Pune, 25, Nov 2022: According to Maximize Market Research, the Orthopedic Devices Market is expected to be worth USD 95.79 billion by 2029, with a 6.7% CAGR. The market for orthopedic devices is expected to grow. Thanks to the rising popularity of robotics, computer-assisted surgery, and 3D printing.
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Orthopedic Devices Market Scope and Research Methodology
The orthopedic devices market report investigates current market trends and highlights to assist clients in exploring opportunities and developing market strategies. The goods and services provided by key market participants and new entrants, as well as their revenue, financial status, portfolio, growth strategies, and regional presence, are all investigated. Recent acquisitions and mergers, as well as company strategic stances and joint alliance information, paint a clear picture of the competitive landscape in the Orthopedic Devices Market. To comprehend the products and services of the Orthopedic Devices Market, a segment-by-segment analysis by Device Type and End-user is performed, complete with market-influencing factors and current technological changes and innovations. The report also goes into great detail about the drivers, challenges, restraints, and challenges in the orthopedic devices market. Regional market analysis can be used by market participants and new entrants to develop pricing and marketing strategies at the local, regional, and global levels.
For market estimation and global market trend analysis, bottom-up approaches were used. Data was collected from a large sample using both primary and secondary research methods to obtain accurate inferences. Among the primary methods used were surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals. Secondary data was meticulously gathered from a carefully selected set of sources to ensure that the conclusions were correct. Paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations and government websites, and white papers and annual reports are all available. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of important companies. As a result, the report examines the Orthopedic Devices market in depth.
Orthopedic Devices Market Overview
Orthopedic devices are medical devices and accessories used to treat orthopaedic problems, such as joint reconstruction, spinal devices, trauma fixation devices, and arthroscopic devices. Because of an apparent increase in the number of orthopaedic surgical procedures performed globally, the global orthopaedic devices market is rapidly developing. Because of the significant increase in orthopaedic treatments, there is a significant demand for orthopaedic equipment. In 2017, 22.3 million orthopaedic surgical procedures were performed worldwide.
Orthopaedic devices play an important role in relieving pain, improving quality of life, and increasing mobility for patients suffering from musculoskeletal illnesses and abnormalities. In response to changing customer demands, orthopaedic medical equipment and methods are constantly evolving. Technological advancements and the incorporation of digital technology are now the primary drivers of revenue growth in the orthopaedic devices market.
Orthopedic Devices Market Dynamics
Wearable technology is an intriguing endeavour that has gained significant popularity throughout the world in recent years. This technology, which allows many industry professionals and individuals to measure personal fitness and health criteria, is becoming more precise with each new advancement. As the accuracy of these devices improves and they find more applications in health monitoring, their potential to impact the orthopedic treatment is expected to skyrocket in the near future. This technology can be used by orthopedic professionals to analyze and assess their patients’ pre-operative course, allowing them to explain many aspects of treatment without having to personally attend to them.
Various device manufacturers have gone to great lengths to provide new developments in the orthopedic business area, speculating on the devices’ future orthopedic treatment usage. Exactech, a joint replacement solutions provider, paid an undisclosed sum in December 2020 to acquire Muvr Labs, one of the best patient wearable device makers. The latter company’s portfolio is designed to make it easier for surgeons to communicate with joint replacement patients during the treatment process. Muir’s platform also includes mobile device apps, wearables, and chatbot texting to enable remote patient monitoring while healthcare professionals receive real-time data about the patient’s recovery and experience.
Orthopedic Devices Market Regional Insights
North America dominated the global orthopedic device market in 2021, accounting for more than 46% of total revenue. Due to the presence of well-developed healthcare infrastructure, industry heavyweights, and reimbursement coverage, high demand for modern healthcare services is expected to boost the regional market. The region’s orthopedic surgery volume is being fueled by an ever-increasing target patient population as a result of aging and increased vehicle accidents. The increasing prevalence of orthopedic disorders, combined with the use of improved treatment technologies, is expected to drive market expansion in the United States.
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Orthopedic Devices Market Segmentation
By Devices Type
- Joint Reconstruction Devices
- Spinal Devices
- Spinal Fusion Devices
- Spinal Non-Fusion Devices
- Trauma Devices
- Arthroscopy Devices
- Orthobiologic Devices
- Orthopedic Clinic
- Ambulatory Surgical Centers
Orthopedic Devices Market Key Competitors:
- Johnson & Johnson
- Smith & Nephew Plc.
- Aap Implantate Ag
- Aesculap Inc.
- Alphatec Spine
- Amedica Corporation
- Apatech Ltd.
- Arthrocare Corporation
- Biomet Inc.
- Conmed Corporation
- Depuy Inc.
- Donjoy Inc.
- Exatech Inc.
- Globus Medical Inc.
- Integra Lifesciences Holding Corporation
- Medtronic Inc.
- Nuvasive Inc.
- Stryker Corporation
- Synthes Inc.
- Zimmer Holding Inc.
Key questions answered in the Orthopedic Devices Market are:
- What is an Orthopedic Devices Service?
- What is the growth rate of the orthopedic devices market over the forecast period?
- What is the nature of competition in the Orthopedic Devices industry in developed economies and developing economies?
- Who are the key players in the orthopedic devices market?
- Who are the market leaders in orthopedic devices in Europe?
- Who are the market leaders in Orthopedic Devices in USA and Canada?
- Who are the market leaders in Orthopedic Devices in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Orthopedic Devices Market?
- Who held the largest market share in the Orthopedic Devices Market?
- What are the factors for the growth of the Asia-Pacific region in the Orthopedic Devices Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Device Type, End-User and Region, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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