An Orthopedic Device are placed within the skeleton and muscles so as to correct existing problems or to provide stability. Technological advancements and product development are the best strategies that yield the greatest market benefit. For example latest technological developments include use of titanium implants which are stronger. Development of titanium implants coated with foam metal surface, imitates the properties of bone and is also very well tolerated. Development of bio absorbable screws is another development which has eliminated post-operative pain of removing the implant.
Global Orthopedic Devices Market – Competitive Analysis:
April, 2017 – DePuy Synthes Company acquired 3D printing technology from Tissue Regeneration Systems, Inc. (TRS).
Jan, 2017 – DePuy Synthes Company had announced agreement with Pacira Pharmaceuticals Inc. to co-promote EXPAREL, a long-lasting, non-opioid, local analgesic administered at the orthopaedic surgical site in US.
October, 2016 – Medtronics got an approval for its suite of cardiac rhythm and heart failure devices and leads to be scanned in both 3 and 1.5 Tesla (T) magnetic resonance imaging (MRI) machines. This advancement gives patients with Medtronic SureScan MR-conditional pacemakers, implantable cardioverter-defibrillators (ICDs) and cardiac resynchronization therapy-defibrillators (CRT-Ds) and leads access to MRI scans on any part of the body. This will help Medtronics to strengthen its position in MRI machines segment.
December, 2015 – Medtronics and Samsung came together in strategic alliance to accelerate the development of digital health solutions for the millions of people suffering from chronic pain, movement disorders, incontinence, and other conditions who could benefit from neuromodulation therapy. Due to this Medtronics seeks to deliver real-time data to the patients and the physicians so they effectively find the cure for the tracked symptoms.
One of the major factor responsible for the market growth is growing prevalence of orthopaedic diseases, such as degenerative bone disease, fractures, rising number of road accidents, osteoporosis, arthritis are the major factors driving the market of orthopaedic devices. The world health organization predicts the prevalence of Rheumatoid Arthritis to be between 0.3% and 1% and more common in women and in developed countries. The prediction also states that 9.6% of men and 18.0% of women aged over 60 years have osteoarthritis. Rising cases of obesity, sedentary lifestyles, long working hours, rising sports culture result in the early onset of musculoskeletal disorders which boosts the market. However, high cost of treatment and lack of infrastructure in middle and low income countries may hamper the market growth during forecast period.
The large number of patients with unmet needs especially in the developing regions is the most important market opportunity. Globally there are more than 50 million adults with arthritis. Osteoarthritis, affects an estimated 31 million Americans and it is predicted that by the year 2040, more than 78 million people will suffer from doctor-diagnosed arthritis. Thus there is a huge unmet need for the orthopaedics devices.
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Global Orthopedic Devices Market – Regional Analysis
The global orthopaedic devices market is growing steadily. The market is segmented into four regions consisting North America, Europe, Asia Pacific and the Middle East & Africa. In 2016, North America and Europe were holding more than half market share of global orthopaedic devices market. Increasing investment in R&D and new product development is key drivers for the market growth. The demand is higher in high-income countries but market is rapidly growing in developing and emerging economies like China and India. Rapidly changing technology is also effecting healthcare sector. Health professionals and manufacturing companies are adopting changes to provide best possible solution to the market. On the basis of regions, global orthopaedic devices market is divided into North America, Europe, Asia Pacific and Middle East and Africa. In 2016, North America was holding largest market share and highest revenue generator in global orthopaedic devices market. Due to increasing healthcare expenditure and rapidly developing healthcare sector, Asia-Pacific is fastest growing region in global orthopaedic devices market. The Middle East and Africa orthopaedic devices market is growing slightly lower than the global average. In 2016, the Middle East region is holding majority of market share in this region. UAE was holding largest market share while Saudi Arabia is expected to grow at fastest pace in Middle East and Africa orthopaedic devices market.
Technological advancements and product development is the best strategy that yields the greatest market benefit. Changing technology, increasing prevalence of osteoporosis, increasing funding for R&D and market growth in emerging economies are major driving forces for global orthopedic devices market. The Global Orthopedic Devices Market is expected to grow at a CAGR of 4.3% during the forecast period. The Orthopedic Devices Market is growing steadily and expected to continue its growth near future. The total market for orthopedic devices was US$ 43,802.1 million in 2016 and expected to reach US$ 58,814.6 million by 2023.
Orthopedic Devices Market by Regions: 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, the Middle East and Africa (ME&A) Orthopedic devices market was growing lower than global average and expected to grow at steady pace.
The Orthopedic Devices Market Key Players: DePuy Synthes Companies (US), Globus Medical, Inc. (US), Medtronic (Republic of Ireland), NuVasive, Inc. (US), Smith & Nephew plc. (UK), stryker Corporation (US) and Zimmer Inc.(US).
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Major TOC Orthopedic Devices Market:
1 Report Prologue
2.1 Scope of Study
2.2 Research Objective
2.3 Assumptions & Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
4 Market Dynamics
List of Tables:
TABLE 1 GLOBAL ORTHOPEDICE DEVICES MARKET BY TYPE, 2014-2023 (USD MILLION)
TABLE 2 GLOBAL TRAUMA FIXATION MARKET BY REGION, 2014-2023 (USD MILLION)
TABLE 3 GLOBAL SPINAL DEVICES MARKET BY REGION, 2014-2023 (USD MILLION)
TABLE 4 GLOBAL JOINT REPLACEMENT ORTHOPEDIC DEVICES MARKET BY REGION, 2014-2023 (USD MILLION)
TABLE 5 GLOBAL ORTHOPEDIC CONSUMABLES & DISPOSABLES MARKET BY REGION, 2014-2023 (USD MILLION)
TABLE 6 GLOBAL BONE REPAIR MARKET BY REGION, 2014-2023 (USD MILLION)
TABLE 7 GLOBAL ORTHOPEDICE DEVICES MARKET BY APPLICATION, 2014-2023 (USD MILLION)
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LIST OF FIGURES:
FIGURE 1 GLOBAL ORTHOPEDIC DEVICES MARKET BY TYPE OF PRODUCT, 2016 (%)
FIGURE 2 GLOBAL ORTHOPEDIC DEVICES MARKET BY APPLICATION, 2016 (%)
FIGURE 3 GLOBAL ORTHOPEDIC DEVICES MARKET BY END USER, 2016 (%)
FIGURE 4 GLOBAL ORTHOPEDIC DECICES MARKET BY REGION, 2016 (%)
FIGURE 5 RESEARCH PROCESS
FIGURE 6 MARKET DYNAMICS
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