According to a report by Grand View Research, Inc., global orthopedic devices market is projected to value USD 43.1 billion by 2024. Growing need for advanced medical devices to treat various orthopedic conditions in patients can fuel demand for orthopedic devices. These devices are likely to support health professionals in providing advanced medical solutions to orthopedic patients.
Rising cases of orthopedic ailments and growing number of road accidents can fuel growth of market. High prevalence of geriatric population globally liable to orthopedic problems can surge demand for orthopedic devices. This, in turn can stimulate market growth in coming years. Trauma management solutions available in the market are expected to be insufficient to completely restore joints and bones. Lack of appropriate medical equipment is likely to push manufacturing companies to invest and develop advanced orthopedic devices. Growing awareness regarding minimally invasive medical treatments among orthopedic patients can influence growth of market. Increasing cases of sports players getting injured while playing on field is estimated to propel market growth. Such medical treatments can include spine and joint replacement surgeries. Supportive reimbursement policies can drive adoption of advanced orthopedic treatments among patients. This, in turn can boost growth of market in coming years. Growing cases of musculoskeletal disorders attributed to sedentary lifestyle and obesity can foster growth of market during the forecast period (2014 to 2024).
Full Research Report On Orthopedic Devices Market Analysis: www.grandviewresearch.com/industry-analysis/orthopedic-devices-market
Rigid regulatory guidelines pertaining to approval of class three medical devices are affect approvals of new orthopedic devices. This, in turn can restrict growth of market during the forecast period.
The orthopedic devices market can be segregated on the basis of product, application, and region. Based on product, the market can be bifurcated into accessories and surgical devices. Based on application, the market can be categorized into spine orthopedic devices, hip orthopedic devices, knee orthopedic devices, dental orthopedic devices, craniomaxillofacial orthopedic devices, and sports injuries, extremities and trauma (set) orthopedic devices. In 2016, knee orthopedic devices segment dominated the market and accounted for highest market share. Increasing cases of knee surgeries are likely to surge demand for knee orthopedic devices. In addition, growing number of geriatric population facing problems related to knee can influence product demand in coming years.
On the contrary, extremities, sports injuries, and trauma segment can grow fast over next few years. Increasing number of road accidents and sports injuries can fuel growth of segment. In addition, rising awareness about possibility of appropriate treatment for such injuries can further influence growth. Moreover, continual advancements in orthopedic devices through R&D activities can stimulate market growth during the forecast period.
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Regional segmentation includes North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In 2016, North America dominated the market and accounted for largest market share. Rising demand for better healthcare services attributed to convenience of advanced healthcare infrastructure can fuel growth of market.
In Asia Pacific, the market is predicted to grow well over next few years. Rising number of geriatric population in countries including India and China can influence growth. High prevalence of manufacturing companies producing quality implant devices in Japan can drive market growth. In addition, growing adoption of orthopedic surgeries in these Asian countries can also augment market growth. Moreover, increasing availability of medical treatments at affordable costs is expected to stimulate growth of market in the region.
In Middle East and Africa, the market is estimated to witness substantial growth over the forecast period. Frequent launch of advanced orthopedic devices is expected to reduce prices for conventional medical products. This, in turn, can boost adoption of such conventional medical products in developing countries owing to unavailability of medical reimbursement.
In Latin America, the market is predicted to grow well over the forecast period attributed to increasing use of orthopedic devices in healthcare facilities.
Some of the leading companies offering orthopedic devices are DePuy Synthes Companies; Medtronic PLC; Zimmer-Biomet Holdings; Stryker Corporation; and Conmed Corporation. Most companies are likely to invest in R&D activities to develop efficient and innovative orthopedic devices. In addition, these companies are likely to focus on competitive pricing and innovative developments in orthopedic devices.
Grand View Research has segmented the global orthopedic devices market on the basis of application, product, and region:
Orthopedic Devices Application Outlook (Revenue, USD Million, 2014 – 2024)
Hip Orthopedic Devices
Knee Orthopedic Devices
Spine Orthopedic Devices
Craniomaxillofacial Orthopedic Devices
Dental Orthopedic Devices
Sports Injuries, Extremities and Trauma (SET) Orthopedic Devices
Orthopedic Devices Product Outlook (Revenue, USD Million, 2014 – 2024)
Accessories
Braces
Consumables
Others
Surgical Devices
Drill Guide
Guide Tubes
Implant Holder
Custom Clamps
Distracters
Screw Drivers
Orthopedic Devices Regional Outlook (Revenue, USD Million, 2014 – 2024)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
Middle East & Africa
South Africa
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About Grand View ResearchGrand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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