• 出版社/出版日：Mordor Intelligence / 2021年7月31日
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・競争状況（B. Braun Melsungen AG、AGIS Network Inc.、Amedica Corp.、Arthrex Inc.、Boston Scientific Corporation、Integra LifeSciences Corporation、Johnson & Johnson、Medtronic PLC、Smith & Nephew PLC、Stryker Corporation、Zimmer Biomet）
The orthopedic devices market was valued at USD 39,585 million in 2020, and it is expected to reach USD 51,425 million by 2026, registering a CAGR of about 4.9% over the forecast period, 2021-2026.
In 2020, due to lockdowns worldwide, private and public transport was stopped, which reduced road accidents and associated injuries. With that, in healthcare facilities, the treatment was shifted from orthopedic procedures to COVID-19 patients, which affected the market for the short term, particularly specialty hospitals. Along with that, in a few regions, the orthopedic and small hospitals were shut down or their operations had been limited, and other hospitals were being converted to containment facilities and treatment wards for COVID-19 patients.
According to the research conducted by the CovidSurg Collaborative, a research network, in 2020, it was found that orthopedic procedures were canceled most frequently, with 6.3 million orthopedic surgeries canceled worldwide over a 12-week period, which had a short-term negative impact on the market.
The number of people who went through joint replacement surgeries, such as total knee and hip replacement, has increased steadily and continues to rise owing to an increase in the elderly population. The rise in the musculoskeletal diagnoses and osteoporosis-related fractures is boosting the demand for orthopedic implants among the elderly population. As per the report published by the Arthritis Research, United Kingdom, “The State of Musculoskeletal Health 2018”, 17.8 million people were estimated to live with a musculoskeletal condition in the United Kingdom, which was around 28.9% of the total population. The above-mentioned statistics indicate that the number of orthopedic surgeries is increasing, which may lead to a rise in the demand for orthopedic implants. However, factors such as the stringent regulatory scenario, poor reimbursement scenario and lack of skilled surgeons may hamper the growth of the market.
Key Market Trends
The Joint Reconstruction Segment is Expected to Grow at a Healthy Rate Over the Forecast Period
With COVID-19 infections rising globally, there was a decline in both emergence and elective amputation surgeries owing to the current COVID-19 situation, which may decline the demand for orthopedic devices and adversely impact the market growth. For instance, according to the study published in the British Journal of Surgery, in May 2020, more than 580,000 planned surgeries in India may be canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020.
The joint reconstruction segment is anticipated to register high growth due to the rising elderly population, the rising prevalence of osteoporosis and osteoarthritis, and the rising incidence of road accidents and sports injuries. For instance, according to UN report 2019, there were about 703 million people aged 65 years or over in the world in 2019. The number of older persons is anticipated to double to 1.5 billion in 2050. The rising elderly population is prone to several bone and joint disorders, which further fuels the market growth.
Additionally, companies are focusing on implementing strategies, such as mergers and acquisitions, product innovations, and recent developments, to gain a competitive advantage. For instance, in 2019, Smith & Nephew acquired Brainlab’s orthopedic joint reconstruction business. This acquisition is expected to boost the development and adoption of digital technologies to enhance efficiency and outcomes during surgeries, which may positively impact the market’s growth.
Asia-Pacific is Expected to Register the Fastest Growth Over the Forecast Period
Amid the pandemic, the procurement of equipment, especially capital equipment, has been on hold by a significant portion of hospitals performing amputation and orthopedic surgeries. All these factors are likely to affect the regional market growth.
The pandemic has had ramifications for ways of working of various surgical procedures, including orthopedic surgeries. There are strict guidelines specific to each specialty that have to be implemented and followed for orthopedic surgeons to be able to continue to provide safe and effective care to their patients during the COVID-19 pandemic.
For instance, in March 2020, in the United States, the National Association for the Advancement of Orthotics and Devices (NAAOP) issued an alert in which it was made clear that during the COVID-19 national emergency, state and local health authorities should consider orthotic and prosthetic practices as essential providers that must remain accessible to patients in need of orthotic and prosthetic care.
North America is expected to dominate the market due to the direct presence of key regional players, a strong distribution network, and well-established healthcare infrastructure. Recent trends in the North American orthopedic devices market include the use of new polymer materials and development of prosthetic devices as per the functional needs of patients.
Additionally, an increasing number of accidents and amputations in the country are also expected to drive the market for orthopedic devices in the United States. According to the Insurance Institute for Highway Safety (IIHS) and Highway Loss Data Institute (HLDI), in 2017, there were 34,247 motor vehicle crashes in the United States, causing around 37,133 deaths.
Also, according to the American Joint Replacement Registry, more than 498,817 primary hip replacements were performed during 2012 and 2018. Moreover, the average age of hip arthroplasty patients was 67.4 years.
Additionally, market players are focusing on developing novel orthopedic devices to satisfy the needs of users. For instance, in September 2019, Active Implants’ NUsurface Meniscus Implant received the breakthrough designation from the US FDA. Such innovations to improve the efficiency of surgical procedures are expected to boost the market studied in the region.
The orthopedic devices market is highly fragmented. Market players focus on continuous product developments and offer orthopedic devices at competitive prices, especially in developing countries. Minimally invasive orthopedic devices, which do not require repeat procedures, are expected to boost the number of procedures in the developed and developing regions.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Number of Large Joint Reconstruction Surgeries
4.2.2 Growing Burden of Orthopedic Disorders, Trauma, and Accidents Cases
4.2.3 Development of Bioabsorbable and Titanium Implants
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.3.2 Poor Reimbursement Scenario and Lack of Skilled Surgeons
4.4 Porter’s Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Hip Orthopedic Devices
5.1.2 Joint Reconstruction
5.1.3 Knee Orthopedic Devices
5.1.4 Spine Orthopedic Devices
5.1.5 Trauma Fixation Devices
5.1.6 Dental Orthopedic Devices
5.1.7 Other Applications
5.2.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.2.4 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
5.2.5 South America
220.127.116.11 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 B. Braun Melsungen AG
6.1.2 AGIS Network Inc.
6.1.3 Amedica Corp.
6.1.4 Arthrex Inc.
6.1.5 Boston Scientific Corporation
6.1.6 Integra LifeSciences Corporation
6.1.7 Johnson & Johnson
6.1.8 Medtronic PLC
6.1.9 Smith & Nephew PLC
6.1.10 Stryker Corporation
6.1.11 Zimmer Biomet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
• 英文レポート名：Orthopedic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
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