The Business Research Company’s Orthopedic Accessories Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 17, 2021 /EINPresswire.com/ — The increase in the number of medical cases due to road and sports accidents is driving the orthopedic accessories market. The probability of bones and other muscle tissues getting ruptured is high in road and sports accidents, thus requiring orthopedic accessories like arm support, knee braces and hip support for providing rigid support to the ruptured tissue and broken joint/bones during the treatment. Orthopedic accessories immobilize the bones and give them time to heal. Also, orthopedic accessories like bone cement and casting help in joining broken bones and filling in the void present in or between the bones. According to a report published by WHO, around 20-50 million people globally receive non-fatal injuries every year due to road accidents. Similarly, according to a survey by Stanford Children’s Health, more than 3.5 million children aged 14 or younger get hurt every year by playing sports or by participating in some recreational activity. As the number of road and sports accidents increases, the number of medical cases requiring orthopedic accessories to get proper treatment will increase, thus driving the market.
The global orthopedic accessories market size is expected to grow from $1.59 billion in 2020 to $1.68 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.89 billion in 2025 at a CAGR of 3%.
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In 2019, Paragon Medical was acquired by NN Inc. for $375 Million. With this acquisition, NN will diversify its product offerings and further enhance its technical proficiencies. Paragon Medical, with the help of NN’s engineered solutions, plans to introduce new products in the market, customized as per customers’ requirements. Paragon Medical is a medical device company that focuses on orthopedic accessories like case, tray, implant, and various other instruments. Paragon Medical was established in the year 1991 and has its headquarters at Indiana, United States.
Major players covered in the global orthopedic accessories industry are Stryker Corporation, Zimmer-Biomet Holding, DePuy Synthes, Smith and Nephew PLC, McDavid.
TBRC’s global orthopedic accessories market report is segmented by type into bone cement, casting system, removal system, by application into hip, knee, spine, by end user into hospital, orthopedic clinic, trauma fixation center.
Orthopedic Accessories Global Market Report 2021 – By Type (Bone Cement, Casting System, Removal System), By Application (Hip, Knee, Spine), By End User (Hospital, Orthopedic Clinic, Trauma Fixation Center), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides orthopedic accessories market overview, forecast orthopedic accessories market size and growth for the whole market, orthopedic accessories market segments, and geographies, orthopedic accessories market trends, orthopedic accessories market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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