Global Orthopedic Devices Market is all set to reach US$ 59,688.8 Mn by 2025 from US$ 44,034.9 Mn in 2020
Fairfield Market Research highlights that the global orthopedic devices market is expected to witness a CAGR of 6.3% during the forecast years of 2020 and 2025. As the economy and patient sentiment limp back to normalcy, the research report estimates that the global market will be worth US$59,688.8 Mn by the end of 2025. All through 2020, the global orthopedic market witnessed a slump as elective surgeries remained cancelled and postponed as the COVID-19 wave gripped the healthcare systems tightly. However, as the pandemic wave ebbs, analysts predict the demand for orthopedic devices will stem from pending surgeries and new ones.
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Sophisticated Robotics Build Patient Confidence Prompting Sales of Orthopedic Devices
Advancements in robotics have been the key driver for the global orthopedic devices market as the technology has strengthened the demand for minimally invasive surgeries. Robot-assisted surgeries have set a new precedent for precision and accuracy, leaving no room of error or misjudgement. Shorter hospital stays with robotic and minimally invasive surgeries have reduced financial burden on patients and allowed hospitals to improve patient care. Lesser post-operative complications with minimally invasive surgeries have increased the demand for orthopedic devices market as procedures have gained the reputation of higher success rate.
Orthopedic Procedures Sprint as Sporting Events Draw Closer
Increasing number of sports injuries in addition to accidents have had a positive effect on the sales of orthopedic devices. Analysts anticipate that the global market is poised to benefit from the growing participation of women in sports, which needless to say adds to the number of athletes, thereby increasing the chances of injuries. While sporting events such as the Olympics took a complete backseat with COVID-19, this trend intends to contribute as training facilities return to normal to prepare for Olympics 2021.
Active Lifestyle to Generate Demand for Sports Medicine
Fairfield Market Research assesses that the joint reconstruction segment will remain the highest revenue generator. According to Centers for Disease Control and Prevention (CDC), the number of joint arthroplasty (TJAs) surgeries are expected to see a four-fold rise by 2030 in the U.S. alone. A thorough evaluation of the market suggests that the hip, knee and extremities replacement procedures will remain instrumental to this segment’s growth during the forecast period.
Meanwhile, sports medicine is also expected to show promising growth during the forecast period. Besides professional sporting activities, an active lifestyle, increasing number of gym-goers and fitness enthusiasts are also expected to contribute to the demand for sports medicine in the next five years.
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Asia Pacific’s Medical Tourism Draws Global Attention
Geographically speaking, the Asia Pacific is expected to emerge as the key leading market as trauma injuries remain on the rise. This regional market has a unique feature of burgeoning medical tourism allowing patients solutions for critical orthopedic care at affordable prices. India and Thailand have been identified as medical tourism hubs that will keep Asia Pacific orthopedic devices market at the forefront.
Some of the key players studied in this market research report are Acumed LLC (Colson Associates, Inc.), Arthrex, Inc., Exactech, CONMED Corporation, B.Braun Aesculap, DePuy Synthese (J&J), DJO (Colfax Corporation), Globus Medical, Medtronic (Spine Division), Integra Lifesciences, Nuvasive, Orthofix Medical, Össur, Stryker Corporation, Smith+Nephew, Wright Medical (Stryker) and Zimmer Biomet. Players are expected to make sizeable investments and remain focussed on mergers and acquisitions to stay ahead of the competition. For instance, Stryker acquired Wright Medical to lead the market and assert its dominance.