The global orthopedic devices market size is likely to reach USD 56.23 billion by the end of 2027 and is expected to grow at a compound annual growth rate (CAGR) of 2.87% during the forecast period 2020 to 2027.
The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, market share analysis, potential challenges, profitability graph and the overall market environment.
Orthopedic devices are intended to inhibit or manage musculoskeletal harms, while straighten fragile limbs or joints. They are employed to substitute missing bone or joints or to offer support to the injured bone. Orthopedic surgeries that integrate robotics are less invasive and provide reproducible precision, subsequent in less hospital stays and quicker recovery times. In Switzerland, La Source clinics tasted a reduction in average hospitalization from 10 to 6 days by means of surgical robots. However, this technology is still costly to obtain, and robust, evidence-based studies are desirable to validate that robotic technology front-runners to improved outcomes.
Orthopedic devices are manufactured with the help of stainless steel and titanium alloys for strength, and plastic coating works as synthetic cartilage. In orthopedics, internal fixation is a surgery that involves incorporation of implants to heal the injured bone. Most general orthopedic medical devices are the pins, rods, screws, and plates that are utilized for fastening of fractured bones while they heal. At present, several biotechnology firms are employing stem cells for orthopedic treatment. For instance, BioTime emphases on stem cell therapies for age-linked degenerative ailments, Bio-Tissue on orthobiological solutions for cartilage flaws and IntelliCellBioSciences on adipose-derived stem cells for orthopedic diseases.
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The global orthopedic devices market is expected to grow at a noteworthy rate during the estimate period on account of the increasing elderly population across the world. Aged people are highly prone to progress bone associated disorders which is estimated to upsurge demand for countless orthopedic devices and implants from this population. Further, escalating frequency of obesity and diabetes, absence of physical activity, poor diet, and intensifying trend of alcohol consumption and smoking are some more factors that can lead injury to bone health. This will offer alluring prospects for orthopedic devices market in the near future.
The number of people undertaking joint replacement surgeries like total knee and hip replacement has augmented gradually and endures to upsurge, owing to a growth in the aging population. The upsurge in the musculoskeletal diagnoses and osteoporosis-related fractures is motivating the demand for orthopedic implants amongst the populace aged 65 years or older. The global orthopedic device market is compelled by the rising government focus on plummeting disease charge burden due to rising incidence of aged population.
- Global orthopedic devices market is extremely fragmented. Market companies emphasis on constant product advancements and proposing orthopedic devices at competitive prices, particularly in emerging nations.
- High pervasiveness of orthopedic conditions along with implementation of progressive treatment procedures is predicted to prosper growth of the market in the U.S.
- Minimally invasive orthopedic devices that do not need repeat procedures are estimated to lift the quantity of procedures in the established and emergent regions.
Key Market Players and Strategies
Companies financing significantly in robotics include Stryker, Zimmer Biomet, Smith & Nephew, Mazor Robotics, OMNlife Science Inc., Think Surgical, Verb Surgical and Intuitive Surgical. For illustration, Zimmer Biomet incorporated the ROSA robotic device utilized for spine and brain surgeries to its product selection via its acquisition of Medtech. Stryker acquired Mako Surgical Corp. in order to construct total knee and total hip replacement robotic products. Further, Smith & Nephew acquired Blue Belt Holdings for partial knee replacements for a robotic-assisted surgery product.
Some of the significant players in the orthopedic devices market include:
- Smith & Nephew
- Zimmer Biomet
- MicroPort Scientific Corporation (Wright Medical Group)
- DJO Global
- Globus Medical
By Product Type
- Joint Reconstruction
- Knee Replacement
- Revision Knee Replacement Implants
- Total Knee Replacement Implant
- Partial Knee Replacement Implant
- Elbow & Shoulder Replacement
- Hip Replacement
- Hip Resurfacing Implant
- Total Hip Replacement Implant
- Partial Hip Replacement Implant
- Revision Hip Replacement Implant
- Knee Replacement
- Orthopedic Prosthetics
- Upper Extremity Orthopedic Prosthetics
- Lower Extremity Orthopedic Prosthetics
- Spinal Devices
- Spinal Non-fusion Devices
- Spinal Fusion Devices
- Trauma Fixation
- Nails and Rods
- Metal Plates & Screws
- Arthroscopy Devices
- Orthopedic Accessories
- Removal systems
- Bone cement
- Casting system
- Orthopedic Braces and Supports
- Upper Extremity Braces and Supports
- Low Extremity Braces and Supports
- Ambulatory Surgical Centers
- Orthopedic Clinics
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea and Rest of Asia Pacific)
- Latin America (Brazil and Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
North America dominated global orthopedic devices market in 2019 due to high demand for progressive healthcare services and existence of well-built healthcare infrastructure. Further, presence of market giants and repayment coverage are some of the factors motivating the regional growth of the market.
As per Arthritis Research report (UK), on “The State of Musculoskeletal Health 2018”, approximately 17.8 million people are projected to live with a musculoskeletal disorder in the UK, which is about 28.9% of the total population. These statistics demonstrate that the number of orthopedic surgeries is growing progressively, which may lead to surge in the demand for orthopedic implants in this region.
Demand for orthopedic surgeries in India and China is also anticipated to grow extremely in the nearby future. Moreover, growing medical tourism, due to the obtainability of cost efficient and cutting-edge healthcare treatment selections, than other regions, and cumulative implementation of innovative technologies are boosting the demand for the orthopedic devices t in Asia Pacific.
Why should you invest in this report?
If you are aiming to enter the global orthopedic devices market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for orthopedic devices are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Data points covered under orthopedic devices market research study:
- The historic and forecast market estimation from years 2016 to 2027
- Market estimation and research analysis for the global market by distribution channel
- Market estimation and research analysis for the global market by region
- Research analysis on market dynamics including drivers, restraints, opportunities, trends, and market challenges.
- Competitive scenery and business strategies by key players
- SWOT Analysis
- PORTER’s five force research analysis
- PEST Analysis
- DR impact analysis
- Heat map analysis
- Investment feasibility analysis
Key Questions Answered by the Report:
- What will be the size of the global orthopedic devices market in 2027?
- What is the expected CAGR for the orthopedic devices market between 2020 and 2027?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global orthopedic devices market?
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina