Global Orthopedic Devices Market - Overview
Technological advancements and product development are the best strategies that yield the greatest market benefit. For example, latest technological developments include use of titanium implants which are stronger. Development of titanium implants coated with foam metal surface, imitates the properties of bone and is also very well tolerated. Development of bio absorbable screws is another development which has eliminated post-operative pain of removing the implant.
One of the major factors responsible for the market growth is growing prevalence of orthopedic diseases, such as degenerative bone disease, fractures, rising number of road accidents, osteoporosis, arthritis are the major factors driving the market of orthopedic devices. The world health organization predicts the prevalence of Rheumatoid Arthritis to be between 0.3% and 1% and more common in women and in developed countries. The prediction also states that 9.6% of men and 18.0% of women aged over 60 years have osteoarthritis. Rising cases of obesity, sedentary lifestyles, long working hours, rising sports culture result in the early onset of musculoskeletal disorders which boosts the market. However, high cost of treatment and lack of infrastructure in middle- and low-income countries may hamper the market growth during forecast period.
The large number of patients with unmet needs especially in the developing regions is the most important market opportunity. Globally there are more than 50 million adults with arthritis. Osteoarthritis affects an estimated 31 million Americans and it is predicted that by the year 2040, more than 78 million people will suffer from doctor-diagnosed arthritis. Thus, there is a huge unmet need for the orthopedics devices.
An Orthopedic Device is placed within the skeleton and muscles so as to correct existing problems or to provide stability. The Orthopedic Devices total market in 2016 was USD 43,802.1 million and likely to reach USD 58,814.6 by 2023. MRFR’s report projects that the global orthopedic devices market is anticipated to reach at 4.3% CAGR during the forecast period (2017-2023).
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Dominant Key Players:
Some of the key players in this market are:
• DePuy Synthes Companies (US)
• Globus Medical, Inc. (US)
• Medtronic (Republic of Ireland)
• NuVasive, Inc. (US)
• Smith & Nephew plc. (UK)
• Stryker Corporation (US)
• Zimmer Inc. (US)
Industry Developments:
November 21, 2018 – Colfax Corporation (US), a corporation involved in the manufacturing welding, air, and gas handling equipment, and medical devices announced its plans to acquire DJO Global, Inc. (US), a manufacturer of a variety of orthopedic products for rehabilitation, pain management and physical therapy for USD 3.15 BN. This significant deal is based on the diversification and favorable demographic trends for DJO. Colfax is making a big acquisition as it seeks to diversify its revenue streams, reduce cyclicality, and apply its approach to operational excellence.
A leading musculoskeletal solutions company, Globus Medical Inc., has announced the launch CREO Fenestrated Screw System that is used for treating patients suffering from advanced stage tumors of the thoracolumbar spine.
In June 2018, CoreLink acquired Expanding Orthopedics, a privately held medical device developer. The acquisition provides CoreLink with many benefits including growth in the inter-body product category along with growth in the portfolio of innovative orthopedic technology for advanced spine care. The acquisition will also boost the appeal of CoreLink’s recently launched FLXfit and FLXfit 15 titanium interbody systems.
Medtronic Plc. has declared that the US Food and Drug Administration has offered 510k clearance of Kyphon HV-R Bone Cement for fixation of fractures of sacral vertebral body with the help of sacroplasty or vertebroplasty.
Global Orthopedic Devices Market - Segments
In MRFR’s report the Global Market for Orthopedic Devices has been segmented on the basis of type, application, and end user.
On the basis of type, it is segmented into bone repair, consumables and disposables, joint replacement, spinal devices and trauma fixation. The segment of spinal devices is likely to gain an impressive market share during the forecast period chiefly due to the increase in patients with osteoporosis fracture each year.
On the basis of application, the market is segmented into ankle, foot, hip, knee, trauma and extremities and spine.
On the basis of end user, the orthopedic devices market is segmented into medical research center, hospitals and ambulatory surgery centers. The hospital segment is likely to have a dominant share in this market during the forecast period.
Global Orthopedic Devices Market - Regional Analysis
The Global Orthopedic Devices Market is growing steadily. The market is segmented into four regions consisting North America, Europe, Asia Pacific and the Middle East & Africa.
In 2016, North America and Europe were holding more than half market share of global orthopedic devices market. Increasing investment in R&D and new product development is key drivers for the market growth. The demand is higher in high-income countries, but market is rapidly growing in developing and emerging economies like China and India. Rapidly changing technology is also affecting healthcare sector. Health professionals and manufacturing companies are adopting changes to provide best possible solution to the market.
The Middle East and Africa orthopedic devices market is growing slightly lower than the global average. In 2016, the Middle East region is holding majority of market share in this region. UAE was holding largest market share while Saudi Arabia is expected to grow at fastest pace in Middle East and Africa orthopedic devices market.
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