According to the report “Global Orthopedic Devices Market,” published by Market Data Forecast, the global market is projected to reach USD 49.14 billion by 2021, at a CAGR of 5.12% from 2016 to 2021.
An orthopedic device is a device that is placed within the body’s skeleton to provide stability or to correct problems that currently exist there. An orthopedic device is utilized to assist or substitute the missing bone or joint. It aids in rebuilding or reinforcing the damaged configuration.
In order to acquire a biocompatible tool, several properties of musco-skeletal tissues such as tendon, bone, ligament, and cartilage need to be properly comprehended. The materials utilized in the devices must be compatible with the body in order to prevent rejection. This data helps us in creating materials and plans that are explicitly custom-made for each type of tissue defect. The process of getting orthopedic surgery often results in having a device like this inserted into the body. Prior to the surgery, doctors will determine what the problem is. Most problems are caused by wearing down of the joints, but orthopedic devices are also used to improve the function of the skeleton due to problems from injuries or defects.
Prior to the surgery or the use of orthopedic devices like this, doctors will work to determine problems. For example, x-rays and scans are done to determine the underlying problem. Orthopedic devices are then selected based on the location and problem with the bone. In most situations, the goal is to improve the function and reduce pain caused by the bone’s current structure. Common orthopedic devices include knee replacement devices, other joint replacement, spinal cord devices, but virtually any bone structure in the body can be improved with the correct devices.
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Global Orthopedic Devices: Drivers & Restraints
The growth of the Global Orthopedic Devices Market is mainly driven by factors such as rise in geriatric population, growing frequency of osteoarthritis and osteoporosis, and rise in sports injuries and road accidents. However, factors such as costly procedures & equipment, recurrent product recalls, and unfavorable economic conditions are hindering the growth of the market.
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Global Orthopedic Devices Market: Segmentation
By Anatomical location
- Foot and Ankle
- Y-o-Y Growth Analysis, By Anatomical location
- Market Attractiveness Analysis, By Anatomical location
- Market Share Analysis, By Anatomical location
Type of Consumables
- Orthopedic staples
- Orthopedic suture anchors
- Y-o-Y Growth Analysis, By Type of Consumables
- Market Attractiveness Analysis, By Type of Consumables
- Market Share Analysis, By Type of Consumables
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Global Orthopedic Devices Market: Overview
The Orthopedic suture anchors segment dominates the market under this segment with a global share of around 75%. The knee segment is the largest segment, by Anatomical location, whereas the in geriatric populace, increase in frequency of hip fractures, and mounting demand for hip replacement Hip segment is projected to be the fastest growing segment. This is due to various factors such as rise surgeries.
Global Orthopedic Devices Market: Region-wise Outlook
The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America accounted for the largest share in the global Orthopedic Devices market in 2015, with the United States spending nearly 20% of its GDP on health. Europe is the second largest market and is boosted by the rising demand for infusion pumps and drug-eluding stents. However, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to reasons such as growing geriatric populace and rising frequency of obesity and bone-related ailments.
Key Questions Answered
- What is the current and future Orthopedic Devices Market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Orthopedic Devices space globally?
- What are the key, high growth markets that Orthopedic Devices manufacturers should expand into? Which market segments are growing the fastest?
- What are the analysis of the macro and micro factors that affect the Global Orthopedic Devices Market on both global and regional scales.
- What are the unmet needs with the Orthopedic Devices currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Orthopedic Devices?
- What are the challenges and barriers that have hindered widespread adoption of Orthopedic Devices?
- What are the key sustainability strategies adopted by market players ?
Global Orthopedic Devices: Key Players
The market is categorized by the existence of diversified international and national companies, where the global players lead the market and are predicted to grow exponentially by securing regional or local companies. The major companies dominating the global Orthopedic Devices market are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biome
Reasons to buy Global Orthopedic Devices Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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