Orthopedic Devices Market Overview:
The global orthopedic devices market size was valued at $37.2 billion in 2018 and is expected to reach $47.7 billion by 2026, registering a CAGR of 3.1% from 2019 to 2026. Orthopedic devices which are intended to stabilize the body posture, by treating the deformities and restore the normal skeletal function either by replacing or reinforcing the damaged part. In addition, these innovations coupled with modern diagnostic techniques and have significantly reduced the need of complex surgical procedures in orthopedics. Furthermore, as per World Health Organization (WHO), in 2017, the prevalence of musculoskeletal conditions increases with age. Moreover, Pattern and prevalence of orthopedic problems varies from region to region, due to difference in environmental, racial and geographic factors. For instance, as per the data published by WHO, in 2017, musculoskeletal condition was excessive in the East Mediterranean and African region.
Mergers, acquisitions, and new product launches are few strategies adopted by top key players. Recently, Wright Medical Group, Inc. and Tornier N.V. have entered into a merger agreement to strengthen the business expansion and broaden the global reach of their upper and lower extremity product portfolio, which resulted in uplifting the growth of the orthopedic devices market. Similarly, the companies such as Tecomet Inc. has acquired Symmetry Medical, for creating one of the largest business expansion across the globe such as 18 facilities across 5 countries. Moreover, in Feb 2019, Medtronic launched a first demineralized bone matrix product named Grafton (TM) Demineralized Bone Matrix (DBM) bone, in Japan. There are many such advances and product launches by these key players occurred recently, which lead to offer a lucrative opportunities for the growth of orthopedic devices during the forecast period.
Major factors such as rise in prevalence of orthopedic injuries or diseases such as osteoarthritis, osteoporosis, traumatic fractures, and rheumatoid arthritis. In addition rapid increase in the aging population across the globe are the factors that are driving the market. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies hamper the growth of the orthopedic devices market. On the contrary, emerging economies offer lucrative opportunities for the growth of the orthopedic devices market in near future.
Product segment review
Based on product, the orthopedic devices market is categorized into drill guide, guide tubes, implant holder, custom clamps, distracters, and screw drivers. The drill guide segment accounted for the largest share in 2018, and is estimated to continue the trend and witness rapid growth during the forecast period. This is attributed to the frequent use of drill guide by orthopedic surgeons in most of their surgeries.
By Product
Accessories segment is projected as one of the most lucrative segment.
Application segment review
Depending on application, the orthopedic devices market is categorized into hip orthopedic devices, knee orthopedic devices, spine orthopedic devices, craniomaxillofacial orthopedic devices, dental orthopedic devices, and sports injuries and extremities and trauma orthopedic devices. The hip orthopedic devices are projected to be the fastest growing segment during the forecast period. This is attributed to surge in an osteoarthritis, which is common in the hip for patients who fail conservative care.
By Application
Knee Orthopedic Devices segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
Region segment review
Region wise, the orthopedic devices market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America was the leading revenue contributor in the global orthopedic devices market in 2018, and is anticipated to continue this trend during the forecast period, due to high demand for advanced healthcare services owing to the presence of well-developed healthcare infrastructure, and large reimbursement coverage of orthopedic treatments, have fueled the adoption of orthopedic surgeries. However, Asia-Pacific are expected to experience high CAGR during the forecast period, due to increase in a metabolic disorder, high population base, high disposable incomes, and improvement in patient awareness regarding the adoption of orthopedic devices products.
By Region
North America segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
Key Benefits For Stakeholders
This report provides a detailed quantitative analysis of the current orthopedic devices market trends and estimations from 2019 to 2026, which assists to identify the prevailing opportunities.
An in-depth orthopedic devices market analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
A comprehensive analysis of the factors that drive and restrain the orthopedic devices market growth is provided.
Region-wise and country-wise market conditions are comprehensively analyzed in this report.
The projections in this report are made by analyzing the current trends and future market potential from 2019-2026 in terms of value.
The key players within the orthopedic devices market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the global market.
Orthopedic Devices Market Report Highlights
| Aspects | Details |
 By APPLICATION |
|
 By PRODUCT |
|
 By Region |
|
 Key Market Players | GLOBUS MEDICAL INC., Stryker Corporation, DJO Global, Inc., WRIGHT MEDICAL GROUP N.V., SMITH & NEPHEW PLC., B. BRAUN MELSUNGEN AG, ARTHREX, INC., Medtronic Plc, CONMED CORPORATION, ZIMMER BIOMET HOLDINGS, INC. |
Analyst Review
The global orthopedic devices market is driven by surge in prevalence of orthopedic injuries or diseases and rapid increase in the aging population globally drive the market that propel the market growth. However, high cost associated with procedures involving orthopedic implants treatment and stringent government policies hamper the market growth. On the contrary, the emerging economies present lucrative opportunities to the market.
North America was the leading revenue contributor to the global orthopedic devices market in 2018, and is anticipated to continue this trend during the forecast period, due to high demand for advanced healthcare services owing to the presence of well-developed healthcare infrastructure, and large reimbursement coverage of orthopedic treatments, which has fueled the adoption of orthopedic surgeries. However, Asia-Pacific and LAMEA are expected to experience high CAGR during the forecast period, due to increase in metabolic disorders, high population base, rise in disposable incomes, and improvement in patient awareness regarding the adoption of orthopedic devices products.
The total market value of Orthopedic Devices Market is $37,296.9 million in 2018.
The forecast period for Orthopedic Devices Market is 2019 to 2026
The market value of Orthopedic Devices Market in 2019 is $38,471.3 million
The base year is 2018 in Orthopedic Devices Market
Top companies such as, Arthrex, Inc., CONMED Corporation, DJO Global, Inc., Globus Medical Inc., B. Braun Melsungen AG, Medtronic Plc., Smith & Nephew Plc., held a high market position in 2018.
Knee Orthopedic Devices segment is the most influencing segment growing in the Orthopedic Devices Market
The key trend in the Orthopedic Devices Market is rise in prevalence of orthopedic injuries and diseases across the globe which drives the growth of the market.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China and India with a CAGR of 4.7% and 3.1% respectively.
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