Orthopedic Devices are used for preventing or managing musculoskeletal problems. These devices have proved immensely successful to restore mobility, reduce pain and improve the quality of life in case of millions every year. Some of the commonly used orthopedic devices include hip supports, elbow and knee braces, cervical collars, ankle and foot supports, braces and back supports.
Presently the trauma management methods available are not capable of restoring the parts of the body carefully because of insufficient effective surgical tools. Due to this most manufacturers are significantly investing in Research and Development for developing efficient and innovative devices. The increased research and development activities are expected to ensure a high growth in the orthopedic devices market in the near future.
This market is likely to grow steadily and continue maintaining its position and grow further in the near future. In fact, the orthopedic devices total market in 2016 was USD 43,802.1 million and likely to reach USD 58,814.6 by 2023. MRFR’s report projects that the global orthopedic devices market is anticipated to reach at 4.3% CAGR during the forecast period (2017-2023).
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Market Key Players
The leading players profiled in the report include –
Zimmer Inc (US)
stryker Corporation (US)
Smith & Nephew plc. (UK)
NuVasive Inc (US)
Medtronic (Republic of Ireland)
Globus Medical Inc (US)
DePuy Syntheses Companies (US).
The Orthopedic Devices Market in 2018 had mergers and acquisitions with Johnson & Johnson, RTI Surgical, Alphatec and others.
Rising existence of orthopedic conditions like degeneration bone disease along with increasing geriatric population are likely to drive the orthopedic devices market. Product development and advancements in technology are finest strategies which yields the highest market benefit. Market growth, increasing funding for research and development, rising existence of osteoporosis and changing technology in the emerging economies are the key driving forces for the orthopedic devices market. Other factors that are likely to boost the market growth include early inception of musculoskeletal conditions which is triggered by sedentary lifestyle and obesity.
In MRFR’s report the global market for orthopedic devices has been segmented on the basis of type, application, and end user.
On the basis of type, it is segmented into bone repair, consumables and disposables, joint replacement, spinal devices and trauma fixation. The segment of spinal devices is likely to gain an impressive market share during the forecast period chiefly due to the increase in patients with osteoporosis fracture each year.
On the basis of application, the market is segmented into ankle, foot, hip, knee, trauma and extremities and spine.
On the basis of end user, the orthopedic devices market is segmented into medical research center, hospitals and ambulatory surgery centers. The hospital segment is likely to have a dominant share in this market during the forecast period.
- Orthopedic devices manufacturers
- Orthopedic devices providers
- Hospitals and clinics
- Medical Research laboratories
- Research and development (R&D) companies
- Market research and consulting service providers
- Potential investors
- Government research institutes
- Academic institutes and universities
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North America leads the orthopedic devices market having the major market share of about 39.6%. Rising demand for improved healthcare solutions because of good healthcare infrastructure, reimbursement coverage and industry giants are the factors that are driving the growth in this region. Europe grabs the second position and is anticipated to reach about USD 19,467.6 million during the forecast period 2017-2023.
Asia Pacific is likely to grow at the fastest CAGR at 6.2%. India and China are anticipated to account for the biggest geriatric population across the globe. No wonder the demand from them is likely to grow at a massive rate in the near future. Besides, the booming industry of medical tourism based on the accessibility of improved healthcare treatments at affordable prices is likely to attract the target patient population. There is Japan which has sufficient implant manufacturers along with rising healthcare expenditure in comparison to the other regional countries.
The high adaptation of latest technology moreover is likely to further fuel the growth of orthopedic devices market in this region. The market in Middle East and Africa (MEA) on the other hand was growing lower compared to the global average and likely to grow at a stable pace.
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Global Orthopedic Devices Market, by Region
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East and Africa
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