ID: MRFR/MED/2390-CR | August 2019 | Region: Global | 108 pages
Global Orthopedic Devices Market is projected to reach USD 58.81 Billion by 2023, which is expected to register a 4.3% CAGR during the forecast period. Rapid growth in the geriatric population sector is the main driver of the market.
The COVID-19 pandemic triggers a major change in the world of orthopaedic and trauma surgery. Self-employed surgeons are subject to extreme PPE shortages due to their lack of formal security preparation. The orthopaedic surgery market is in chaos as a result of the COVID-19 pandemic. Any orthopaedic suppliers have extended help by supplying information on how to treat patients with COVID-19 in the United States. China initiated elective operations, but has yet to hit pre-outbreak stages. Policies in Europe and the United States now impose limits on all but the most critical surgical operations. Not only is it impossible to assess the duration and speed of the case, but it is still unclear when catch-up will occur.
Growing Prevalence of orthopedic disorders to Drive Market Growth
The factors driving the market growth include rising prevalence of orthopaedic disorders like osteoporosis and rheumatoid arthritis (RA), the increasing elderly population and the number of sports and road traffic accidents. There exists a high incidence of orthopaedic disorders, the increase in the ageing population, and the number of people involved in traffic injuries which is projected to fuel this sector. Additionally, the early onset of musculoskeletal disorders caused by obesity and a sedentary lifestyle leads to rising demand for the drug.
Because of increasing customer interest, hospitals are continuously updating their equipment and facilities. In comparison, orthopaedic treatments' insurance policy has contributed to the popularity of orthopaedic operations. These considerations encourage consumers to select a device more to their taste and a greater price tag. Advanced orthopaedic implants decline in cost as opposed to older models. These instruments help expand their usage in developed countries where little or minimal medical reimbursement is available. The results of these practises combined would lead to an increase in procedural volume and development.
Integration of New Technologies to Create Growth Opportunities for Key Players
These main players recently introduced several new technologies and product developments, which provided important growth opportunities for the orthopaedic devices industry in the long run. Today, available emergency response methods lack efficacy due to a lack of available surgical instruments. The new discoveries in the field of bone and teeth include an abundant supply of cost-effective instruments. Advances in 3D printing, robot aided surgery, and smart implants will hold crucial driving forces for the global technology industry. As a consequence, producers are spending substantial capital in quality improvement by R&D. The research and development expected would ensure high growth in the future industry. The availability of silicone cosmetics and biodegradable dental implants would increase demand for those materials.
High Cost of orthopaedic implants to Impede Market Growth
The high cost of orthopaedic implants, as well as government restrictions regulating the use of such implants, are hindering the development of the orthopaedic devices market. Restricted healthcare facilities in underdeveloped countries combined with a rise in product recalls is anticipated to have a controlling impact on the market. The inability to migrate to a standardised reimbursement landscape for advanced instruments would hamper their acceptance over the following years.
The joint replacement segment is estimated to reach a substantial value. Growing population of elderly and the incidence of osteoporosis and osteoarthritis would boost demand for artificial joint replacement products.
The hip orthopaedic devices are projected to be the fastest growing segment during the forecast period. As written in the paper, an osteoarthritis flare is more frequent in patients who lack conservative treatment.
The hospitals sector has overshadowed the orthopaedic implant industry. Development of this category can be due to the high rates of admissions to hospital as well as the wide variety of facilities provided at a single location.
Presence of Major Market Players to Drive North America Market
North America is projected to hold the largest revenue share over the evaluation timeframe because of the growing penetration of innovative orthopaedic solutions, specialised healthcare facilities, and the involvement of business leaders and insurance coverage for orthopaedic procedures. The involvement of business leaders such as DePuy Synthes, Globus Medical, Inc., Stryker Corporation, and Zimmer Biomet in the business development is moving the market expansion. North America was the leading sales contributor in the global orthopaedic devices industry in 2016, and is anticipated to maintain this pattern throughout the projected period, due to strong demand for specialised healthcare facilities owing to the availability of well-developed healthcare facilities, and broad reimbursement coverage of orthopaedic procedures, have fueled the acceptance of orthopaedic surgeries. If the ageing population rises, and the number of car accident go up, there will be an increasing need for orthopaedic surgeries in the area. There are several high incidence orthopaedic diseases that are projected to drive the development of the industry in the U.S.
Japan to Lead APAC Market
Asia-Pacific is likely to witness to fastest growth since there is a vast geriatric population, solid infrastructure, and rapidly increasing medical tourism industry. Additionally, the APAC demand is powered by high disposable incomes, the increasing population base, and increased patient understanding of the importance of orthopaedic products. Due to demographic rise, China and India are estimated to be the world's largest geriatric populations in the near future. This rise in demand is expected to come from these countries in the immediate future. Lastly, the growing medical tourism sector surrounding the provision of specialised healthcare services at low cost is projected to pull in a huge consumer base. Japan is a common location for implant manufacturing and it has a high healthcare system. Furthermore, the expanded exposure to emerging technologies would improve the regional market.
Key Players Focus on Mergers and Acquisitions to Expand Market standing
Large corporations have implemented a number of tactics to compete with other companies. These techniques include different types of mergers and acquisitions, joint ventures, alliances and joint ventures. The businesses concentrate on innovation and designing new goods and devices, and marketing them at affordable prices to developing countries.
In January 2021, Stryker purchased OrthoSensor, on which it had signed a merger agreement. Using a range of disposable, implantable sensors and an online data collection system, OrthoSensor wished to reduce the surgeons' reliance on more arbitrary parameters. Stryker's intention was to see the OrthoSensor's portfolio could be complemented by the system's postoperative remote control, wearables and analytics results.
January, 2021: SacroFuse III, a threaded compression system designed for immediate stabilisation of the sacroiliac joint, was announced. The new screw-cage design is a hybrid which facilitates screw-thread penetration and osseointegration. The unit damages the sacroiliac joint by drilling and tapping the sacroiliac joint. Sacrix incorporated more cross-linked graft material, while retaining the product's biomechanical properties and pull-out power.
Frequently Asked Questions (FAQ) :
Orthopedic Devices Market is predicted to touch USD 58,814.6 million by 2023.
Orthopedic Devices Market is projected to grow at a 4.3% CAGR between 2020-2027.
North America is projected to have the lions share in the Orthopedic Devices Market.
Rising number of road traffic and sports accidents, mounting product advancements, growing elderly population, and increasing prevalence of Orthopedic conditions are boosting market growth.
High treatment cost, increasing product recalls, and lack of healthcare infrastructure may deter market growth.