The Global Orthopedic Devices Market is mainly driven by the rising demand for technological upgradation in orthopedic devices, the rising prevalence of conditions requiring the use of orthopedic devices, such as osteoporosis, and the increasing growth prospects for the market in developing countries. Approximately 10 million U.S. citizens have osteoporosis, according to the National Osteoporosis Foundation, along with 44 million more with low bone density, which leaves them at a greater risk of osteoporosis and other bone disorders. Rising awareness about the disease and the effectiveness of orthopedic devices in correcting the problems caused by the disease is likely to be a major driver for the global orthopedic devices market over the forecast period.
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Global Orthopedic Devices Market – Competitive Analysis
Leading players in the Global Orthopedic Devices Market include
- DePuy Synthes Companies
- Smith & Nephew plc
- Zimmer Inc.
- Stryker Corporation
- NuVasive Inc.
- Globus Medical Inc.
Industry Updates and Opportunities:
Strong technological advancement is also likely to further the cause of the global orthopedic devices market over the forecast period. Technological advancement in the global orthopedic devices market mainly focuses on making the devices lighter and more easily wearable, apart from bringing about innovations that help manufacture the devices at a cheaper price. 3D printing is likely to become more popular in the global orthopedic devices market over the forecast period, as it allows for precise manufacturing at relatively cheap costs.
In March 2019
Nexxt Spine announced that it will collaborate with MTS Systems Corporation to develop bone healing spinal implants through 3D printing. Nexxt Spine is a leading manufacturer of spinal implants in the U.S., while MTS is a leading supplier of simulation and testing systems.
In February 2019
Tangible Solutions, a contract-basis manufacturer of 3D printed spinal implants, announced an expansion of its facility in Fairborn, Ohio.
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Global Orthopedic Devices Market – Segments
The Global Orthopedic Devices Market is segmented on the basis of type, application, end use, and region.
By type, the global orthopedic devices market is segmented into spinal devices, bone repair, joint replacement, trauma fixation, consumables and disposables, and others.
By application, the global orthopedic devices market is segmented into spine, knee, foot and ankle, hip, trauma and extremities, and others.
By end use, the global orthopedic devices market is segmented into hospitals, ambulatory surgery centers, and medical research centers. Hospitals are likely to remain the leading revenue generator in the global orthopedic devices market over the forecast period.
Global Orthopedic Devices Market – Regional Analysis
The Global Orthopedic 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 orthopedic 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 affecting healthcare sector. Health professionals and manufacturing companies are adopting changes to provide best possible solution to the market.
The Middle East and Africa Orthopedic 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 orthopedic devices market.
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