besides North America, the market in Europe will grow considerably driven by the increasing awareness of the adoption of advanced orthopedic surgical procedures in countries such as Germany, France, and the U.K.
COMPETITIVE LANDSCAPE-
Key Players Focus on Diversifying Portfolios to Attract More
Customers
Most of the companies operating in the
global market are focusing on possessing diversified product portfolios to
attract more customers. They are therefore conducting persistent research
studies to come up with novel devices. Some of the others are joining hands
with renowned firms to strengthen their positions.
INDUSTRY DEVELOPMENTS:
- September 2019: Medical Devices Business Services, Inc. announced that it has signed an agreement with JointPoint Inc. for its takeover. Through this the company will gain access to the company’s exceptional portfolio of surgical software.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/orthopedic-devices-market-9738
No comments:
Post a Comment