April 15, 2020
According to the research report titled ‘Orthopedic Devices Market Size By Product, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, orthopedic devices market is expected to surpass USD 53 billion by the year 2024.
Shifting preference for minimally invasive surgeries, increased pervasiveness of osteoporosis and arthritis, alongside rising elderly population are key factors driving the orthopedic devices market growth. Technological advancements like robot-assisted surgeries, smart implants and 3D printing are further fueling the market expansion.
Rising prevalence of road accidents and increasing sports injuries are fostering the demand for orthopedic devices across the globe. Additionally, changing lifestyle, lack of physical activity and improper eating habits are also stimulating the industry outlook. Advancements in technology pertaining to orthopedic devices and emergence of tissue engineering and gene therapy techniques will create new growth opportunities for the overall market.
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However, factors such as lack of skilled medical professionals, unavailability of favorable reimbursement policies and high cost of product may hinder orthopedic devices market expansion.
Speaking of product type, joint reconstruction devices segment is presumed to expand substantially during the forecast period. Growing cases of bone related infirmities and introduction of minimally invasive implants are aiding the segmental growth.
Alternatively, the demand for trauma fixation devices will bolster in the subsequent years, primarily due to high occurrence rate of sports injuries and road accidents. Increasing cases of degenerative disc disorders among geriatric population is also favoring the market outlook.
Considering the geographical landscape, UK dominates Europe orthopedic devices industry owing to rising cases of bone related disorders and increasing elderly population in the region.
Meanwhile, orthopedic devices market in India and China is poised to acquire commendable gains by the year 2025. Increasing awareness pertaining to orthopedic devices and availability of advanced healthcare infrastructure are promoting the business scenario APAC region.
The prominent companies functioning in orthopedic devices market are Integra Lifesciences, aap Implantate AG, TriMed, Alphatec Spine, CONMED, Arthrex, Waldemar Link, Smith & Nephew, DePuy Synthes, Medacta, MicroPort Scientific Corp., Globus Medical, NuVasive, ConforMIS, DJO Global, Zimmer Biomet, Stryker and Medtronic Spinal.
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