The global orthopedic market lost billions in revenue since the COVID-19 pandemic began, according to an April 28 GlobalData report.
Five takeaways:
1. The global orthopedic market was worth $48.4 billion before the pandemic and has lost $4.8 billion in revenue since it began.
2. Orthopedic market growth decreased about 10 percent to $43.6 billion in 2020, after elective surgery rates dropped.
3. GlobalData, an analytics firm, estimated 15 percent to 30 percent of elective surgeries were canceled last year.
4. The company predicts elective orthopedic surgery volume won't reach 2019 volume until the end of this year.
5. The pandemic also shifted the site of care for orthopedic and total joint surgeries from inpatient hospitals to outpatient ASCs. Orthopedic device companies are tailoring instruments to meet the needs of ASCs as smaller organizations, according to Tina Deng, principal medical devices analyst at consulting firm GlobalData.