Transparency Market Research (TMR) has published a new report titled, ‘Orthopedic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global orthopedic devices market was valued at US$ 46.2 Bn in 2018 and is projected to expand at a CAGR of 4.3% from 2019 to 2027.
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- Orthopedic devices is a piece of equipment that is used for preventing and treating deformities and injuries of the musculoskeletal system. It includes include bandages, splints, prostheses, and special apparatus
- The market is witnessing a gradual rise in the adoption rate of advanced orthopedic solutions that offer fast recovery and reduced post-operative complications. The global orthopedic devices market is witnessing a shift to value-based product offerings due to continuous emergence of new players and variations in reimbursement policies based on performance of products by regulatory authorities.
- North America dominated the global orthopedic devices market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, increased usage of technologically advanced surgical procedures, and increasing prevalence of orthopedic diseases are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast period
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Surge in Adoption of Technologically Advanced Products and Increase in Incidence Rates of Injuries Related to Accidents, Sports, and Adventure to Drive Market
- Large number of global manufacturers who have technical expertise and core competencies are undertaking constant efforts to develop and manufacture novel orthopedic products to attract more customers. Improved biomaterial based implants offering high strength and low wear are witnessing an exponential rise in demand in developed as well as developing countries
- Increase in number of accidents and bone disorders such as joint pain, instability in the joint, bone loss, and infection are anticipated to spur demand for orthopedic devices during the forecast period. Over 340,000 hip implant procedures are performed in the U.S. each year, which includes a number of patients aged between 40 and 50 who are focused toward maintaining a healthy lifestyle
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Asia Pacific to Witness Exponential Growth
The global orthopedic devices market is fragmented in terms of number of players. Key players in the global market include Stryker, DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic, DJO Global, Arthrex, Inc., NuVasive, Inc., Globus Medical among others.
- Orthopedic Clinics to be Highly Lucrative Segment
- In terms of end-user, the global orthopedic devices market has been classified into hospitals, orthopedic clinics, ambulatory surgical centers and others.
- The hospitals segment dominated the orthopedic devices market. Growth of the segment can be attributed to factors, such as, rise in the rate of hospitalization for orthopedic disorders, and wide range of services offered by hospitals at a single site. However, rise in hospitalization costs and changes in reimbursement models are estimated to hamper the growth of the segment during the forecast period.
- Orthopedic clinics is expected to grow with the highest CAGR in the forecast period. Short-duration length of stays, quality of procedures and care, and emergence of minimal invasive surgeries and devices are likely to propel the segment during the forecast period
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