COVID-19 pandemic hit the brakes mid-March resulting in a quick growth slow-down
Q120 was looking like a strong first quarter following Q420’s 4.5% YoY growth, the highest rate seen in the US Total Joints Market for several years. But, the COVID-19 pandemic and the institution of stay-at-home orders in most US states put the brakes on elective procedures in March, resulting in -4.8%, according to SmartTRAK Financial Dashboard. The postponement of procedures and the resulting downturn in revenue late in Q120 also resulted in orthopedic companies withdrawing guidance due to uncertainty about the timing of recovery.
Among the many topics covered in the comprehensive Q120 US Total Joints Market Recap* are:
- Complete Market Overview and Highlights
- Knee Overview: Zimmer Biomet Reports Strong Early Growth
- Hip Overview: Zimmer Retains Top Spot and Depuy Moves to Second Place
- Q120 Regulatory Highlights
Looking ahead to Q220, the shutdown of essentially all but the most urgent total joint procedures through April may have resulted in even larger revenue declines compared to Q1. Many states in the US are now reopening and are allowing elective and non-urgent orthopedic procedures to return.
Companies also lost one of their biggest venues for generating interest in new products and technologies when the American Academy of Orthopaedic Surgeons canceled its annual meeting which was to be held in Orlando in March. Instead, AAOS created a virtual AAOS meeting experience including a virtual exhibit hall.
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