The Global Orthopedic Devices Market was around US$ 43.8 billion in 2016 and is expected to reach US$ 58.8 billion which is projected to grow at a CAGR of 10.4% by 2023.
An Orthopaedic 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.
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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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) are some of the prominent players at the forefront of competition in the global orthopaedic devices market and are profiled in MRFR 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.
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Considering the global scenario of the orthopedic devices market, North America is largest market for orthopedic devices. In 2016, Europe was holding major market share in global orthopedic devices market the countries like Germany, France and UK are holding major stake in this market. The Asia-Pacific (APAC) region is witnessing fastest growth of orthopedic devices market. While Middle East and Africa orthopedic devices market is growing steadily and expected to grow at lower than global average during the forecast period.
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