Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Orthopedics Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 15, 2021 (GLOBE NEWSWIRE) -- The Global Orthopedics Market is expected to grow at a CAGR of around 3.9% from 2020 to 2027 and reach the market value of over US$ 72.4 Bn by 2027.
North America holds the dominating share in the global orthopedics market. The factors that contribute to the growth of the orthopedics market in North America involve surging orthopedics surgeries performed at the regional level and adequate reimbursement policies for these devices. Additionally, higher awareness among patient pool in this region acts as a stimulating factor for the growth of the regional market for orthopedics. On the other hand, Europe is considered the second-largest market for orthopedics. Frequent number of surgeries performed on patient pool, surge in awareness towards technologically advanced orthopedics devices, and rising healthcare expenditures by the population in European region contribute to the fullest for recording stimulating growth for orthopedics market.
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Asia Pacific market for orthopedics possesses lucrative opportunities for the prominent players for the growth of orthopedics market. Moreover, ever growing population base, increasing awareness about orthopedic implants or surgeries, rise in demand for advanced implants, and high demand for minimal invasive surgeries positively influence the Asia Pacific growth for orthopedics market. Additionally, high disposable incomes group present in developing economies like China and India, and rise in geriatric population are considered as prominent factors for burgeoning orthopedics implants market in APAC. It is further estimated that Asia Pacific will record remarkable CAGR for the growth of orthopedics market.
Segmental Analysis
The orthopedics market is segmented based on treatment, product type, and end-user. By treatment, the market is segmented as non-surgical treatment and surgical treatment. Further, by product type, the market is segregated as joint reconstruction devices, spinal devices, trauma devices, arthroscopy devices, orthobiologic devices, and others. Joint reconstruction devices are further segmented as knee, hip, and extremities. By spinal devices, the market is bifurcated as spinal fusion devices and spinal non-fusion devices. Furthermore, end-user is segmented as hospitals, ambulatory surgical centers, orthopedic clinics, and among others.
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Based on product type, reconstructive joint replacement occupy maximum market share in orthopedics market globally. Rising prevalence of osteoarthritis, medical innovations in joint replacements and rising investment by the prominent players for orthopedic devices bolster the growth of global orthopedics market. Apart from that, orthobiologics segment is anticipated to experience massive growth in the coming years for orthopedics market worldwide. This is highly supported due to surge in demand for advanced therapies, minimal invasive surgeries, and rising patient awareness towards utility of orthobiologics. These factors contribute to the fullest for the growth of global orthopedics market. Based on end-user, hospital segment holds dominating share from the past and is predicted that it will continue the same trend till the forecast period as hospitals are the adequate centers for the treatment of ever-growing population and chances of treatment or surgeries is higher for the patients being treated in hospitals. Therefore, hospitals have positive influence on the global orthopedics market to grow fully.
Some of the leading competitors are Johnson & Johnson Services, Inc., Zimmer Biomet, Stryker, Medtronic, Smith & Nephew, Wright Medical Group N.V., CONMED Corporation., Arthrex, Inc., Globus Medical, and among others.
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Some of the key observations regarding orthopedics industry include:
- In March 2019, Smith & Nephew, announced acquisition of Brainlab orthopedic joint reconstruction business. The acquisition supports Smith & Nephew’s strategy to invest in best in class technologies coupled with multi-asset digital surgery and robotic ecosystem. The acquisition and strategic collaboration enhance both the companies to accelerate research and development in the areas of digital surgery and augmented reality.
- In December 2019, Johnson & Johnson Services, Inc., announced acquisition of Verb Surgical Inc. The strategic collaboration enhances world class robotics and data science capabilities in acquisition with Johnson & Johnson's health care leadership and global reach advancements. Moreover, upsurge the medical intervention smarter, less invasive, and more personalized.
- In September 2017, Zimmer Biomet announced the launching of a new product namely, Persona Partial Knee System, the first significantly jointly developed new product of the company. This new product is the addition to Zimmer Biomet product portfolio that is a personalized and anatomically designed knee implant system.
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