Orthopedic Devices Market
Orthopedic Devices Market (Product - Joint Reconstruction (Hip Replacement, Knee Replacement, Elbow & Shoulder Replacement), Spinal Devices (Spinal Fusion Devices, Spinal Non-fusion Devices), Trauma Fixation, Orthopedic Prosthetics, Arthroscopy Devices, Orthopedic Braces and Supports, Orthopedic Accessories (Bone cement, Casting system, Removal systems); End use - Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
Press Release :
Musculoskeletal injuries demand orthopedic devices to be treated or prevented. And, as lifestyles are getting more physical and outdoorsy. These injuries are getting more and more common and thus propelling the global orthopedic devices market on to a high growth trajectory. As per a Transparency Market Research study, the global orthopedic devices market is set to chart a steady CAGR (Compound Annual Growth Rate) of 3.0% over the forecast period of 2018 and 2028. This is set to improve the market worthy from USD 46900 million in 2017 to a decent USD 65000 million by 2026.
Some of the most notable players that operate the global orthopedic devices market include Stryker, DePuy Synthes, Smith & Nephew, Zimmer Biomet, Medtronic Spinal, DJO Global, and Arthrex, Inc. In order to stay at the vanguard of their game, players opt for numerous strategies, both organic and inorganic. Some of the major ones include partnerships, collaborations, mergers, acquisitions. Others include product development and technological advancement. In fact, the last two are serious determinants of who grabs the largest chunk of growth.
One of the biggest factors of growth in the global orthopedic devices market is the growth in geriatric population, which is quite susceptible to these injuries or otherwise need orthopedic support. People aged 65 and above are rising steeply and by 2050 would be one in every six people in the world. They would be one in every four people in North America and Europe. People aged 60 and above will number to a hefty 2 billion from 900 million in 2015.
It is also worth noting here that in the year 2018, people aged 65 and above surpassed the people aged five and below. This was a historic shift in terms of demographics considering that it happened for the first time in the history of mankind.
Joint Reconstruction to be a Prominent Segment in the Global Orthopedic Devices Market over the Forecast Period
The global orthopedic devices market is divided into the following segments – end-user, region, and product. Owing to a rapidly ageing population, joint reconstruction will dominate the market. The sub segments in the classification include hip replacement, knee replacement, elbow and shoulder replacement, and others. These include total, partial and revision replacement.
Another segment that is ready to chart a significant growth over the forecast period includes spinal devices segment. This, again owes its CAGR to ageing population and also to rising demand for support that is not invasive. Besides, incidence of spinal fractures is sky rocketing. It is also pertinent to note here that in the end user segment, hospitals will dominate.
Other segments in product type include trauma fixation, orthopedic prosthetics, arthroscopy devices, orthopedic braces and supports, orthopedic accessories and others.
Basis end-user, sub-segments include ambulatory surgical centers, orthopedic clinics, hospitals, and others.
North America is set to Dominate the Global Orthopedic Devices Market over the Forecast Period
The report is divided into following segments regionally – North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Owing to a large population of geriatric people and the number rising at a steady pace, North America is set to chart significant growth in the global orthopedic devices market. Another factor that plays in favor of the region is the robust reimbursement framework.
Global Orthopedic Devices Market - Overview
Orthopedic devices have been extremely useful in restoring mobility, reducing pain, treatment of fractures etc. Orthopedic devices is specially designed to address the different musculoskeletal issues. The global orthopedic devices market is expanding at a significant pace due to factors such as increase in incidence rate of injuries and rise in government initiatives to address unmet medical needs across the world.
The global orthopedic devices market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to the segments based on product, end-user, and region. A detailed qualitative analysis of drivers, restraints, and opportunities have been provided in the market overview section. Additionally, the section comprises competitive matrix and company profiles to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis by geography and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global orthopedic devices market.
Global Orthopedic Devices Market: Key Segments
In terms of product, the global orthopedic devices market has been segmented into joint reconstruction, spinal devices, trauma fixation, orthopedic prosthetics, arthroscopy devices, orthopedic braces and supports, orthopedic accessories, and others. The joint reconstruction segment has been classified into hip replacement, knee replacement, elbow and shoulder replacement, and others. Hip replacement has been categorized into total hip replacement implant, partial hip replacement implant, hip resurfacing implant, and revision hip replacement implant. Knee replacement has been divided into total knee replacement implant, partial knee replacement implant, and revision knee replacement implants. The spinal devices segment has been bifurcated into spinal fusion devices and spinal non-fusion devices. The trauma fixation segment has been segmented into metal plates & screws, pins/wires, nails and rods, others. The orthopedic prosthetics segment has been bifurcated into lower extremity orthopedic prosthetics and upper extremity orthopedic prosthetics. The orthopedic braces and supports segment has been classified into upper extremity braces and support low extremity braces and supports. The orthopedic accessories segment has been categorized into bone cement, casting system, and removal systems. The product type segment have been analyzed based on different type of devices uses to treat different orthopedic disorder in various regions. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. In terms of end-user, the global orthopedic devices market has been classified into hospitals, orthopedic clinics, ambulatory surgical centers, and others. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with their respective CAGRs for the period from 2018 to 2026, considering 2017 as the base year.
Global Orthopedic Devices Market: Regional Outlook
The global orthopedic devices market has been segmented into five major regions and key countries/sub-regions in the respective region: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (GCC Countries, South Africa, Israel, and Rest of MEA). The market size and forecast for each of these regions and the mentioned countries have been provided for the period from 2016 to 2026, along with their respective CAGRs for the period from 2018 to 2026, considering 2017 as the base year. The research study also provides the competitive scenario in these regions.
Companies Mentioned in Report
The report also profiles major players in the market in terms of various attributes such as company overview, financial overview, devices portfolios, business strategies, and recent developments. Major companies profiled in the global orthopedic devices market include Stryker Corp., DePuy Synthes,, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical.
The global orthopedic devices market has been segmented as follows: