The Global Orthopedic Devices Market is expected to grow at a CAGR of 5.69% during the forecast period 2017–2023 to aggregate $60.87 billion by 2023
Factors, such as a rise in orthopedic disorders, increased geriatric population, increased adoption of minimally invasive and robotics-assisted surgical procedures, emergence of 3D printing technology, increased market awareness and campaigns and increase in healthcare spending drives the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Orthopedic Devices Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023” (July 2017).
According to Infoholic Research, the adoption of Orthopedic devices and the emergence of 3D printing technology will increase the Global Orthopedic Devices Market growth in the coming years. Hip implants, knee implants, spine implants, trauma fixation devices, extremities, and advanced ortho-surgical navigation systems have shown superior efficacy and high success rates in treating various orthopedic disorders. Primary factors such as rise in orthopedic disorders, increased geriatric population, and increased adoption of minimally invasive and robotics-assisted surgical procedures, emergence of 3D printing technology will increase the adoption of orthopedic products and fuel the Global Orthopedic Devices Market growth. Despite advances and launch of new innovative products, a significant unmet need still exists in the low-income countries as they do not have access to basic surgical care. However, the government is taking initiatives to improve the healthcare standards and companies are creating awareness programs to offer effective treatment especially in the emerging markets.
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Orthopedic implants are available in different shapes and sizes in the market, and can be further customized as per individual needs. The advancement in ortho-biologics has allowed both patients and physicians to use biologics to fill the space and heal the bone with high accuracy and safety. The growing need for image-guided surgical equipment and cost-effective technologies, which represent an opportunity in making the complex Orthopedic surgeries easy and more accessible to surgeons, also drive the market growth. The growing demand for robotic-assisted MI surgeries for treating various Orthopedic disorders has increased the adoption rates.
Products, such as CORAIL hip system, Kyphon Balloon kyphoplasty, ATTUNE knee system, ARCH ODL spacer, Mako Robotic-arm assisted surgery devices, ReUnion RSA, VariAx plating systems, A3 Fusion nail, NeuroMend (biologics), are branded products that have shown best results and are at high demand in the Global Orthopedic Devices Market. According to Infoholic Research, the Global Orthopedic Devices Market is expected to grow at a CAGR of 5.69% during the forecast period 2017–2023 to touch an aggregate of $60.87 billion by 2023.
The Global Orthopedic Devices Market is analyzed based on three segments, namely product types, end-users, and geographical regions. The product type covers spine implants, knee implants, hip implants, sports medicine, trauma fixation devices, upper extremities (shoulder, elbow, wrists, and fingers), lower extremities (foot & ankle devices), and orthobiologics. Spine implants dominated the market with 31% of the total Orthopedic market share followed by knee implants with 17%. The lower extremities segment is the fastest growing segment with a CAGR of 8.5%. High cost, product recalls, and complications and risk associated with different Orthopedic procedures represent the major challenges to the market.
Regions covered in the report “Global Orthopedic Devices market” are North America, Europe, Asia Pacific, and Rest of the World (ROW). In North America, the US and Canada are set to be the leading countries. Europe is set to be the second leading region as it held more than 23% of the market share in 2016. Germany is one of the leading countries in Europe in terms of revenue followed by France. In Asia Pacific, India and China are the most attractive countries for the players as it holds huge business opportunities. RoW is set to be an emerging market in the next 5–6 years. According to the American Academy of Orthopedic Surgeons estimates, about 90% of the individuals who undergo total knee replacement surgery would experience drastic reduction of knee pain.
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“Orthopedic device manufacturers are under pricing pressure and the Global Orthopedic Devices Market is growing at a moderate pace due to the implementation of value-based pricing scheme for large joint reconstruction procedures. However, factors, such as the rise in prevalence of Orthopedic disorders and the increasing adoption of MI surgeries, will drive the market and maintain a sustainable growth during the forecast period. Further, the emergence of 3D printing, computer-aided surgery, and robotic-assisted surgeries will boost the market growth with an aim to enhancing precision, accuracy, and improving patient outcome.” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report aims to cover the below points:
- Provides an in-depth analysis of the key business opportunities in the various countries and verticals
- Provides complete details about the various types of Orthopedic devices
- Provides complete details of trending top 16 Orthopedic devices
- Provides complete details about the analysis of top 15 players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
Ms. Kathakali Basu
Infoholic Research LLP