By Type of Treatment: The Artificial Joint segment has traditionally been the most revenue generating segment for orthopedic device companies. Trauma segment has become mature with a lot of players entering the market. The increase in spinal disorders and cervical diseases has complemented the growth of spinal implants. The revised medical device regulations in certain countries in Asian region over the years have dampened the profitability due to rising complexity of import from US and Europe. Companies have invested in new technology based products and services that have given rise to Robotic and Minimally Invasive surgeries which require minimum surgical procedures and short stays at hospitals.
By Type of Joint Implant: The Joint segment has traditionally been driven by knee and hip joints. Apart from the aging population, countries such as China are labor intensive hence, their joints wear out faster as compared to other countries, creating a demand for joints replacement. Also, most of the Asian countries have designed their healthcare in a way to reduce the burden and share of out of the pocket expenses for implant surgery; this trend is majorly driven in Japan and Korea.
Revenues for Artificial Joint market are directly correlated to geriatric population, number of orthopedic specialty hospitals and number of orthopedic doctors. With rising life expectancy, increasingly sedentary lifestyles and surge in incidence of obesity, Asia pacific is expected to witness a resultant rise in orthopedic device sales.
By Type of Trauma Implant: Due to the low level of expertise involved in the manufacture of trauma implants, the market has attained maturity and is an essential source of revenue for the orthopedic device market. Internal fixations have majorly dominated the market due to the ease of post surgery procedures.
By Type of Spinal Implant: Continued growth is expected in the spine market over the long term because there is an increasing demand for motion preservation technologies. Fusion devices still make up the largest market share for spinal devices due to the high cost of surgery, but the non-fusion market is expected to grow through 2025.
By Type of End User: With the increase in disposable income in most of the Asian countries, most of the individuals are now able to afford better healthcare. This has led to an increase in influx of patients in big multispecialty hospitals in some regions. However, with increase in the number of orthopedic doctors, the number of orthopedic specialty hospitals is expected to increase in coming years. Another added advantage of orthopedic specialty hospital is the less amount of Capex required as compare to multispecialty hospitals.
Asia Pacific Orthopedic Device Market Competition Scenario
The competition in the Asia Orthopedic Device market is concentrated among ~ players to the extent of ~%. The market was observed to have more than ~ players operating; with just ~ companies operating globally. While companies compete on the basis of profit margins offered towards the bottom of value chain, the shift is more towards physicians as they act as major influencers for consumer’s choice.
Asia Pacific Orthopedic Device Market Future Outlook And Projections, 2018-2025
The future projections in the Asia Pacific Orthopedic Device market is forecasted to grow from USD ~ Million in 2018 to nearly USD ~ Million by 2023, at a CAGR of ~%. The growth is expected due to increase in local manufacturing in the Asia Pacific region because of the initiatives taken by the government to promote domestic manufacturing in order to reduce dependence on imports, however less developed nations are expected to rely on imports from Asian nations or from US or Europe.
China Orthopedic Device Market, 2013-2023
Market Overview And Size, 2018-2023
The China Orthopedic Device Market attained an absolute growth of ~% with revenue of USD ~ million for the duration of 2013-2018. The reported CAGR for the period 2013-2018 was evaluated at ~%.
Specifically, the overall market share of Artificial Joints in Orthopedic Medical Devices is ~%, remaining the largest with a CAGR of ~% for the Period 2013-2018. However, its growth has slowed down due to the deceleration of the national construction industry and stricter drunk driving control in China.
In Comparison with Other segments, as China evolves into an aging society, the growth of the joint and spine OMD has speed up; hip joint segment is expected to grow with highest CAGR as compared to knee at ~% for the period 2018-2025.
With China’s focus on localization of Orthopedic Medical Devices, the domestic manufacturers’ market share has been increasing, with 2018 market share at ~% based on revenue generated in the market.
China Orthopedic Device Market Segmentation, 2013-2018
The market for Treatment includes Joints, Spine, Trauma, Orthobiology and Sports medicine.
The end user includes Multispecialty and Orthopedic Specialty hospitals, with Orthopedic Specialty holding nearly ~% of the market share, while the Multispecialty segment accounts for ~%.
Other segments include by Type of Joint. This Knee segment accounts for nearly ~% of the market.
China Orthopedic Device Market Competition Scenario
The competition landscape in China is concentrated, with nearly ~% market by revenue held by ~ companies for the 2018.
Global Companies acquire a market share of due to recent mergers and acquisitions in the market.
Jie Tabang is the third largest company in terms of total revenue for 2018. The company has held an average market share of nearly ~% during the period.
China Orthopedic Device Market Future Outlook and Projections, 2019F-2025F
With the gradual establishment of a legal environment in China and the rapid growth of the industry, China’s orthopedic device market has become the Asia Pacific’s largest market. The CAGR for the period 2018-2025 of China’s orthopedic device industry is expected to be ~%.
The dependence on Imports for the orthopedic devices is expected to decrease to ~% in 2025.
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Ankur Gupta, Head Marketing & Communications