Orthopedic Devices Market
Orthopedic Devices Market Size:
The market for orthopedic devices is expected to witness a CAGR of 7.2% during the forecast period. North America dominated the market for orthopedic devices, and the region is anticipated to keep its dominance throughout the forecast period. The number of individuals undergoing joint replacement surgery, such as complete hip and knee replacement, has continuously risen and continues to increase owing to an rise in the aging population. The increase in osteoporosis-related fractures and musculoskeletal diagnoses is driving demand for orthopedic implants among the 65-year-old population. According to the Arthritis Research, UK released a study on “The State of Musculoskeletal Health 2018,” it is estimated that 17.8 million individuals live with a musculoskeletal disorder in the UK, which is around 28.9% of the total population. Statistics therefore indicate that the amount of orthopedic surgeries is rising, leading to increased demand for orthopedic implants. Other driving factors include an increasing amount of big joint reconstruction surgeries, growing elderly population, increased incidence of orthopedic disorders, and the growth of bioabsorbable and titanium implants. Factors, however, such as stringent legislative reforms, hamper market growth.
Scope of the Report:
Orthopedic devices are used to replace the missing joint or bone or to support the damaged bone. The devices are produced for strength using titanium alloys and stainless steel, and plastic coating acts as an artificial cartilage. Internal fixation is an orthopedic surgery involving implant application to repair the damaged bone. The rods, pins, plates, and screws are the most common orthopedic medical devices used to anchor broken bones while they are healing.
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The Join Reconstruction Segment is Anticipated to Grow at High CAGR During the Forecast Period:
The global market for orthopedic devices is segmented by application and geography. The application segment is further segmented into hip orthopedic devices, joint restoration, knee orthopedic devices, spine orthopedic devices, trauma fixing devices, craniomaxillofacial orthopedic devices, dental orthopedic devices, and other apps. Due to the increase in geriatric population, increased prevalence of osteoarthritis and osteoporosis, and increased incidence of sports injuries and road accidents, the joint reconstruction segment is expected to grow at a high CAGR. Additionally, technological advances have considerably affected the market segment of the joint reconstruction systems studied. Spinal devices are also expected to witness a steady growth rate during the forecast period due to the introduction of new technologies and products and an increase in the prevalence of spine-related disorders. Trauma fixation orthopedic systems are also expected to experience significant income by the end of 2025.
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period:
Due to the increasing awareness of minimally invasive procedures for orthopedic surgery, continuous innovation in implant technologies, and advanced healthcare facilities, North America is expected to dominate the market. The factors driving market growth in this region are also a high rate of adoption of advanced technologies. The demand for orthopedic surgery in China and India is also expected to grow tremendously in the near future. India and China are expected to account for the largest market share in the Asia-Pacific region due to the high increase in the geriatric population pool. In addition, increasing medical tourism relative to other geographical areas due to the availability of cost-effective and advanced healthcare treatment alternatives and growing adoption of new techniques are boosting the development of the Asia-Pacific market for orthopedic instruments. Increasing R&D spending on new technologies and growing economic conditions in countries like Brazil are likely to boost market growth in the region of Latin America for orthopedic devices.
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Competitive landscapes:
The worldwide market for orthopedic instruments is extremely fragmented. Market players concentrate on continuous product development and providing orthopedic equipment at competitive rates, particularly in developing nations. Minimally invasive orthopedic instruments, which do not require repeat operations, are anticipated to increase the amount of operations in advanced and developing areas. For example, in March 2017, Integra Life Sciences announced the commercial development of the complete ankle cadence scheme, fresh ankle prosthesis created in collaboration with four world-leading foot and ankle surgeons, and in December 2017, Smith & Nephew purchased Rotation Medical Inc.
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