30 Apr 2021
Posted in Medical Devices
Data analytics crucial for continued growth of orthopedic market, says GlobalData
The orthopedic market is set for a rise in acquisitions as companies seek to strengthen their positions, says leading data and analytics company GlobalData. As part of the decision of how to strengthen their portfolio, orthopedic device companies will utilize analytics of past procedure accuracy metrics to determine which implants are strongest and identify any that are defective.
Kamilla Kan, Medical Analyst at GlobalData, comments: “Data collection and data analytics will be crucial for the main orthopedic market leaders such as Stryker and Zimmer. The COVID-19 pandemic not only sped up the integration of data collection into the orthopedic market, but also provided an opportunity to gather valuable data during an unprecedented time. With more companies starting to implement new technologies and tools, the medical device market will see a surge of investment and opportunities in the coming years.”
GlobalData projects the global market value for orthopedic devices will grow at a compound annual growth rate (CAGR) of 4% to reach $64bn by 2025, driven by the rise in acquisitions within the orthopedic space in recent months.
Kan adds: “With the COVID-19 pandemic causing delays in elective surgeries and negatively impacting the implant market, leading companies have taken innovative approaches in order to strengthen their positions. For instance, Stryker’s recent acquisition of OrthoSensor made it possible to combine sensor technology with data analytics to quantify orthopedics and improve robotic surgery.”