Global Orthopedic Devices Market Trends And Strategies Of Major Players In The Orthopedic Devices Market 2020
16 Dec, 2020
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The global orthopedic devices market is expected to decline from $52.7 billion in 2019 to $39.3 billion in 2020 at a compound annual growth rate (CAGR) of -25.6%. The decline is mainly due to COVID-19 outbreak and the measures to contain it. Several medical care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. The orthopedic surgeries have been postponed and, in some cases, cancelled due to the nations lockdown. The restrictions on non-essential medical services including orthopedic services coupled with slowed production of orthopedic devices and implants due to extending factory closures in various countries is contributing to the markable decline in the market growth. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $63.6 billion in 2023.
The orthopedic devices (or) equipment market consists of sales of orthopedic devices and related services by entities (organizations, sole traders and partnerships) that produce orthopedic devices used in treating bone abnormalities. This industry includes establishments that produce devices used in joint reconstruction, spinal surgeries, craniomaxillofacial surgeries and orthobiologics implants. It also includes establishments manufacturing orthopedic accessories to fix or remove implants from the body and artificial devices to replace missing body part from the body under orthopedic prosthetics.
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The global orthopedic devices market is further segmented based on type, end-user, type of expenditure, product and geography.
By Type: Joint Reconstruction Devices And Equipment, Spinal Surgery Devices And Equipment, Trauma Fixation Devices And Equipment, Orthobiologics Devices And Equipment, Arthroscopy Devices And Equipment, Orthopedic Braces And Support Devices And Equipment, Craniomaxillofacial (CMF) Devices And Equipment, Orthopedic Prosthetics, Orthopedic Accessories.
By End User: Hospitals And Clinics, Diagnostic Laboratories, Others.
By Type of Expenditure: Public, Private.
By Product: Instruments/Equipment, Disposables.
By Geography: The global orthopedic devices market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American orthopedic devices market accounts for the largest share of 44% in the global orthopedic devices market 2019.
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Trends In The Orthopedic Devices Market
Biodegradable implants are increasingly being used in trauma orthopedic surgeries. Biodegradable implants are used to replace a missing biological structure, support a damaged biological structure, and enhance the existing bone structure. Biodegradable products such as reabosorbable polymers composed of polyglycolic acid and poly lactic acid manufactured in the form of plates, screws, and pins are replacing traditional devices like plates and screws which are more expensive. Surgeons are preferring biodegradable implants to replace conventional implants, as biodegradable implants can be engineered to provide temporary support for bone fractures; can degrade at a rate matching new tissue formation; can eliminate the need for second surgery, are highly useful in fracture fixation in children; and result in less implant related infections.
Orthopedic Devices Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides orthopedic devices market overviews, analyzes and forecasts market size and growth for the global orthopedic devices market, orthopedic devices market share, orthopedic devices market players, orthopedic devices market segments and geographies, orthopedic devices market’s leading competitors’ revenues, profiles and market shares. The orthopedic devices market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.