Orthopedic Devices Market Drivers, Growth, Trends, COVID-19 Impact and Forecast Report to 2020 - 2030
Overview:
The global report with details
covering the Orthopedic
Devices Market is projected to reach USD 53.8
Billion by 2030 at 6.5% during the forecast period (2022-2030). Market Research
Future (MRFR) discussed the growing number of accidents, trauma, hike in
geriatric population, demand for minimally invasive surgeries, better funding
for research, and others as major factors working for the surge in revenues for
the market. In developing regions, improving the healthcare sector would also
dominate the regional market growth.
Competitive Landscape:
The global market for orthopedic
devices would gain from the strategic implementations of companies like
·
Globus Medical, Inc.,
·
Medtronic, Stryker Corporation,
·
DePuy Synthes Companies (Part of
Johnson & Johnson Services, Inc.),
·
Smith & Nephew plc,
·
NuVasive, Inc., and
·
Zimmer Inc.
Regional Analysis:
The Americas would lead the market
as the region has a substantial infrastructure to promote changes. The constant
influx of various types of investments from government and private bodies,
better incorporation of technologies, and others would help the global market
for orthopedic
devices grow. North America would benefit the
most from the presence of Canada and the US. These two countries are known for
their budgetary expenditure and superlative infrastructure. These two factors,
along with others, are also backing the European market where the growth is
notable in countries like France, the UK, Germany, Italy, and Russia, among
others. The Eastern part of Europe is a bit weak due to the financial crunch.
But growing investment for research-related works and participation from
private companies would ensure a strong market presence.
In the Asia Pacific, China, Japan,
and India would dominate the market as the region has high scope for market
expansion. In China and India, developing healthcare infrastructure would
accommodate a huge intake of these devices, which would boost the regional
market revenues. South Korea would also boost market prospects.
These tactical moves include
various plans like mergers, marketing strategies, collaborations, hike in
funding for research, Innovations, new product launches, market expansion
plans, exploration of newer opportunities, growth in acquisitions and joint
ventures, and others. MRFR listed these moves to facilitate better strategies
for the coming years.
Segmentation:
MRFR’s take on the Orthopedic
Devices Industry leads to a segmentation that
includes type, application, and end user. Insights fetched from such a
segmentation could help in better framing of the market and increase the
probability of a hike in profit margin.
·
By type, the global report containing details of the market includes
spinal devices, joint replacement, trauma fixation, bone repair, consumables
& disposables, and others.
·
By application, the global report on the market can be segmented into trauma
and extremities, hip, foot and ankle, knee, spine, and others.
·
By end user, the global report on the orthopedic devices market can be
segmented into hospitals, medical research centers, ambulatory surgery centers,
and others.
Industry News:
·
In March 2020, Incipio Devices
announced that it is planning to expand its business by taking over the
manufacturing facility of the United Technologies Electronic Controls design
and manufacturing facility located in Huntington, Indiana. Incipio Devices has
made a name in the market as an orthopedic device manufacturer.
·
The recent pandemic attack of
COVID-19 is expected to make the orthopedic device market a bit sluggish as a
lot of the manufacturers have been asked to produce instruments to fight the
onslaught of coronavirus. In various hospitals, the sector has been redesigned
to accommodate coronavirus patients, which might slow down the growth prospect
for the coming days.
https://ai.wiki/read-blog/63737
About US:
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Contact us:
Market Research Future (part of Wantstats
Research and Media Private Limited),
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New York 10013
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