Orthopedic Extension Devices Market, By Product Type (Hip Surgery, Knee Surgery, Spine Surgery, Arm Surgery, and Others), By End User (Hospitals, Ambulatory Surgical Centers, Speciality Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) is estimated to be valued at US$ 937.2.2 Mn in 2023 and is expected to exhibit a CAGR of 4.0 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Analyst’s View on The Global Orthopedic Extension Devices Market
The increasing product approvals by U.S Food And Drug Administaration- the central drug regulatory agency of U.S can drive the growth of the global orthopedic extension devices market over the forecast period. For instance, 30 March, 2023, Bioretec Ltd, a manufacturer of bioresorbable orthopedic implants, received market authorization for its RemeOs trauma screw in the U.S. The RemeOs trauma screw is the first and currently only bioresorbable metal implant approved by the U.S. Food and Drug Administration (FDA). The trauma screw cn be used to fix ankle implants.
Global Orthopedic Extension Devices Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global orthopedic extension devices market. This is because of an decreased hospital admissions for orthopedic procedures that were reported during the COVID period. For instance, according to an article published in April 2021, in Journal of Orthopaedic Surgery and Research- a peer-reviewed journal about orthopedics and surgery, during the COVID-19 pandemic, caused delayed hospital admission for traumatic hip fractures.
Global Orthopedic Extension Devices Market: Key Developments
Strategies such as mergers and acquisitions can increase the reach of the products and customer base of acquiring company, and the product can reach more regions. This is expected to boost market growth during the forecast period. For instance, in 13 May, 2022, Medtronic, a company specialized in healthcare technology, announced that it had completed the acquisition of Intersect ENT, Inc., an implant manufacturing company. The acquisition expanded the company's ear, nose, and throat (ENT) portfolio into products used in sinus procedures to improve post-operative outcomes and to treat nasal polyps.
Browse 25 Market Data Tables and 29 Figures spread through 150 Pages and in-depth TOC on “Global Orthopedic Extension Devices Market”- Forecast to 2030, Orthopedic Extension Devices Market, by Product Type (Hip Surgery, Knee Surgery, Spine Surgery, Arm Surgery, and Others), by End User (Hospitals, Ambulatory Surgical Centers, Speciality Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/orthopedic-extension-devices-market-3780
Key Takeaways of the Global Orthopedic Extension Devices Market :
- The global orthopedic extension devices market is expected to exhibit a CAGR of 1 % during the forecast period. The U.S. FDA approvals to novel discoveries and products cause lucrative opportunities in r&d and manufacturing. For instance, on January 11, 2023, ACL TightRope implant of Arthrex, Inc., an implant manufacturing company, received U.S. FDA approval for paediatric indications. The TightRope implant is a fixation device for ACL injuries approved for paediatric application.
- Among product type, knee surgery segment is expected to dominate in the growth of global orthopedic extension devices market owing to the rising rates of arthritis globally. According to the data provided by Center for Disease Control and Prevention in March 2021, an estimated 78 million U.S. adults in Europe aged 18 years and above have doctor-diagnosed arthritis.
- Among region, North America is expected to be the dominant region in the global orhthopedic extension devices market, owing to the increasing expansion of manufacturing specialities of implant producing companies in the region. For instance, on May 1, 2023 Tyber Medical LLC, a biopharmaceutial, implant manufacturing company, announced its expansion of manufacturing facility in Florida, U.S.
- Major players operating in the global orthopedic extension devices market include Allen Medical Systems, Inc ( A subsidiary of Hill-Rom Holdings, Inc, a part of Baxter), AllianceImpex, Condor MedTec GmbH, DRE Medical (An Avante Health Solutions company), Implantech, IOT Innovative Orthopedic Technologies AG, Mediland Enterprise Corporation, MERIVAARA CORP, Mikai S.p.A, Mizuho OSI, Ningbo Techart Medical Equipment Co.,Ltd, OPT SURGISYSTEMS S.R.L, Schaerer Medical, SCHMITZ u. Söhne GmbH & Co. KG, SKYTRON, LLC, Smith & Nephew plc, St.Francis Medical Equipment Co., Ltd, TECHNOMED INDIA, TRUMPF.
