The global orthopedic devices market is categorized as per product type, end user or application, and region. Based on product type, the market is segmented into trauma fixation devices, spinal devices, arthroscopic devices, support system, and orthopedic accessories. Based on end user, the market is categorized into chronic diseases, injuries, pediatrics, disabilities, and others.
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Based on region, the orthopedic devices market is divided into North America, Europe, India, Japan, China, and Southeast Asia. North America accounted for a considerable market share in the past and is likely to continue leading the global market even during the forecast years. High demand for advanced healthcare services due to easy availability of highly developed healthcare infrastructure and reimbursement coverage are some of the key factors driving the region’s growth. Moreover, growing target population base in the region is boosting the demand for orthopedic surgeries, thereby augmenting regional market growth.
China orthopedic devices market is anticipated to witness rapid growth due to factors such as a large pool of target population, growing patient awareness about advanced treatments, and high occurrence of bone diseases and other orthopedic ailments. Moreover, strong economic growth along with improved healthcare infrastructure is expected to augment market expansion in the region.
The Japan regional orthopedic devices market market is also expected to occupy a substantial market share over the next few years. Key factors stimulating the region’s growth include maaive base of target population and growing cases of bone injuries, spine disorders, and other orthopedic disorders. In addition, quick adoption of advanced technologies is predicted to help boost the market.
Major companies in the worldwide orthopedic devices market include Aspen Medical Products, Inc.; Becker Orthopedic Appliance Co.; Otto Bock Holding GmbH & Co. KG; Comfortfit Orthotic Labs, Inc.; and Hanger Prosthetics & Orthotics, Inc.
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Novel product and technology development is a key trend among market players, allowing them to acquire a top position. For example, The Orthopaedic Implant Company recently launched its OIC External Fixation System at the 2017 Orthopaedic Trauma Association’s (OTA) Annual Meeting. The new device includes a multi-hole clamp option with bent and straight posts and features a patent-pending single clamp system that allows bar-to-pin or bar-to-bar construction.
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