Global Orthopedic Devices Market Size, Trends and Insights By Type (Trauma Fixation, Spinal Devices, Joint Replacement, Consumables, Disposables, and Bone Repair), Application (Spine, Trauma And Extremities, Knee, Hip, Foot and Ankle), End User and Region, Forecast To 2023
Global Orthopedic Devices Market size worth USD 58,814.6 Million at a CAGR of 4.3% during the review period says Market Research Future (MRFR). The Global Orthopedic Devices Market is a continually rising space. Factors such as the growing prevalence of orthopedic disorders and diseases such as Osteogenesis imperfecta (OI) or brittle bone disease drive the growth of the market. Besides, increasing investments in the R&D activities for the development of new devices and well as to improve the existing ones foster the Orthopedic Devices Market on a global level. A large number of orthopedic implants are absorbed for a range of surgical applications.
Leverage to technological advancements, orthopedic devices have significantly evolved over the past few years, which, as a result, accelerates the market growth, increasing the uptakes of these devices. Substantial investments and efforts by the device manufacturers made in the development of these devices are fueling the market growth, bringing about innovative features in orthopedic devices.
On the flip side, low awareness about the advantages and high cost associated with the orthopedic devices are the key factors impeding the growth of the market. Also, skepticism among physicians for the advancement & efficacies of these devices is affecting the growth of the market, negatively. Nevertheless, initiatives & support from the public and private organizations would support the growth of the market, increasing the awareness about the availability and benefits of the orthopedic devices.
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Global Orthopedic Devices Market Segmentation:
Global Orthopedic Devices Market is segmented by type, application, end user and region
By Type, the Orthopedic Devices Market is segmented into
- Joint Replacement
- Bone Repair
- Trauma Fixation
- Consumables & Disposables
- Spinal Devices
By Application, the Orthopedic Devices Market is segmented into
- Foot & Ankle
- Trauma & Extremities
By End-user, the Orthopedic Devices Market is segmented into
- Medical research center
- Ambulatory surgery centers
Orthopedic Devices Market Regional Analysis:
global Orthopedic Devices Market size to lead by North America mainly due to the high per capita healthcare expenditures. The market is further expected to continue with its dominance throughout the forecast period, heading with the favorable government regulations and the rising market penetration of orthopedic devices in the region. The increasing prevalence of various orthopedic diseases and disorders that lead to surgeries & implants involving the musculoskeletal system boosts the market growth in the region.
Besides, the rising geriatric populace fosters the growth of the regional market, increasing the patient population. Also, rising demand for technologically advanced treatments & devices along with the well-spread awareness for the benefits of biodegradable products, bolster the size of the Orthopedic Devices Market in North America.
Europe is another significantly growing Orthopedic Devices Market share globally. The growth of the market attributes to the increased R&D activities in the field of orthopedic devices led by support from the public & private organizations. Simultaneously, rising numbers of orthopedic surgeries and the presence of innovative treatment facilities are expected to create huge market demand.
The Asia Pacific Orthopedic Devices Market size to emerged as the fastest-growing market attributing to the burgeoning medical treatment market in the region. Besides, rising research activities for the development of orthopedic devices is fostering the growth of the regional market. Increasing orthopedic surgeries and rising awareness towards keeping good health are creating a huge market demand in the APAC Orthopedic Devices Market.
Growing Orthopedic Devices Market share of China and India, backed by the increasing awareness and improved quality of life, provide impetus to the regional growth. The rapidly improving economy in the APAC is further expected to create substantial growth opportunities in the Orthopedic Devices Market during the review period.
Players driving the global Orthopedic Devices Market include
- Medtronic (Republic of Ireland)
- DePuy Synthes Companies (US)
- NuVasive, Inc. (US)
- Globus Medical, Inc. (US)
- Zimmer Inc. (US)
- Stryker Corporation (US)
- Smith & Nephew plc. (UK)
Global Orthopedic Devices Market Competitive Landscape:
The Orthopedic Devices Market appears to be highly competitive and fragmented due to the presence of many players. The high growth potential demonstrated by the market attracts several new entrants, which intensifies the market competition further. To gain a larger market share, these players adopt strategic initiatives such as acquisitions, collaboration, expansion, and partnership.
Manufacturers strive to develop innovative materials for making a range of orthopedic devices. Incorporating strategic initiatives such as matured players try to gain a competitive advantage to maintain their positions in the market. They investment substantially in manufacturing & expansion program that can help them to reduce logistics cost and increase production capacities and leveraging potential to fetch larger turnovers.
Table of Content
1 Report Prologue
2.1 Scope Of Study
2.2 Research Objective
2.3 Assumptions & Limitations
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
4 Market Dynamics
4.2 Growth Drivers
4.2.1 Growing Prevalence Of Orthopedic Conditions
4.2.2 Increase In Aging Population
4.2.3 Product Advancement
4.3.1 High Cost Of Treatment
4.3.2 Lack Of Infrastructure In Middle And Low Income Countries
4.4.1 Growing Awareness And Unmet Needs
4.5.1 Stringent Regulations And Regulatory Uncertainties In The US
4.5.2 Low Public Healthcare Expenditure
5 Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
5.2.1 Primary Activities
5.2.2 Secondary Activities
6 Global Orthopedic Devices Market, by Type
7 Global Orthopedic Devices Market, by Application
8 Global Orthopedic Devices Market, by End User
9 Global Orthopedic Devices Market, by Region
Industry/ Innovation /Related News:
Recombinetics, Inc. (the US), a leading biotechnology company, announced its collaboration with Mayo Clinic to develop the first-ever swine models of Osteogenesis Imperfecta. These models would help preclinical researchers to understand the disease etiology and progression in a better way. So as to provide a reliable preclinical model for establishing the safety & efficacy of new therapies that patients with OI need currently.
The collaborative research project to advance gene-edited swine models that mimic the human disease more closely could lead to better treatments, including orthopedic devices for intramedullary rodding and others (in vivo gene-editing and gene therapy, non-invasive techniques for malocclusion, and understanding the natural progression of bone mineralization after currently available therapeutics, etc.).
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