Increase in the Prevalence of Sports Injuries to Boost Orthopedic Devices Market

Orthopedic devices refer to gadgets or tools that are made for the purpose of management or prevention of musculoskeletal problems. These devices offer to straighten or support limbs or weak joints. Orthopedic devices comprise hip supports, ankle and foot supports, cervical collars, elbow and knee braces, braces and back supports. Elderly population is often vulnerable to various orthopedic conditions related to bones, such as osteoarthritis and osteoporosis. According to the estimates of World Health Organization (WHO), nearly 2 billion people will reach the age of 60 years by 2050. Such huge expansion of the base of elderly population is expected to support development of the global orthopedic devices market over the timeframe of analysis, from 2020 to 2026.

A rise in the incidences of lifestyle diseases, such as obesity and diabetes play the role of a catalyst in the growth of the market. In addition, increased consumption of alcohol and smoking, poor dietary habit, and lack of physical activity are likely to widen the scope of growth of the global orthopedic devices market over the timeframe of analysis, from 2020 to 2026. Besides, emergence of new inventions in the field of osteology is estimated to lead to the invention of new economical devices. Technological progress made in smart implants, robot-assisted surgical procedures, and 3D printing are likely to trigger expansion of the global orthopedic devices in the near future.

The global orthopedic devices market is anticipated to rise moderately at a growth rate of 4% CAGR over the tenure of assessment, from 2020 to 2026. Prevalence of an extensive range of orthopedic disorders, such as juvenile arthritis, fibromyalgia, rheumatoid arthritis, and osteoarthritis is expected to play an important role for the development of the global orthopedic devices market.

Increase of the Geriatric Population Across the Globe to Spell Growth for the Market

There has been a rise in the incidences of sports injuries from various adventure and sports related activities. Rising number of accidents have also caused grievous injuries to bones, such as loss of bones, infection of bones, joint instability and pain in joints. Such rising cases of injuries arising from various activities are anticipated to bolster growth of the global orthopedic devices market. According to The American Academy of Orthopedic Surgeons (AAOS), injuries to lower extremities, such as ankle and foot comprise almost a quarter of sports injuries.

Existing techniques of trauma management are not capable of restoring the normal functioning of the affected parts of the body due to unavailability of efficacious tools of surgery. As such, manufacturers are making increased investment in research and development activities so as to develop various efficient and innovative devices. Augmented investments in research and development activities are anticipated to support expansion of the global orthopedic devices market, from 2020 to 2026.

There has been a rise in awareness about the availability of various orthopedic devices and services. In addition, presence of favorable reimbursement coverage of orthopedic treatments has led to the increased adoption of various orthopedic surgeries. These factors empower customer to go for costly and advanced orthopedic devices, thereby adding to the growth of the global orthopedic devices market in the forthcoming years.

Flourishing Medical Tourism Industry to Drive the Market in Asia Pacific

Presence of advanced and well-established healthcare infrastructure and high demand for advanced to propel North America at the forefront of market growth over the assessment period. In addition to that, presence of leading market players and favorable reimbursement policies are likely to drive the growth of the market in North America.

Asia Pacific is estimated to present highly lucrative opportunities for the players in the global orthopedic devices market. With India and China accounting for a huge base of geriatric population, the demand for orthopedic devices is likely to experience a surge. Furthermore, flourishing business of medical tourism in the countries of Asia Pacific, such as India, Thailand are expected to accelerate the growth of the orthopedic devices market in the region.