The North America Orthopedic Devices Market was worth $12.23 billion in 2016 and estimated to be growing at a CAGR of 4.94%, to reach $15.56 billion by 2021. People who are afflicted with chronic wounds, which take significant amount of time to heal and are expensive to treat have received a much-needed relief in the form of Orthopedic Devices.
Orthopedic Devices market caters feasible and user-friendly products to the afflicted patients. 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 adjustable to the body in order to prevent rejection.
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The growth of the North America Orthopedic Devices market is mainly due to growing prevalence of orthopedic conditions, rising number of road accidents, continuous innovation in the implants technology, and increasing awareness of minimally invasive procedures. However, factors such as costly procedures & equipment, recurrent product recalls, biocompatibility issues, and stringent regulatory approval procedures are restraining the growth of the market in this region.
The North America Orthopedic Devices market is segmented based on anatomical location and type of consumables. The market for orthopedic devices, on the basis of anatomical location is segmented into knee, shoulder, foot and ankle, hip, spine, elbow, craniomaxillofacial, and others. The knee segment is the largest segment, by anatomical location, whereas the hip segment is projected to be the fastest growing segment. This is due to various factors such as rise in geriatric populace, increase in frequency of hip fractures, and mounting demand for hip replacement surgeries. On the basis of type of consumables, the orthopedic devices market is segmented into orthopedic staples and orthopedic suture anchors. Orthopedic suture anchors are further segmented into resorbable suture anchors and metallic suture anchors. The orthopedic suture anchors segment dominates the market under this segment with a share of around 75%.
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The North America market has been geographically segmented into segmented into US and Canada. 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. The North America market leads the global market and is very modern and is focused on innovating cost-effective devices. Companies are committed to research, sourcing, and quality, factors that are central to the success of the industry.
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 Orthopedic Devices market in this region are Medtronic, Stryker, Zimmer Inc., DePuy, Synthes, Smith & Nephew, and Biomet.
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