Valuation of the braces market is worth $53.8 billion
New York, U.S., May 25, 2022 (GLOBE NEWSWIRE) — Orthopedic Devices Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “orthopedic devices market By Type, End User, Application and Region – Forecast to 2030the market is estimated to reach a size of over $53.8 billion by the end of 2030. The report further forecasts that the market will thrive at a healthy CAGR of around 6.5% over the period. devaluation.
An orthopedic appliance refers to special equipment designed to correct deformities or maintain and restore the function of the human skeletal system, its joints and related structures. Here are some of the commonly used braces: muscle stimulators, lumbosacral supports, knee immobilizers, cast heels, invalid rings, bone wax exercisers, etc.
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|Market size 2030||$53.8 billion|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By type, application, end user|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Integration of new technologies to create growth opportunities for key players|
|Growing prevalence of orthopedic disorders like osteoporosis and rheumatoid arthritis|
Orthopedic Devices Market Competitive Analysis
The global orthopedic devices market has prominent leaders such as:
- Zimmer Inc.
- NuVasive, Inc.
- DePuy Synthes Enterprises
- Stryker Company
- Globus Medical, Inc.
- Smith & Nephew plc
Covered USP market
The global orthopedic devices market has witnessed a massive increase in the growth rate over the past few years. The growth of the market is mainly attributed to the increasing prevalence of orthopedic disorders such as rheumatoid arthritis (RA) and osteoporosis. Furthermore, factors such as the number of sports and road traffic accidents and the increase in the elderly population are also expected to drive the demand for orthopedic devices during the forecast period. Furthermore, the emergence of latest technologies is expected to provide lucrative opportunities for players across the globe.
On the other hand, the high costs associated with these orthopedic devices may restrain the growth of the market.
Impact of COVID-19 on the orthopedic devices market
The global COVID-19 pandemic has had an unexpected impact on the majority of market sectors globally. The global health crisis has caused a significant change in orthopedic and trauma surgery. The industry has faced significant unexpected challenges given the imposition of several standards and regulations to stop the spread of the disease. Independent surgeons have faced a significant shortage of PPE kits due to their lack of formal safety preparation. The pandemic has caused chaos in the orthopedic surgery market lately. Some orthopedic providers have offered to help by providing information on treating patients with COVID-19 in the United States. China has launched elective operations but has not yet reached the pre-pandemic stage. In the United States and Europe, policies now place limits on all but the most necessary surgeries. Not only is it impossible to examine the speed and duration of the affair, it is still unclear when the catch-up will occur.
Browse the in-depth market research report (108 pages) on orthopedic devices: https://www.marketresearchfuture.com/reports/orthopedic-devices-market-3323
Orthopedic Devices Market Segment Analysis
Among all types, the joint replacement segment is expected to dominate the global orthopedics market over the forecast period. The significant aspect causing an upsurge in the growth of the segment is the increasing population of elderly people across the globe. Additionally, the increasing incidence of osteoporosis and osteoarthritis is expected to drive the growth of the segment over the coming years.
Among all application areas, hip braces are likely to take the top spot in terms of revenue. The segment’s growth is mainly attributed to the fact that osteoarthritis flare-ups are more frequent in patients without conservative treatment.
Among all end-use sectors, the hospital sector has dominated the global orthopedic devices market. The growth of the segment is mainly attributed to the high rates of hospital admissions. Additionally, the wide variety of facilities offered at one location is also expected to catalyze the growth of the segment over the forecast period.
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Regional Analysis of the Orthopedic Devices Market
The global orthopedic devices market is studied across five major regions: North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa.
According to the MRFR analysis reports, the North American region is likely to take the leading position in the global orthopedic devices market during the assessment period. The growth of the regional market is mainly attributed to the growing penetration of innovative orthopedic solutions across the globe. Furthermore, factors such as the involvement of business leaders, specialized healthcare institutions, and insurance coverage for orthopedic procedures are also expected to drive the market growth over the coming years. The involvement of commercial players such as Zimmer Biomet, Stryker Corporation, DePuy Synthes, and Globus Medical, Inc. in the business development is driving an expansion of the regional orthopedic devices market. The region accounted for the largest sale of orthopedic devices in 2016. The region has a high demand for specialized healthcare facilities, given the availability of well-developed healthcare facilities and full reimbursement coverage for procedures orthopedics, which is likely to fuel the growth of the regional market. during the evaluation era. Additionally, factors such as increasing number of car accidents and aging population in the region are also expected to catalyze the growth of the regional orthopedic devices market.
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Asia-Pacific orthopedic devices market is expected to register the highest growth over the forecasted period. The growth of the regional market is attributed to the rapidly growing medical tourism industry, strong infrastructure, and large geriatric population in the region. Furthermore, increased patient understanding of the importance of orthopedic products, increasing population and high disposable incomes are also expected to have a positive impact on the growth of the market. Due to population growth, developing economies such as India and China will soon have the largest geriatric populations in the world. Additionally, the booming medical tourism sector is another considerable parameter supporting the growth of the regional market.
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