"There's still a lot of caution in all these markets," said Steve Saxon, partner at McKinsey & Company.ĭomestic travel is a less viable alternative to international trips in smaller nations. Other countries in Asia, like Japan and Thailand, are also benefiting from upticks in domestic travel, but not to the same extent as China. Smith, group president of international for Marriott International.
That's because of a surge in domestic travel, since international trips remain all but off-limits. The domestic travel boom in China is due to "pent-up demand" for international travel, said Craig S. These new products are expected to drive the orthopedic market to new heights after the pandemic.COVID-19 has crippled the travel industry, but demand for trips is still alive and well.ĭuring a Fortune Global Tech Forum virtual conversation, four travel experts cited China as proof that travel globally could rebound once the pandemic eases and that domestic tourism can serve as a partial stopgap for the industry until then.Īs of September, the number of air passengers traveling within China had equaled the total for all of last year. Smith & Nephew expanded its Real Intelligence digital ecosystem and CORI surgical robotic system with total hip arthroplasty. Zimmer Biomet presented positive results for its mymobility with Apple Watch, a remote care management platform designed to help healthcare providers remotely support and guide patients as they prepare for and recover from orthopedic procedures. Johnson & Johnson showcased its VELYS Digital Surgery Platform using digital technology, robotics, and data insights to improve patient care. Many orthopedic players highlighted commitment to digital orthopedic care at American Academy of Orthopedic Surgeons (AAOS) Conference 2021. For example, digital healthcare’s role in orthopedics increased exponentially due to COVID-19. However, driven by the global market recovery, growth in US outpatient centers, and new product launches, the orthopedic market will be very promising in 2022. COVID-19 pressure continues to cast a shadow over the orthopedic market, the positive effect of pent-up demand will not be seen in the near future. However, the overall market is slightly below pre-COVID levels. Driven by trauma business, the broader orthopedic market has performed better than the knee replacement market. GlobalData expects that it will take the US knee market the remainder of 2021 to return to pre-COVID-19 levels. Nine-month revenue dropped 10.9% compared with the same period in 2019. The knee business of Johnson & Johnson reported a decline of 9.8% from Q3 2020, due to the impact of the COVID-19 delta variant on procedures in Q3 in the US. The trend has been reflected in the major players’ financial results. The hip replacement market in the US declined by 7.2%, a lower rate because hip replacement procedures are less elective than knees. While the market is returning to the pre-COVID level, the expected surge due to significant backlogs has yet to come.Īccording to the GlobalData US hospital purchasing database, the estimated nine-month revenue for the knee replacement market decreased 12.5% from 2019 to 2021. This led to the cancellation and deferrals of operations at the onset of the COVID-19 outbreak, and slow recovery of the orthopedic devices market in 2021. Most orthopedic procedures are deemed to be more elective in nature than many other surgeries, and can be deferred without raising the risk of morality. The COVID-19 pandemic has led to dramatic disruptions to the orthopedic market.
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