In a recently published report, Orthopedic Devices Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Orthopedic Devices Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Orthopedic Devices Market is valued at approximately USD 38.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3% over the forecast period 2020-2027. An orthopedic device is a type of medical device used to alleviate the body posture through healing the deformities and reinstate the normal skeletal function either replacing or reinforcing the injured part. The devices are usually fabricated, using stainless steel and titanium alloy for strength, as well as plastic coating that acts as artificial cartilage. The most common medical devices for orthopedic are rods, plates, screws, and pins, which are extensively used for fixing fractured bones while they restore. These innovations with modern diagnostic procedures have substantially lowered the need for complicated surgical procedures in orthopedics, which is likely to accelerate the market growth worldwide. Moreover, the rise in the prevalence of orthopedic disorder due to the growing geriatric population, along with the increasing number of product launches and other initiatives opt by market players are few other factors responsible for the market growth over the forecast period.
For instance, in February 2019, Medtronic Plc launched a new demineralized bone matrix product namely, Grafton (TM) Demineralized Bone Matrix (DBM) bone grafting product in Japan. Similarly, in March 2019, Stryker corporation revealed a launch of a new visualization platform which is primarily developed to improve orthopaedical surgical productivity and the patient experience. Therefore, such key strategies adopted by market players are expected to accelerate the demand for Orthopedic Devices around the world. Although, the recent outbreak of COVID-19 pandemic around the world initiating the shutdown of much-civilized life, which resulted that medical device companies are highly insulated from economic disruptions due to which demand for orthopedic device are greatly affecting. This is due to the healthcare facilities and organization are mainly focused on treating patients with COVID-19, and thus, surgical procedures are likely to put on hold. Therefore, this factor will inhibit the usage of orthopedic devices. However, the high cost involved in orthopedic implants treatment and stringent FDA regulation & biocompatibility issues are the major factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Orthopedic Devices market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the increasing number of orthopedic surgical procedures, along with the presence of new technology-based device manufacturers in the region. Whereas, Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the increasing prevalence of orthopedic disorder, growing geriatric population, and improving healthcare infrastructure would create lucrative growth prospects for the Orthopedic Devices market across the Asia-Pacific region.
Major market player included in this report are:
Zimmer Biomet Holdings, Inc.
Smith & Nephew plc
Aesculap Implant Systems, LLC
DJO Global, Inc.
B. Braun Melsungen AG
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
Sports Injuries and Extremities and Trauma (SET)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Orthopedic Devices Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
About Kenneth Research
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