Global Orthopedic Consumables Market: Overview

Orthopedic consumables are devices or instruments used in orthopedics that must be replaced regularly due to wear or overuse. These are used to treat complex orthopedic injuries, particularly to the musculoskeletal system such as spine, muscles, and joints. These orthopedic consumables include drill bits, saw blades, burrs, pins, and k-wires. These devices are used to restore joint movement, implant skeletal structure, and restore the mobility of individuals effectively.

Global Orthopedic Consumables Market: Key Trends

Increase in the geriatric population and rise in the number of accidental cases due to sports, adventure, and recreational activities boost the growth of the global orthopedic consumables market. According to the Agency for Healthcare Research and Quality (AHRQ), in the U.S., orthopedic surgical procedures increased from 2,740,000 in 2001 to 3,785,000 in 2011, around 38% growth in 10 years. According to the United Nations report, there were an estimated 962 million people aged 60 years or above (13% of the global population) in 2017. According to the WHO, 28% to 35% people aged 65 years or more and 32% to 42% people over 70 suffer a fall every year. Introduction of advanced orthopedic devices by major players and increase in health care expenditure also fuel the growth of the global orthopedic consumables market. However, high cost of orthopedic procedures, pricing pressure on manufacturers, and inadequate sterilization procedures are the factors likely to hamper the growth of the global market.

Global Orthopedic Consumables Market: Segmentation

The global orthopedic consumables market can be segmented base on product type, end-user, and region. In terms of product type, the global market can be bifurcated into surgical orthopedic consumables and wound management orthopedic consumables. The surgical orthopedic consumables segment dominated the market in 2018 and the trend is projected to continue during the forecast period. The surgical orthopedic consumables segment is anticipated to expand at a significant CAGR during the forecast period owing to rise in the number of orthopedic surgeries, increase in the geriatric population, and introduction of better orthopedic consumable products. Based on end-user, the global orthopedic consumables market can be classified into hospitals & ambulatory surgery centers, clinics, and others. The hospitals & ambulatory surgery centers segment dominated the global market in 2018. The segment is expected to expand at a high CAGR during the forecast period. Rise in the number of orthopedic procedures at hospitals & ambulatory surgery centers, better equipped facilities for surgical procedures, and favorable reimbursement scenario for orthopedic surgeries are likely to be the major drivers of the hospitals & ambulatory surgery centers segment during the forecast period.

Global Orthopedic Consumables Market: Regional Analysis

In terms of region, the global orthopedic consumables market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018 and the trend is projected to continue during the forecast period. Rise in accidental cases, increase in the number of orthopedic surgeries, favorable reimbursement scenario, and well-established health care infrastructure in the region are the major drivers of the orthopedic consumables market in North America. The market in Asia Pacific is expected to expand at a high CAGR during the forecast period due to increase in the geriatric population, rise in per capita health care expenditure in emerging economies, and surge in the number of orthopedic surgeries.

Global Orthopedic Consumables Market: Competitive Landscape

The global orthopedic consumables market is highly competitive due to presence of major companies. Key players operating in the global market include Stryker Corporation, DePuy Synthes (part of Johnson & Johnson Family of companies), Zimmer Biomet Holdings, Inc., Wright Medical Group N.V., CONMED Corporation, Medtronic plc, Arthrex, Inc., B. Braun Melsungen AG, BSN medical (an ESSITY Company), and BIOTEK.

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.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Orthopedic Consumables Market

Pre Book