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The outsourced orthopedic manufacturing market share is expected to increase by USD 2.31 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 7%.
This outsourced orthopedic manufacturing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers outsourced orthopedic manufacturing market segmentation by product (implants, instruments, and cases and trays) and geography (North America, Europe, ASIA, South America, and ROW). The outsourced orthopedic manufacturing market report also offers information on several market vendors, including Autocam Medical, Avalign Technologies Inc., In'Tech Medical SAS, Jabil Inc., LISI Group, Marle Group, NN Inc., Orchid MPS Holdings LLC, Tecomet Inc., and Viant among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The rising prevalence of orthopedic disorders is notably driving the outsourced orthopedic manufacturing market growth, although factors such as the high cost involved may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the outsourced orthopedic manufacturing industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Outsourced Orthopedic Manufacturing Market Driver
One of the key factors driving growth in the outsourced orthopedic manufacturing market is the rising prevalence of orthopedic disorders. The rising prevalence of orthopedic indications, such as osteoarthritis, scoliosis, orthopedic fractures, spinal deformities, osteoporosis, degenerative disc, and tendon injuries, is increasing the demand for orthopedic medical devices such as implants, instruments, cases, and trays. Orthopedic fractures are common among the geriatric population. Moreover, the prevalence of orthopedic diseases such as osteoporosis, osteoarthritis, and rheumatoid arthritis is on the rise. The prevalence of hip fracture, wrist fracture, and vertebral fracture is expected to increase during the forecast period, owing to the increasing geriatric population and the high prevalence of osteoporosis. The rising prevalence of such orthopedic indications among the pediatric as well as the geriatric population will increase the demand for orthopedic medical devices, which will further drive the growth of the global outsourced orthopedic manufacturing market.
Key Outsourced Orthopedic Manufacturing Market Challenge
The high implant prices coupled with decreasing reimbursement will be a major challenge for the outsourced orthopedic manufacturing market during the forecast period. The high cost of orthopedic implants and related procedures is restricting their widespread adoption in several developed as well as developing countries. The cost of orthopedic procedures can significantly increase depending on the type of implant used, surgery extent, surgeon skill and experience, hospital costs, special tests, insurance coverage, and medications required. The cost of orthopedic surgeries varies according to the procedure. The high cost of orthopedic implants can increase the cost burden on patients, which, in turn, will adversely impact their adoption rate.
This outsourced orthopedic manufacturing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the outsourced orthopedic manufacturing market encompasses successful business strategies deployed by the key vendors. The outsourced orthopedic manufacturing market is fragmented and the vendors are deploying growth strategies such as increasing investments in R&D to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The outsourced orthopedic manufacturing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
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46% of the market's growth will originate from North America during the forecast period. The US is the key market for outsourced orthopedic manufacturing in North America. Market growth in this region will be faster than the growth of the market in other regions.
The presence of key vendors and the increasing prevalence of orthopedic indications due to the rising obesity and geriatric population in the region will facilitate the outsourced orthopedic manufacturing market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The outsourced orthopedic manufacturing market share growth by the implants segment will be significant during the forecast period. This segment held the largest market share in 2019 and is expected to demonstrate the fastest growth during the forecast period. Factors such as the high prevalence of orthopedic diseases such as osteoarthritis and osteoporosis, growing geriatric population, and advances in surgical procedures are driving the growth of this segment.
This report provides an accurate prediction of the contribution of all the segments to the growth of the outsourced orthopedic manufacturing market size and actionable market insights on post COVID-19 impact on each segment.
Outsourced Orthopedic Manufacturing Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2020-2024 |
$ 2.31 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.64 |
Regional analysis |
North America, Europe, Asia, and ROW |
Performing market contribution |
North America at 46% |
Key consumer countries |
The US |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Autocam Medical, Avalign Technologies Inc., In'Tech Medical SAS, Jabil Inc., LISI Group, Marle Group, NN Inc., Orchid MPS Holdings LLC, Tecomet Inc., and Viant |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendors covered
Appendix
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