Elective Surgeries, Robotics, and Sporting Injuries Spur Demand for Orthopedic Devices Globally, Says Fairfield Market Research
The global orthopedic devices market has been witnessing a remarkable turn of events. The rise of musculoskeletal injuries with increasing participation in sports and a growing pool of geriatric are primary undercurrents for the high demand for orthopedic devices. According to Fairfield Market Research, the global market for orthopedic devices is expected to reach US$ 59,688.8 Mn by 2025 from US$ 44,034.9 Mn in 2020, surging at a CAGR of 6.3% during the forecast period.
Key Highlights for Global Orthopedic Devices Market:
- Knee replacement products to stand out in the joint reconstruction product category throughout the forecast period
- Orthobiologics to show a 30 BPS gain by 2025
- Ambulatory surgical centers to reach a market share of 16.8% by 2025 as they offer quick-recovery period
- Asia Pacific orthopedic devices market poised to make a 50 BPS gain by 2025 with booming medical tourism industry
- Top four market players witnessed drop in revenue figures in the range of 16%-24% from HY 2019 to HY 2020 largely on account of COVID-19 outbreak.
Priority of Elective Surgeries in Post-COVID-19 World to Spur Demand
As the global healthcare system recovers from the pressure of COVID-19, it is prioritising elective surgeries. This expected to create a demand for orthopedic devices in the immediate future. The market also stands to benefit from improving diagnostics that help in identifying osteoporosis fractures and musculoskeletal injuries. According to the World Health Organization, about 20-33% of people around the world suffer from musculoskeletal conditions. This staggering number is an indication that demand for orthopedic devices required for treating hip, vertebral, and forearm fractures will remain high between 2020 and 2025.
Exceptional Precision Delivered by Robotics Builds Patient Confidence
The use of robotics has brought in tremendous efficiency in surgical planning, accuracy in component implantation, thereby patient safety. The significant leap in precision, right down to ensuring the accuracy of minute measurements while performing the surgery has definitely built patient confidence, encouraging many to take up joint replacements. Robotics has also allowed better access to remote areas while performing the surgery, reducing complications and enhancing patient outcomes. Thus, as the introduction and use of robotics transforms orthopedic surgeries, analysts project that it will directly broaden the horizon for orthopedic devices market.
Sports Injuries to Remain Critical to Orthopedic Devices Market
The growing number of sports injuries are expected to boost the global orthopedic devices market. Remarkable number of women taking part in sporting activities, upcoming sporting events such as Olympics 2021, and an active lifestyle are expected to result in injuries that will demand orthopedic devices for restoration joints. The International Olympic Committee statistics indicate that about 50% of the athletes are women. Thus, the phenomenal rise of sports as a lifestyle choice and a professional one is expected to create a solid avenue for the growth orthopedic devices market.
Asia Pacific to Lead the Way as Affordable Surgeries Lures in Foreign Patients
The booming medical tourism industry in Asia Pacific is expected to drive the regional orthopedic devices market. Higher affordability of orthopedic surgeries in an emerging economy such as India is expected to lure in foreign patients, predict Fairfield Market Research. The study indicates that India offers healthcare services at a 20% lesser cost than the U.S., while Thailand is 30% lower. Such a cost difference is expected to bring a huge clientele to these countries in Asia Pacific, boosting its orthopedic devices market.
Mergers and Acquisitions to Remain Market’s Central Theme
Research indicates that top 15 players hold a lion’s share of 65% in the global orthopedic devices market. To remain competitive, players are expected to focus on mergers and acquisitions in the coming five years. Stryker’s acquisition of Wright Medical remains an important case in point. The deal, estimated at US$4.7 Bn, is anticipated to make Stryker a market leader.
Some of the key players studied in this research report are B. Braun Melsungen AG, CONMED Corporation, Exactech, Inc., Integra LifeSciences Corporation, NuVasive®, Inc., and Zimmer Biomet amongst others.