Orthopedic devices aids in preventing or managing the musculoskeletal disorders (MSDs). These devices are used for treating the deformities & injuries of the musculoskeletal system. These devices provides support to injured bones and tissues, building the healing process much smoother. Orthopedic devices are manufactured with alloys of titanium or the stainless steel for achieving the rigidity and strength. They are inserted surgically by an internal fixation procedure to repair the damaged bones and tissues. The most common orthopedic devices includes rods, spacers, pins, cages, plates, and screws which act as an anchor for improving and aligning the fractured bones. The growing surgical procedures by using numerous orthopedic implants and instruments are further expected to fuel the market demand.
According to study, “Orthopedic Devices Global Market Report 2019” the key companies operating in the global orthopedic devices market are DePuy Synthes Companies, Medtronic, NuVasive, Inc., Globus Medical, Inc., Stryker Corporation, Smith & Nephew plc., and Zimmer Inc. The key players are focusing on a continuous product development and offering new orthopedic devices at much competitive prices especially in the developing geographies. The invasive orthopedic devices does not need a repeat procedures and are expected to boost up the number of procedures over a developed as well as developing regions.
Based on type, orthopedic devices market is segmented into trauma fixation, joint replacement, spinal devices, consumables & disposables, bone repair, and others. Based on product type, market is segmented into surgical devices and accessories. Surgical devices include drill guide, implant holder, custom clamps, guide tubes, distracters, and screw drivers. Additionally, accessories include consumables, braces and others. Based on application, market is segmented into hip orthopedic devices, dental orthopedic devices, spine orthopedic devices, knee orthopedic devices, craniomaxillofacial orthopedic devices, sports injuries, extremities and trauma (SET) orthopedic devices. In addition, based on end-user, market is segmented into hospitals, medical research centers, ambulatory surgery centers, and others.
The orthopedic devices market is driven by rise in prevalence of orthopedic diseases, followed by increase in base of geriatric population, rise in development of bioabsorbable and titanium implants, increase in rate of orthopedic surgeries in developed nations, rise in burden of musculoskeletal disorders and growth in technological advancements. However, stringent Food and Drug Administration (FDA) regulations and biocompatibility issues and excessive cost of orthopedic devices may impact the market. Moreover, high market potential in emerging economies is a key opportunity for market.
Based on geography, the North-American is a leading region in global orthopedic devices market owing to sophisticated healthcare infrastructure, increase in adoption of advanced orthopedic solutions and presence of industry giants & reimbursement coverage for orthopedic procedures in the region. Whereas, the Asian-Pacific and European regions are estimated to exhibit higher growth rate due to rise in medical tourism industry, existence of a vast geriatric population, and rapid adoption of new technology over the forecast period. In near future, it is projected that future of the market will be optimistic because of increase in number of sports and road traffic accidents coupled with rise in awareness about orthopedic procedures during the forecast period.
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Ankur Gupta, Head Marketing & Communications