Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Orthopedic extension devices are developed for patient safety and outcomes during surgical procedures. It eases the workflow of the healthcare staff as they don’t need to hold the patient’s legs during the surgery. The devices are independent and can be used as an accessory with the operating tables. These are used in performing surgical procedures such as hip surgery, knee surgery, arm surgery, and other orthopedic surgery.
The global orthopedic extension devices market is estimated to be valued at US$ 837.4 million in 2020 and is expected to exhibit a CAGR of 4.0% over the forecast period (2020-2027).
Figure 1. Global Orthopedic Extension Devices Market Value, By Region, 2020 (US$ Mn)
The increasing cases of injuries and trauma that require surgical procedures are expected 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. For instance, according to World Health Organization’s factsheet of 2018, road accidents cause around 20 to 50 million injuries every year around the world. Road traffic injuries are the leading cause of death among people in the age group of 15 and 29 years, and more than 1.25 million people die each year as a result of road traffic crashes.
The rising number of product launches by market players is expected to bolster the orthopedic extension devices market growth during the forecast period. For instance, in October 2017, Mizuho OSI, introduced the new Levó Head Positioning System for spine procedures at the North American Spine Society 2017, annual meeting held in Florida, U.S.
Figure 2. Global Orthopedic Extension Devices Market Value, 2020 & 2027 (US$ Mn)
Orthopedic Extension Devices Market - Regional Analysis
North America held the dominant position in the global orthopedic extension devices market in 2018 owing to the increasing number of surgical procedures and product launches. For instance, according to the Organisation for Economic Co-operation and Development (OECD) stats, the total hip replacement procedures in Canada were around 55,720 and 58,241 in 2016 and 2017 respectively.
Moreover, the increasing number of falls, injuries, road accidents, in addition to facility expansions by key players are expected to drive growth of the orthopedic extension devices market in Asia Pacific during the forecast period. For instance, in February 2020, Smith & Nephew, announced the construction of a manufacturing facility at Batu Kawan Industrial Park, in Penang, Malaysia. It is the company’s first manufacturing facility in South-East Asia which will be supporting orthopedics franchise and medical device manufacturing.
Major players operating in the global orthopedic extension devices market are Allen Medical Systems Inc., Alliance Impex, Condor Medicaltechnik, DRE Medical, ImplanTec, IOT- Innovative Orthopedic Technologies, Mediland Enterprise, Merivaara, MIKAI, Mizuho OSI, NUOVA BN, OPT SurgiSystems, Schaerer Medical, Schmitz u. Soehne, Skytron, Smith & Nephew, St. Francis Medical Equipment, TECHNOMED INDIA, and TRUMPF Medizin Systeme GmBH.