A latest report from Absolute Markets Insights covers insights into the global Orthopedic Devices market. This comprehensive report offers insights into the market, models and drivers of business growth. Also includes Orthopedic Devices market share, sales volume and education charts. Research analysts have combined important and additional information, such as commitments from market leaders, into a well-crafted report. This report is an essential insight into strategies and information and is primarily aimed at business leaders. The main objective of this Orthopedic Devices report is to provide industry knowledge and help our clients achieve natural growth in their respective fields. The Orthopedic Devices report also shows a new uptrend that includes market conditions and market forecast 2022-2030.
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Some of the major players operating in the global Orthopedic Devices market include: Stryker Corporation, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, Becton Dickinson, and Company, Integra Lifesciences, DJO Global, NuVasive Inc., Globus Medical, Wright Medical, Orthofix, ConMed Corporation, and ConforMIS. New product launches, merger and acquisition, geographical expansion
Global orthopedic devices market was valued at US$ 42,670.0 million in 2022 and is estimated to reach US$ 58,400.0 million by 2030, growing at a CAGR of 3.55% over the forecast period.
The competitive landscape of the market study contains a broader analysis of the regions including North America, Europe, Asia-Pacific, Middle East and Africa, Latin America, which are expected to capture the essence of the market in its broadest category. The list encompasses significant players who manage the sector based on the system’s overall production capabilities, environmental contributions, appropriate channels, and territorial proximity through a system of primary and secondary research methodologies followed by an in-house analytical model. Furthermore, the generated income and a generalized market share for the market is presented with the help of graphs, charts and tables.
Furthermore, the report also contains important collaborations, mergers and acquisitions, key market trends and business policies are evaluated. The study contains primary and secondary information pertaining to the Orthopedic Devices Market in terms of its global status, market size, growth forecasts, trends, segments, and a detailed forecast.
Key insights from the report:
- The report provides key statistics on the market status of Orthopedic Devices Manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
- The report provides a basic overview of the industry, including its definition, applications and manufacturing technology.
- The report features the company profile, product specifications, capacity, production value and market share 2022-2030 for the top vendors.
- The total market is further divided by company, by country and by application/type for the analysis of the competitive landscape.
- The report then estimates the 2022-2030 market development trends of the P2P Loans industry.
- Analysis of upstream raw materials, downstream demand and current market dynamics is also performed.
- The report makes some important proposals for a new project of Orthopedic Devices Market before evaluating its feasibility.
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Covid-19 cumulative impact:
This study presents insights into COVID-19 on consumer behavior and changes in demand, purchasing patterns, supply chain reorganization, dynamics of market forces, and substantial government involvement. The new research provides insights, analysis, estimates and predictions in light of the effect of COVID-19 on markets. The Orthopedic Devices Market report provides a solid observation on the prominent players in terms of strategic analysis, micro and macro market trends and opportunities, pricing trends, and a generalized overview of the market. The Orthopedic Devices Market is a detailed study packed with primary and secondary market factors, market share, leading segments and a proper geographic analysis.
Key questions answered in this report:
- What will the market size and growth rate be in 2030?
- What are the key drivers of the global market?
- What are the key market trends impacting the growth of the global market?
- What are the market growth challenges?
- Who are the key vendors in the global market?
- What are the global market opportunities and challenges for sellers?
- What are the key findings of the global five-point analysis of the Orthopedic Devices market?
Globally, high prevalence of bone degenerative diseases such as osteoporosis and arthritis among elderly people and rising injuries road accidents and adventure sports are the major factors for the orthopedic devices market growth. Elderly population being are more susceptible to incur musculoskeletal disorders due to sedentary lifestyle and obesity represent a large patient base of various orthopedic devices.
Technological advancements such as robot assisted surgeries, development in 3D printing technology, and innovations in the orthobiologics are the other prominent factors supporting market growth. Recently, two big players invested heavily to have early mover advantage. Stryker Corporation spent more than US$ 1.7 billion to develop its Mako Robotic Arm Surgical System to perform knee and hip replacement surgeries. Medtronic acquired Israel based Mazor Robotics, a global leader in robot assisted surgery systems, in December 2018. With this acquisition, Medtronic started offering integrated approach towards surgical planning.
Orthopedic surgeons also making use of 3D printing technology to create reconstructions/models of the bone defects. With this technology turnaround time could be decreased to six weeks, as compared to six-month lead time, resulting in more and more demand for orthopedic surgeries.
Moreover, rising agreements in the orthobiologics industry are also creating a favorable environment for the orthopedic devices industry propagation. For instance, recently in July, 2019, Bioventus LLC and MTF Biologics announced to develop placental tissue product to treat musculoskeletal disorders. The agreement will initially focus on knee osteoarthritis.
However, the chances of infection and high probability of revision surgeries proves to be major hurdles in market expansion path. Low insurance penetration rate and poor reimbursement scenario in the developing nations on some of the devices hinder their adoption, and thus market growth.
Joint reconstruction, spinal devices, trauma fixation, orthobiologics, arthroscopic devices are the few major products used as orthopedic devices. Joint reconstruction devices market held largest share in 2018, and it is projected to grow with robust rate over the forecast timeframe. The growth is majorly driven by growing cases of osteoporosis and osteoporosis. Moreover, technological advancements in knee implant and surgical procedure coupled with quick discharge after surgical in ambulatory surgical centers will propel knee replacement market growth.
Globally, North America orthopedic devices market held largest market share and is estimated to dominate the industry over the forecast period. Presence of quality driven companies and healthcare will result in market expansion across the region. However, Mexico orthopedic devices market will restrain faster market evolution across the continent. On the other side, U.S. orthopedic devices market, being most lucrative, hold great promise over the forecast period. Introduction and adoption of most advance orthopedic devices, tools and surgical procedure will drive industry growth. High average household income and access to healthcare are the major reasons behind rising demand for the orthopedic devices.
Asia Pacific orthopedic devices market is forecast to grow rapidly owing to the presence of huge geriatric population across the region. India orthopedic devices market is one the most potential marketplace owing to improving healthcare system, per capita healthcare expenditure, disposable income and technological advancements. Indian market is not only driven by domestic growth, but also by orthopedic medical tourism. Lately, there has been rapid uptick in medical tourism in India and China due to low cost healthcare offered by these countries. With the burgeoning cost of orthopedic surgeries in the developed countries, India and China have become hubs for the medical tourism, resulting in industry growth in both respective regions.
The report provides both, qualitative and quantitative research of orthopedic devices market, it also provides penetrative insights into the rational scenario and favored development methods adopted by key contenders. The report also offers extensive research on the key players in the market and detailed insights into the competitiveness of these players. Key business strategies such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts adopted by major players are also recognized and analyzed in the report. For each company, the report recognizes its headquarter, competitors, product/service type, application and specification, pricing, and gross margin.
Global Orthopedic Devices Market Segmentation:
Global Orthopedic Devices Market By Product (Joint Reconstruction {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement, & Others}, Spinal Devices, Trauma Fixation, Orthobiologics, Arthroscopic Devices, And Others) – Global Insights, Growth, Size, Comparative Analysis, Trends And Forecast, 2022 – 2030
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