The global orthopedic device market size is expected to reach USD 47.7 billion by 2026, according to the study performed by Grand View Research, Inc. It is anticipated to expand at a CAGR of 3.1% over the forecast period. Major factors driving the market include high demand for orthopedic surgeries owing to rising incidents of road accidents and prevalence of orthopedic diseases.
Rise in geriatric population prone to orthopedic conditions is primarily pushing the demand for orthopedic solutions globally.Effects of aging such as lowering of bone density and weakening of bones due to excessive loss of bone mass is prominent in people from 25 to 54 years age group that become more noticeable after 55 years.
High adoption of minimally invasive surgeries and increasing number of sports and road traffic accidents are expected to fuel growth of the orthopedic devices market growth during the forecast period. Arthroscopy, minimally invasive total joint replacement, and spine surgeries are some of the newly adopted minimally invasive surgeries.
Stringent procedures of regulatory approvals are anticipated to hinder market growth in near future. In addition, high cost of devices and surgeries are some other factors likely to impede the growth.
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Further key findings from the study suggest:
- Knee orthopedic devices captured the largest market share in 2017 attributed to rise in knee surgeries including common knee injuries and total knee replacements
- North America captured the largest market share in 2017 and is expected to continue leading over the forecast period. The presence of a large number of major market players and high adoption of advanced technologies are the major driving factors
- Asia Pacific is expected to exhibit a lucrative CAGR during the forecast period. The presence of a large untapped market and supportive government regulations are expected to attract attention of the global market players
- Some of the major players in the orthopedic devices market include NuVasive, Inc.; Medtronic PLC; Zimmer-Biomet Holdings; DePuy Synthes; Stryker; Aesculap Implant Systems, LLC; Donjoy, Inc.; and Conmed Corporation.
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Key Topic Covered
Chapter 1 Methodology And Scope
1.1 Research Methodology
1.2 Research Scope And Assumptions
Chapter 2 Executive Summary
2.1 Market Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation
Chapter 4 Industry Outlook
4.1 Market Driver Analysis
4.1.1 Growing geriatric population
4.1.2 High adoption of minimally invasive procedures
4.1.3 Increase in the number of sports and road traffic accidents
4.1.4 High prevalence of diabetes and obesity
4.2 Market Restrain Analysis
4.2.1 Increase in the number of product recalls
4.2.2 Social and ethical issues
4.3 Business Environment Analysis
4.3.1 SWOT Analysis; By Factor (Political & Legal, Economic And Technological)
4.3.2 Political And Legal
4.3.5 Porter’s five forces analysis
4.3.6 Threat of new entrants: medium
4.3.7 Competitive rivalry: high
4.3.8 Bargaining power of buyers: moderate
4.3.9 Bargaining power of suppliers: low
4.3.10 Threat of substitutes: moderate
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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