Orthopedic accessories are used to support skeletal structure and joint movements in various types of fractures and artificial joints. Orthopedic accessories, such as bone cement, are used to reinforce stability in bone during an internal fixation surgery, whereas accessories such as bone casting are used in applications such as wrist joint replacement, hip replacement, and tibia alignment.

Based on product type, the orthopedic accessories market can be classified as bone cement, casting system, and removal systems. The casting system segment is projected to account for a dominate share of the orthopedic accessories market due to increase in immobilization of broken bones by casting system to promote healing. In terms of end-user, the orthopedic accessories market can be segmented into hospitals, orthopedic clinics, trauma fixation centers, and others. The hospitals segment is expected to hold considerable share of the orthopedic accessories market during the forecast period due to factors such as rise in the rate of hospitalization for orthopedic disorders, and wide range of services offered by hospitals under one roof.

Rise in aging population who are susceptible to joint problems and increase in incidence rate of injuries related to accidents and sports are some factors driving the orthopedic accessories market. According to a study carried out by the American Academy of Orthopedic Surgeons (AAOS), around 25% of sports injuries were related to lower extremities such as ankle and foot. In the last few years, serious bone injuries have been reported among professionals as well as amateur sportspersons. Moreover, development of products with more advantages such as better fatigue strength, higher visibility in x-ray are projected to drive the orthopedic accessories market. However, high cost of the surgical procedure and high stringent approval processes for products are anticipated to hamper the orthopedic accessories market in the next few years.      

In terms of region, the global orthopedic accessories market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global orthopedic accessories market. The region is projected to account for a significant share of the global orthopedic accessories market during the forecast period due to rise in incidence of orthopedic disorders. According to the Geriatric Orthopedic Surgery & Rehabilitation (GOS), the number of hip fractures in the U.S. are likely to reach 840,000 by 2040. Rise in geriatric population, availability of favorable reimbursement policies for surgical procedures are few factors that are anticipated to drive the orthopedic accessories market in Europe from 2018 to 2026. In Europe, prevalence of disabilities caused due to osteoporosis is higher than those caused by cancer. This is also projected to boost the market in Europe. Additionally, according to the National Joint Registry in the U.K., more than 160,000 number of hip and knee procedures are performed every year. Increase in prevalence of musculoskeletal disorders and rise in adoption of advanced diagnostic tools in the health care system in the region are anticipated to fuel the orthopedic accessories market in Asia Pacific during the forecast period. Moreover, rise in adoption rate of technologically advanced orthopedic products in hospitals and well developed hospital infrastructure in countries such as South Korea and Singapore are attracting market players to these countries. Increase in prevalence of orthopedic disorders and availability of modern diagnostic procedures, and favorable healthcare infrastructure, are likely to augment the orthopedic accessories devices market in Middle East & Africa during the forecast period.

Major players operating in the global orthopedic accessories market include DePuy Orthopaedics, Inc., Zimmer Holdings, Inc., Smith & Nephew Plc, Stryker Corporation, Biomet, Inc., and Orthofix International N.V.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Orthopedic Accessories Market

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