May 25, 2020
Sales of Medical Dynamometers to Soar through 2026, Market to Experience Marginal Crunch amid COVID-19 Pandemic, Infers Fact.MR
by Team Fact.MR
The global medical dynamometers market exhibits a positive growth trajectory, expanding at a CAGR of 7.7% between 2020 and 2026. Growth of the market is associated with an increasing prevalence of orthopedic disorders. According to the International Osteoporosis Foundation, the disease is responsible for nearly nine million fractures annually, with an osteoporotic fracture every three seconds. By 2050, the global incidence of hip fracture is projected to increase by over 300% in men and over 200% in women. Moreover, two-fifths of the population in low-income countries suffer bone damage due to road accidents. Based on the abovementioned trends, demand for dynamometer devices to correct bone anomalies is steadily rising.
However, the ongoing COVID-19 pandemic is expected to generate shortfalls in the market, attributed to disruption of supply chains amid stringent nationwide lockdowns. Countries with extremely high rates of infections have banned cross-border and inter-state travel, leading to difficulties in the transportation of essential raw materials required to manufacture medical dynamometers. Moreover, finished products are unable to reach end-users due to the same reason. In addition, people with chronic conditions are delaying their surgeries in favor of patients with COVID-19, leading to a fall in demand for medical dynamometers. However, projections indicate a healthy growth trajectory in the post-pandemic period.
Key Takeaways of Medical Dynamometers Market Study:
- Hand dynamometers shall capture two-fifths of the medical dynamometers market across the forecast period. A high success rate with respect to increased grip strength in patients with early rheumatoid arthritis and reduction on synovitis of the fingers and wrists is the primary growth driver of this segment.
- Electronic dynamometers are anticipated to surge in popularity, expanding at a CAGR of ~8% across the forecast period. Advancements on technology for addressing disabling disorders such as Duchene muscular dystrophy (DMD) or spinal muscular atrophy (SMA), increasing sports activities and increasing reliance on isometric electronic devices are expected to boost growth.
- By application, the orthopedic segment is poised to dominate the medical dynamometers market, capturing a market share of 29.8%. Growth of the orthopedic segment is attributed to an increase in the number of knee osteoarthritis, ACL and musculoskeletal surgeries.
- By end-user, hospitals and rehabilitation centers are expected to exhaustively utilize medical dynamometers. Increasing preference for minimally invasive surgeries and reduced in-house stay in healthcare settings is driving the increased usage of medical dynamometers across both segments.
- North America is poised to dominate the medical dynamometers market by region, accounting for nearly 2/5th of the market. Rising number of orthopedic surgical procedures and increased adoption of robotics is driving growth in the region.
- Asia-Pacific is expected to expand the fastest, at an astounding CAGR of 8.5%, attributed to a rising proportion of elderly population and significant investments in developing a robust healthcare infrastructure.
“Rising prevalence of orthopedic disorders has prompted increased usage of medical dynamometers in the recent past and shall continue across the forecast period. Leading manufacturers are incorporating technological enhancements to increase their presence in the market,” concludes a Fact.MR analyst.
Medical Dynamometers Market: Competition Landscape:
The medical dynamometers market is semi-consolidated with the presence of a few prominent market players, which include JTECH Medical Industries, Inc., Hausmann Industries, 3B Scientific Fabrication Enterprises Inc., KERN & SOHN GmbH and North Coast Medical Inc. Introduction of technologically enhanced specialty products and establishment of business ventures in emerging economies are principal growth strategies employed by the market players.
They also partnering with hospitals, rehabilitation centers and physiotherapists to provide after-purchase maintenance services. For instance, JTECH Medical Industries, Inc., lays strong emphasis on hand therapy devices and markets products such as the Dualer IQ Pro Digital Dual Inclinometry device, the Commander Echo Console and Grip and IsoTrack Pro devices. 3B Scientific, another market player, has expanded its services in emerging countries. At present, the company has presence in over 100 countries worldwide.
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The research study on the medical dynamometers market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the medical dynamometers market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented on the basis of product (squeeze dynamometer, pinch gauge, hand dynamometer, chest dynamometer, push-pull dynamometer and others), end-user (hospitals, rehabilitation centers, physiotherapy clinics and others), material (electronic and mechanical) and application (orthopedic, neurology, cardiology, medical trauma and others) across five major regions.
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