Global Orthopedic Devices Market is to Register CAGR of 4.0% by 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. 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.
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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.
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.
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.
In 2017, Zimmer Biomet Holdings dominated the hip implants sub-segment, with a strong brand image and robust product portfolio. Its products included the Taperloc Hip System, the Arcos Modular Hip System and the G7 Acetabular System. Likewise, Stryker has a robust product portfolio, offering devices in the craniomaxillofacial, foot & ankle, joint replacement, spine and trauma & extremities segments. Its brands are Allograft Bio Implants, Delta, Advanced Midface Distractor and MEDPOR TITAN 3D Orbital Floor to name a few.
Impact of COVID-19:
The COVID-19 pandemic is anticipate to significantly restrict growth prospects for the global orthopedic devices market in the short-run. This is because patients are delaying elective procedures until the aftermath of the pandemic, resulting in reduce capital purchases such as advanced orthopedic devices. This is set to create a decline in key manufacturers’ revenue due to falling sales.
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However, a resurgence is anticipated in the latter-half of 2020 when the pandemic recedes significantly. As patients undergo orthopedic surgeries at that time, the demand for technologically enhanced devices will regain momentum. Presently, several countries have eased the curbs on social distancing, enabling important manufacturers to resume production operations, thus bridging the demand-supply gap.
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The research study on the global orthopedic devices market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global orthopedic devices market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of product (joint reconstruction, spinal devices, trauma fixation, orthopedic prosthetics, arthroscopy devices, orthopedic braces and support, orthopedic accessories and others) and end-user (hospitals, orthopedic clinics, ambulatory surgical centers and others) across five major regions.
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