Orthopedic Devices Market is Expected to Experience a Swift Development by 2024

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.

Overview

  • 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

Joint Reconstruction Segment to Dominate Market

  • Based on product, the global orthopedic devices market has been divided into joint reconstruction, spinal devices, orthopedic braces and supports, trauma fixation, orthopedic accessories, orthopedic prosthetics, arthroscopy devices and others. Joint Reconstruction is further sub segmented into hip replacement, knee replacement, elbow & shoulder replacement and other. Hip replacement is again divided into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, revision hip replacement implant. Knee replacement is divided into total knee replacement implant, partial knee replacement implant, revision knee replacement implant. Spinal devices is sub divided into spinal fusion devices and spinal non fusion devices. Orthopedic Braces and Supports are further segmented into lower extremity and upper extremity. Trauma Fixation products are classified into metal plates & screw, pins/wires, nails & rods and others. Bone cement, casting system and removal system are division of orthopedic accessories. Orthopedic Prosthetics are segmented into lower extremity and upper extremity.
  • Joint Reconstruction segment dominated the global orthopedic devices market in 2018 and the trend is projected to continue during the forecast period. Significant patient pool leading to increase in surgeries and rise in investment in research and development activities by major players are attributed to the continuous dominance of the joint reconstruction segment.
  • Total knee replacements are one of the most successful procedures in all of medicine. According to the Agency for Healthcare Research and Quality, more than 790,000 knee replacements are performed each year in the United States

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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

North America to Dominate Global Market

  • In terms of region, the global orthopedic devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global orthopedic devices market in 2018, followed by Europe.
  • North America accounted for major share of the global orthopedic devices market in 2018, owing to significant average selling prices of orthopedic devices, rising demand from surgeons for technologically advanced orthopedic devices with enhanced lifetime and precision, and favorable coverage for orthopedic procedures in the region. According to the Agency for Healthcare Research and Quality, more than 450,000 total hip replacements are performed each year in the United States.
  • The orthopedic devices market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Large population base and rise in incidence of orthopedic diseases, improving economy in China, India, and others countries in Southeast Asia is resulting in high per capita health care expenditure, are anticipated to drive the orthopedic devices market in the region.

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Competitive Landscape

  • 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.

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