ORTHOPEDIC EXTENSION DEVICES MARKET ANALYSIS

Orthopedic Extension Devices MarketSize and Trends

The Global Orthopedic Extension Devices Market is estimated to be valued at US$ 937.2 Mn in 2023 and is expected to exhibit a CAGR of 4.0 % during the forecast period (2023-2030).

Increasing number of novel product approvals by the U.S. FDA are expected to boost the growth of the global orthopedic extension devices market over the forecast period. For instance, in February 2021, U.S. FDA approved the  first patient-specific, 3D printed talus implant in the U.S. The agency issued approval to Additive Orthopaedics (A subsidiary of Paragon, Inc)- a U.S-based company specialized in developing cost-effective implant solutions, under humanitarian use for the treatment of avascular necrosis, a progressive condition that can lead to the death of bone tissue following a sudden injury that cuts off blood flow, such as a broken bone or dislocation.

Figure 1. Global Orthopedic Extension Devices Market Share (%), by Product Type, 2023

Source : Coherent Market Insights, 2023

Global Orthopedic Extension Devices Market – Driver

Increasing cases of injuries and trauma that require surgical procedures to boost the growth of the orthopedic extension devices market

The rising cases of trauma and injuries are expected to drive demand for surgical procedures and boost the growth of the orthopedic extension devices market. According to an article published in April 2020, in PubMed- a free search engine for biological databases, every year, over 310 million major orthopedic procedures are performed worldwide; approximately 40 to 50 million in the U.S. and 20 million in Europe. It is expected that 1-4% of these patients may die, up to 15% will experience severe postoperative morbidity, and 5-15% will be readmitted within 30 days. With an annual worldwide mortality rate of roughly 8 million patients, major surgery is comparable with the leading causes of death, which include cardiovascular disease and stroke, cancer, and accident.

Increasing product launches in orthopedic extension devices market

The increasing launch of products to invent newer orthopedic extension devices can drive the growth of the global orthopedic extension devices market over the forecast period. For instance, on May 16, 2023, Morristown Medical Centre of Atlantic Health System, a  non-profit health care network in New Jersey, U.S., announced that were going to offer Persona IQ- the world’s first and only smart knee implant for Total Knee Replacement Surgery.

Figure 2. Global Orthopedic Extension Devices Market Value (US$ Million), by Region

Source : Coherent Market Insights, 2023

Global Orthopedic Extension Devices Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

The COVID-19 pandemic had a negative impact on the global orthopedic extension devices market. According to a study published in May 2022, in PubMed, a free search engine for biological reports and databases, The COVID-19 pandemic reduced the amount of orthopaedic surgeries performed in 2020. During the first year of the pandemic, the number of orthopaedic procedures declined by 22.8%.

Global Orthopedic Extension Devices Market Segmentation:

The global orthopedic extension devices market report is segmented into product type, end user, and region.

By Product Type, The global orthopedic extension devices market is segmented into  Hip Surgery,  Knee Surgery,  Spine Surgery,  Arm Surgery and others. Out of which, the knee surgery segment is expected to hold a dominant position in the global orthopedic extension devices market during the forecast period and this is attributed to ease the pain of arthritis in older patients.

By End User, The global orthopedic extension devices market is segmented into Hospitals, Ambulatory Surgical Centers, and Specialty Clinics. Out of which, the Hospital segment is expected to dominate the market over the forecast period and this is attributed to the easy availability of sophisticated healthcare infrastructure in developed nations and the rising demand for high-quality healthcare services.

Based on Region, The global orthopedic extension devices market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa out of which the North American segment is estimated to dominated the market over forecast period owing to the rising healtcare infrastructure and growing cases of major trauma in the region.

Among all the segmentations, the product type segment has the highest potential due to the increasing prevalence of osteoarthritis across the world over the forecast period. For instance, according to an article published in September 2021, in Cleaveland Clinic, a nonprofit, multispecialty academic medical center that integrates clinical and hospital care with research and education, approximately 46% of people develop osteroporosis of the knee during their lifetime after age 40.