Orthopedic Devices Market Division, New Business Opportunities, Growth Rate, Development Trend and Feasibility Studies 2023

Orthopedic Devices Market Division, New Business Opportunities, Growth Rate, Development Trend and Feasibility Studies 2023

“Orthopedic Devices Market”
The Orthopedic Devices Market globally is expected a 4.3 % CAGR during the forecast period (2017-2023), according to a report by Market Research Future (MRFR). Global Orthopedic Devices Market information, by type (Trauma Fixation, Spinal Devices, Joint Replacement, Consumables & Disposables, Bone Repair, and Others), by application (Spine, Trauma and extremities, Knee, Hip, Foot and ankle, and Others), BY End User (Ambulatory surgery centers, and Medical research center) – Forecast to 2023

Orthopedic Devices treat deformities, stabilize body posture and restore the skeletal functioning either by reinforcing or replacing the body part.  The global market for orthopedic devices has emerged from conventional surgical procedures to the use of fixation and prosthetic devices. These devices are placed within the muscle systems or the body’s skeleton to offer stability or correct existing problems.

One of the major factors responsible for the market growth is growing prevalence of orthopedic diseases, such as degenerative bone disease, fractures, rising number of road accidents, osteoporosis, arthritis are the major factors driving the market of orthopedic devices. The world health organization predicts the prevalence of Rheumatoid Arthritis to be between 0.3% and 1% and more common in women and in developed countries.

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The prediction also states that 9.6% of men and 18.0% of women aged over 60 years have osteoarthritis. Rising cases of obesity, sedentary lifestyles, long working hours, rising sports culture result in the early onset of musculoskeletal disorders which boosts the market.  However, high cost of treatment and lack of infrastructure in middle- and low-income countries may hamper the market growth during forecast period.

Global Orthopedic Devices Market – Dominant Key Players

Some of the key players in this market are:

  • DePuy Synthes Companies (US)
  • Globus Medical, Inc. (US)
  • Medtronic (Republic of Ireland)
  • NuVasive, Inc. (US)
  • Smith & Nephew plc. (UK)
  • Stryker Corporation (US)
  • Zimmer Inc. (US)

Global Orthopedic Devices Market – Regional Analysis

The Global Orthopedic Devices Market is growing steadily. The market is segmented into four regions consisting North America, Europe, Asia Pacific and the Middle East & Africa.

In 2016, North America and Europe were holding more than half market share of global orthopedic devices market. Increasing investment in R&D and new product development is key drivers for the market growth. The demand is higher in high-income countries, but market is rapidly growing in developing and emerging economies like China and India. Rapidly changing technology is also affecting healthcare sector. Health professionals and manufacturing companies are adopting changes to provide best possible solution to the market.

The Middle East and Africa orthopedic devices market is growing slightly lower than the global average. In 2016, the Middle East region is holding majority of market share in this region. UAE was holding largest market share while Saudi Arabia is expected to grow at fastest pace in Middle East and Africa orthopedic devices market.

Global Orthopedic Devices Market – Segments

In MRFR’s report the Global Market for Orthopedic Devices has been segmented on the basis of type, application, and end user.

On the basis of type, it is segmented into bone repair, consumables and disposables, joint replacement, spinal devices and trauma fixation. The segment of spinal devices is likely to gain an impressive market share during the forecast period chiefly due to the increase in patients with osteoporosis fracture each year.

On the basis of application, the market is segmented into ankle, foot, hip, knee, trauma and extremities and spine.

On the basis of end user, the orthopedic devices market is segmented into medical research center, hospitals and ambulatory surgery centers. The hospital segment is likely to have a dominant share in this market during the forecast period.

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