April 30, 2021
According to the recent research report titled ‘GLOBAL Orthopedic Procedures Market 2019-2027’, available with Market Study Report LLC, global orthopedic procedures market is projected to exhibit a CAGR of 5.23% over 2019-2027.
Growing prevalence of musculoskeletal disorders, increasing number of road and sports injuries, technological advancements in the field of orthopedics, and booming elderly population are the key factors propelling global orthopedic procedures market growth.
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Surging obesity, growing usage of MIS and bio-absorbable procedures are contributing to the overall market outlook. Increasing healthcare expenditure and growing bone tissue engineering are also adding significant traction to the industry development.
For those unversed, orthopedic procedures include surgeries and strategies used to treat patients with musculoskeletal (MSK) issues.
Coming to the negatives, strict government norms and difficulties related to orthopedic procedures post-surgery are negatively impacting the business landscape. Moreover, lack of surgeons in the field, high cost of the surgeries, and increasing competition among vendors are hampering worldwide orthopedic procedures industry revenue flow.
As per procedures type, the market is split into arthroscopy, joint reconstruction, and soft tissue replacement, spinal surgery procedure, and orthobiologics. Of these, knee reconstruction segment currently holds a major portion of the industry share, owing to booming geriatric population and technological advancements.
Citing the regional outlook, top contributors to global orthopedic procedures market valuation are Latin America (Mexico, Brazil), North America (Canada, United States), Europe (Spain, Russia, United Kingdom, Italy, Germany, France), Asia Pacific (India, South Korea, Japan, China), and Middle East & Africa (South Africa, Saudi Arabia, Turkey, United Arab Emirates.)
Industry experts state that North America currently holds majority market share, attributable to surging demand for outpatient techniques, growing elderly populace, and availability of reimbursements from Medicare in the U.S.
Meanwhile, Asia Pacific and Europe industry expansion is creditable to innovations in orthopedics procedures technology, rising incidences of sports injuries, and mounting cases of orthopedic disorders.
Prominent players impacting global orthopedic procedures market dynamics are Arthrocare Corporation, Exactech Inc., Depuy Synthes (Johnson and Johnson), Nuvasive Inc., Olympus Corporation, Amedica Corporation, Stryker Corporation, Smith & Nephew plc, AAP Implantate AG, Globus Medical Inc., Conmed Corporation, Medtronic plc, and Biomet Inc.