Orthopedic Market Report
Orthopedic Market, By Product (Accessories [Braces, Consumables, Others], Surgical Devices [Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, Screw Drivers, Others), By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Sports Injuries, Extremities and Trauma (SET) Orthopedic Devices), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global orthopedic market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Orthopedic Market, By Product (Accessories [Braces, Consumables, Others], Surgical Devices [Drill Guide, Guide Tubes, Implant Holder, Custom Clamps, Distracters, Screw Drivers, Others), By Application (Hip Orthopedic Devices, Knee Orthopedic Devices, Spine Orthopedic Devices, Craniomaxillofacial Orthopedic Devices, Dental Orthopedic Devices, Sports Injuries, Extremities and Trauma (SET) Orthopedic Devices), and Region...
Impact of COVID-19 on Orthopedic Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Orthopedic Market is estimated to grow from USD 38.2 billion in 2020 to USD 46.4 billion by 2026 at a healthy CAGR of 3.3% during the forecast period.
Orthopedic implants are manufactured to switch or support a missing or damaged bone or joint. These implants are intended to treat deformities, stabilize body posture, and restore normal skeletal function. The orthopedic implants market has witnessed a shift from conventional surgical procedures to the employment of recent fixation and prosthetic devices.
Key players operating in the orthopedic market are-
The demand for orthopedic has increased significantly, mainly due to the rise in the geriatric population, which increases the risk of osteoarthritis, osteoporosis, technological innovations in orthopedic implants, and other musculoskeletal disorders. However, high costs associated with procedures involving orthopedic implants treatment and stringent government policies for approval of orthopedic implants can hamper the orthopedic implants market growth during the review period.
Based on application, the market has been classified into hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, craniomaxillofacial orthopedic devices, dental orthopedic devices, sports injuries, extremities, and trauma orthopedic devices. The knee orthopedic devices segment accounted for a substantial market share in 2020. This is mainly attributed to the rising volume of knee surgeries, which proliferates segment growth.
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly ascribed to the increasing target patient population due to aging along with rising car accidents are propelling the number of orthopedic surgeries in the region. The high prevalence of orthopedic conditions along with the adoption of advanced treatment procedures is projected to augment market growth in the U.S., further bolstering the regional growth.
The COVID-19 outbreak positively influenced the growth of the orthopedic market. With the surge in covid-19 cases, healthcare professionals across geographies were emphasizing treating corona-infected patients and other essential healthcare services. Additionally, the number of people visiting hospitals for non-emergency medical issues declined due to fear of infection.
Here is the list of the group of customers that the orthopedic market hopes to have the greatest opportunity to convert-
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The orthopedic market is expected to witness an impressive growth of 3.3% CAGR in the coming years.
B. Braun Melsungen AG (Germany), AGIS Network Inc. (US), Amedica Corp. (US), Arthrex Inc. (US), Boston Scientific Corporation (US), Integra LifeSciences Corporation (US), Johnson & John-son (US), Medtronic PLC (Ireland), Smith & Nephew PLC (UK), and Stryker Corporation (US) are among the key players in the orthopedic market.
The orthopedic market size is expected to reach USD 46.4 billion in the foreseeable future.
The knee orthopedic devices segment accounted for a substantial market share in 2020.
North America is expected to remain dominant in the orthopedic market in the next five years.
Orthopedic distributors, Orthopedic suppliers, Orthopedic manufacturers, Hospitals, Government bodies are the target audience in the orthopedic market.