Over the decade, due to the technological advancements with emerging and innovative technologies used under minimally invasive conditions has led to the rapid development of orthopaedic device.
New York, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopaedic Devices Global Market - Forecast to 2027" - https://www.reportlinker.com/p06007767/?utm_source=GNW
As a result of rapid advances, there is great expansion in the potential therapeutic application for musculoskeletal injuries, deformities and diseases.
Orthopaedic devices are used to repair, reconstruct, and replacement of various bones and joints due fractures, injuries and other birth bone defects. The orthopaedic devices global market is expected to reach $53,607.2 million by 2027 growing at a high single digit CAGR. The market is primarily driven by the increase in incidence and prevalence of musculoskeletal diseases such as osteoarthritis, osteoporosis, spinal degenerative diseases, spondylitis, lower back pain, herniated spinal discs, and injuries due to trauma and sports activities, increase in the aging population, technological advancement, acquisitions and factors such as product recall, complications associated with implanted devices, lack of skilled and trained professionals to carry out minimally invasive surgery, high cost of the implant, surgery and also stringent regulatory policies for the product approval due to classification of the orthopaedic devices as class II and III devices are hindering the growth of the market.
Orthopaedic devices global market is segmented based on products, surgery type, end-users and geography. The products are segmented into knee, hip, extremities, spine, craniomaxillofacial, trauma, sports medicine, and orthobiologics.
Among products, the spine segment accounted the largest share in 2020 due to technological advancements in the implants, surgery type and increase in the aged population coupled with rise in number of trauma and sports injuries. The extremities segment anticipated as the fastest growing segment and expected to grow at a CAGR of high single digit CAGR from 2020 to 2027 due to increase in the road accident coupled with sports injuries and rise in the geriatric population.
The extremities by product type are segmented into upper and lower extremities. Among extremities, the upper extremities accounted for the highest revenue in 2020 and the lower extremities segment is the fastest growing segment and is projected to grow at a high single digit CAGR from 2020 to 2027 as the lower extremities consisting of foot, limb, and ankle are more susceptible to injury and fractures in as a result of trauma and sports activities. The upper extremity products are further segmented into shoulder and other upper extremities. Under upper extremities, the shoulder division accounted for the largest revenue share of the global upper extremities devices revenue in 2020 and is expected to grow at a double digit CAGR of from 2020 to 2027 owing to increased incidence of shoulder dislocation and pain associated as a result of rise in incidence of musculoskeletal diseases, occupational, sports and trauma injuries.
The spine segment by product type is segmented into fusion and non-fusion devices. Among the spine device market, the fusion device contributed for the largest revenue share of in 2020 and the non-fusion device division is expected to grow at a double digit CAGR from 2020 to 2027. As a result of rising awareness and better efficiency of spinal stabilization and retention of spinal movements by non-fusion devices as compared to the fusion-devices. Further the fusion device market is categorized into cervical devices, thoracolumbar devices and interbody devices. Among the fusion devices, thoracolumbar devices accounted for the largest revenue in 2020 and the interbody devices are expected to grow at a high single digit CAGR from 2020 to 2027 owing to rapid acceptance of spinal interbody arthrodesis and higher efficiency of reconstruction stability. The non-fusion segment is further classified into artificial disc, dynamic stabilization devices, and annulus repair devices. Among non-fusion devices, the dynamic stabilization device accounted for the largest revenue in 2020 and the artificial discs segment is expected to grow at a double digit CAGR from 2020 to 2027 as the artificial discs aid in the replacement of degenerated discs, movement retention and is the most preferred implant to overcome herniated disc and lower back pain.
The orthobiologics segment is further divided into synthetic graft, demineralized bone matrix, machined bone allograft, and others. Among orthobiologics, the machined bone allografts contributed for the highest revenue in 2020 and the demineralized bone matrix is expected to grow at a mid single digit CAGR from 2020 to 2027 owing to improved osteoconductive and osteoinductivity properties as compared to other grafts.
The global orthopaedic market by surgery type is segmented into open, minimally invasive and robotic-assisted surgery. Among surgery type, the open surgeries accounted for the highest revenue in 2020 and the robotic assisted surgery is anticipated to grow at a high teen CAGR from 2020 to 2027 due to technological advancements in robotics assisted surgery, favourable reimbursement scenarios for robotic-assisted surgeries and precise and accurate placing of implants with minimal damage to the other tissues and bones.
The global orthopaedic devices market by end-user is segmented into hospitals, orthopaedic clinics and ambulatory surgical centers. Among end-users, the hospital segment contributed for the largest revenue in 2020 and the ambulatory surgical center segment is expected to grow at a high single digit CAGR from 2020 to 2027 as a result of adoption of minimally invasive surgeries, shifting of in-patient surgeries to out-patient surgeries owing to reduced hospital expenditure, favourable reimbursement for surgeries carried under ambulatory surgical centers and reduced hospital stays.
The global orthopaedic devices market by geography is segmented as North America (U.S. and others), Europe (Germany, U.K., France and Others), Asia-Pacific (Japan, China, India, and Others) and Rest of the World (Brazil, Rest of Latin America and Middle East & others). North America accounted for the highest market share followed by Europe in 2020. Favourable reimbursement coverage, adoption of advanced minimally invasive procedures and increase in incidence and prevalence of orthopaedic diseases coupled with rising number of trauma and sports injuries are driving orthopaedic devices market. However, Asian countries especially India and China are the fastest growing nations at CAGR of double digit from 2020 to 2027 with its growing awareness on minimally invasive techniques, a gradual increase in the healthcare expenditure and increase in the aging population and reduction in the cost of orthopaedic devices.
The orthopaedic devices market is a consolidated, highly competitive market and all the existing players in this market are involved in developing new and advanced products to maintain their market shares. Some of the key players of the orthopaedic devices global market are Some of the major players in the Orthopaedic Devices global market include Stryker Corporation (U.S.), Medtronic Plc (Ireland), Zimmer Biomet Holdings Inc. (U.S.), Johnson & Johnson (DePuy Synthes, U.S.), Smith & Nephew Plc (U.K.), NuVasive Inc (U.S.), Globus Medical Inc. (U.S.), Arthrex Inc. (U.S.), Colfax Corporation (DJO, LLC, U.S.), and B. Braun Melsungen AG (Germany).
The report provides an in-depth market analysis of the above-mentioned segments across the following regions:
• North America
• Rest of the World (RoW)
o Rest of Latin America
o Middle East & Others
Read the full report: https://www.reportlinker.com/p06007767/?utm_source=GNW
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