LONDON--(BUSINESS WIRE)--The global orthopedic device market is expected to grow by USD 6.07 million during 2020-2024, as per Technavio. Healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 3%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic.
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Read the 120-page report with TOC on "Orthopedic Device Market Analysis Report by Product (Orthopedic implants and support devices and Orthobiologics), Geography (North America, Europe, APAC, South America, and MEA), and the Segment Forecasts, 2020-2024".
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The market is driven by the continuous advancements in technology. In addition, the M&A deals are anticipated to boost the growth of the orthopedic device market.
The market is witnessing significant advancements in technology led by extensive R&D efforts of key market players. This can be attributed to the growing demand for orthopedic devices with a high level of accuracy, precision, which leads to better outcomes. For instance, Shoulder Innovations, one of the emerging players in the market, has launched its total shoulder replacement system which is based on the company’s patented inset glenoid technology. The product has been successfully transplanted in many patients. Similarly, vendors are also focusing on the development of implants that use metallic alloys of titanium that provide high rigidity, strength, fracture toughness, and improved mechanical performance. Many such technological advancements are fueling the growth of the global orthopedic device market.
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Major Five Orthopedic Device Companies:
CONMED Corp.
CONMED Corp. operates its business through segments such as Orthopedic surgery and General surgery. The company offers a wide range of orthopedic devices for shoulder, knee, hip, elbow, wrist, and hand, foot and ankle, and others.
DJO Global Inc.
DJO Global Inc. operates its business through segments such as Knee, Hip, Shoulder, Spine, Hand/Wrist, and Foot/Ankle. The company offers a wide range of orthopedic devices under brands such as Aircast, Bell-Horn, CMF, DONJOY, DVT, Compex, Exos, Saunders, Chattanooga, and DJO Surgical.
Integra LifeSciences Corp.
Integra LifeSciences Corp. operates its business through segments such as Codman Specialty Surgical and Orthopedics, and Tissue Technologies. The company offers a wide range of orthopedic devices under product categories such as Foot and Ankle, Hand and Wrist, and Shoulder and Elbow.
Johnson & Johnson
Johnson & Johnson operates its business through segments such as Consumer, Pharmaceutical, and Medical Devices. The company offers a wide range of orthopedic devices under product categories such as Hip Reconstruction, Knee Reconstruction, Shoulder Reconstruction, Trauma, Spine Division, Mitek Sports Medicine Division, and CMF.
Medartis Holding AG
Medartis Holding AG operates its business through a unified segment. The company offers orthopedic devices for Hand, Wrist, Elbow, Shoulder, and Foot.
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Orthopedic Device Market Product Outlook (Revenue, USD Million, 2020-2024)
- Orthopedic implants and support devices
- Orthobiologics
Orthopedic Device Market Geographic Outlook (Revenue, USD Million, 2020-2024)
- North America
- Europe
- APAC
- South America
- MEA
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