The Orthopedic Devices Market globally is expected a 4.3 % CAGR during the forecast period (2017-2023), according to a report by Market Research Future (MRFR). Orthopedic devices treat deformities, stabilize body posture and restore the skeletal functioning either by reinforcing or replacing the body part. The global market for orthopedic devices has emerged from conventional surgical procedures to the use of fixation and prosthetic devices. These devices are placed within the muscle systems or the body’s skeleton to offer stability or correct existing problems. Orthopedic devices market is growing at a very fast rate and is expected to grow in years to come.
In the year 2016, the market for orthopedic devices was worth USD 43,802.1 Mn. It is expected to reach USD 58,814.6 Mn by the year 2023. To offer better healthcare facilities and solutions, there has been a notable rise in government funding to expand the healthcare sector. Since 2003, the orthopedic devices market has witnessed a few technological advancements like nailing and plating techniques, internal fixtures, resurfacing, joint replacement and arthroscopic devices. The focus has been diverted from experimental to mechanized implants and application-based advancements.
Introduction of new products such as polymers and ceramics has positively impacted the success rate of surgeries. Adoption of these highly advanced products are swiftly increasing as they are available at customizable shapes and sizes and more importantly they are available at affordable prices.
Global Orthopedic Devices Market – Industry Developments
A leading musculoskeletal solutions company, Globus Medical Inc., has announced the launch CREO Fenestrated Screw System that is used for treating patients suffering from advanced stage tumors of the thoracolumbar spine.
Medtronic plc. has declared that the US Food and Drug Administration has offered 510k clearance of Kyphon HV-R Bone Cement for fixation of fractures of sacral vertebral body with the help of sacroplasty or vertebroplasty.
Global Orthopedic Devices Market – Competition Analysis
Some of the notable players in this market comprises Globus Medical Inc. (US), DePuy Synthes Companies (US), Smith & Nephew plc. (UK), Medtronic (Republic of Ireland), Zimmer Inc. (US), Stryker Corporation (US) and NuVasive, Inc. (US).
Global Orthopedic Devices Market – Dominant Key Players
Some of the key players in this market are:
- DePuy Synthes Companies (US)
- Globus Medical, Inc. (US)
- Medtronic (Republic of Ireland)
- NuVasive, Inc. (US)
- Smith & Nephew plc. (UK)
- Stryker Corporation (US)
- Zimmer Inc. (US)
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Global Orthopedic Devices Market – Drivers and Restraints
Product development and technological advancements are the best strategies to yield maximum market benefit. Increasing prevalence of osteoporosis, change in technology and rise in funding for market growth and R&D are the key driving forces for orthopedic devices market globally.
On the other hand, stringent regulatory approvals are the key factors restraining the growth of orthopedic devices market. Moreover, expensive surgical costs and high device cost also affect the growth of the market.
Global Orthopedic Devices Market – Segments
Globally, the orthopedic devices market has been segmented on the basis of type, application, region and end users. On the basis of type, the market can be segmented into spinal devices, consumables and disposables, trauma fixation, joint replacement, bone repair, and others.
On the basis of application, the market can be segregated into trauma and extremities, foot, knee, spine, hip, spine, ankle, and others, where knee and hip applications hold the largest market share. It has been witnessed that high rate of knee and hip replacement surgeries combined with the innovations in their treatment is contributing towards the market growth of orthopedic devices.
Based on end users, the market for orthopedic devices can be bifurcated into hospitals, ambulatory surgery centers and medical research centers, where hospitals hold the maximum market share.
Global Orthopedic Devices Market – Regional Analysis
Taking the global scenario of orthopedic devices market into consideration, North America was holding the highest market share of around 39.6 % in the year 2016. With the presence of major market players and advanced technologies, the market in this region is growing steadily.
Europe has been considered as the second largest market and is expected to reach USD 19,467.6 Mn by the end of 2023.
Asia Pacific (APAC) is expected to witness the fastest growth with CAGR of 6.2 % during the assessment period. Availability of government regulations and presence of untapped markets are sure to attract attention of global players.
Moreover, Middle East and Africa can exhibit a dull growth over the forecast period due to slow implementation of latest technologies.
Considering the global scenario of the market, North America was holding largest market share of 39.6% in global orthopedic devices market in 2016. Europe is second largest market and expected to reach USD 19,467.6 million by 2023. APAC is expected to grow at fastest CAGR of 6.2% during 2017-2023. On the other hand. Middle East and Africa (ME&A) Orthopedic devices market was growing lower than global average and expected to grow at steady pace.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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