The market for orthopedic devices has been on the rise as the number of orthopedic disorders and trauma has been increased over time. Various disorders including disorders related to joints, ligaments, muscles, nerves and tendons as well as other musculoskeletal diseases or injuries such as arthritis, osteoarthritis, joint pain, tendinitis, and tenosynovitis, are being treated with the help of a range of orthopedic devices such as joint replacement devices, spinal devices, orthobiologics, arthroscopic devices, trauma fixation devices, orthopedic accessories, and orthopedic braces and support systems. The damaged structure in the body is reinforced or replaced with the devices and the bodily functions are then restored.
Global Orthopedics Devices Market:
The geriatric population has increased considerably in the last decade and it is expected to increase further, as a result of which the demand for non-invasive treatment has also risen. Both of these factors are acting a stimulus for the global orthopedics devices market. The market is expected to reach $61 billion by 2023. The number of hip fractures has increased incredibly over the last few years and hence, the hip segment in the market is expected to grow at a CAGR of 6.1%. Currently, the knee segment dominates the market in terms of revenue.
Segmentation of Orthopedics Devices Market:
The orthopedics devices market is predominantly divided into joint reconstruction and replacement, spinal surgery and rehabilitation, trauma or fixation, arthroscopy, Orthopedics soft goods, braces and supports and ortho-biologicals. The market is also divided into major product groups, viz. artificial joints, spinal implants, devices for fracture repair (intramedullary nails, plates, and screws), orthobiologics, and devices or equipment for arthroscopy.
Within the Orthopedics devices market, the joint reconstruction and replacement segment holds the largest share, and this is expected to grow at a CAGR of 6% from 2017 to 2023. This is the segment which consists of hip and knee reconstruction or replacement, both of which accounted for $5.5 billion and $9.7 billion respectively in 2016. This incredible amount of revenue and the tremendous growth in the future is driven by the resurgence of interest in the resurfacing technology.
The population is becoming ever more aware of the non-invasive and innovative products in the market, which in turn drives the hospitals to constantly upgrade their devices and services. The patients have also become less hesitant regarding the surgeries and the adoption of orthopedic surgeries has increased, especially because of the reimbursement coverage of orthopedic treatments. These factors are collectively fuelling the growth of the orthopedics devices market.
Geographical Bifurcation of the Global Orthopedics Devices Market:
Geographically, orthopedics devices market is being led by North America, owing to the prevalence of obesity and osteoarthritis in the region. This region also has a higher value per device, which is driving the growth of the market. However, the increasing population density and healthcare market in the Asia Pacific is expected to trigger a significant growth of the orthopedics devices market in the region. China contributes 4.5% to the global orthopedics devices market, which is due to the increasing elderly population in the country, approximately 15% of the country's 1.4 billion population, which is the largest elderly population in the world.
BIS Healthcare has conducted an extensive market research on ‘Global Orthopedics Devices Market - Analysis and Forecast (2017-2023)'. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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