Orthopedic Devices Market Size By Product (Joint Reconstruction, Spinal Devices, Trauma Fixation Devices, Orthobiologics, Arthroscopic Devices), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Poland, Russia, China, India, Japan, Australia, South Korea, Taiwan, Argentina, Brazil, Mexico, South Africa, Saudi Arabia, Qatar, Egypt, UAE), Application Potential, Competitive Market Share & Forecast, 2017 - 2024
Published Date: April 2017 | 135 Pages | Report ID: GMI1501 Report Format: PDF
Orthopedic Devices Market size was over USD 39 billion in 2016 and is forecast to witness more than 3% CAGR from 2017 to 2024.
Europe Orthopedic Devices Market Size, By Product, 2013-2024 (USD Million)
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The growing geriatric population base is highly susceptible for developing bone related diseases such as osteoporosis and osteoarthritis. As per WHO, the global population over 60 years is expected to reach 2 billion by 2050. Increasing base of elderly population will create significant demand for various orthopedic implants and devices.
Increasing prevalence of diabetes and obesity, lack of physical activity, poor diet intake and rising trend of smoking and alcohol consumption will fuel orthopedic devices market demand over the forecast years. New innovations in the field of osteology should boost the development of cost-effective devices. Technological advances in 3D printing, robot-assisted surgical procedures, and smart implants will represent high impact driving factors for the global industry revenue.
Increasing incidence of road accidents and sports injuries, and spurring demand for minimally invasive surgical procedures should stimulate global orthopedic devices market growth. Availability of innovative materials and biodegradable implants for medical interventions will augment demand.
Rising cost burden of expensive surgeries, high cost of implants, and dearth of skilled professionals may hinder business growth. Lack of uniform reimbursement landscape in developed countries and low per capita healthcare expenditure in developing nations will hamper adoption of advanced devices over the coming years.
Orthopedic Devices Market, By Product
Joint reconstruction held over 40% of the orthopedic devices market share with expectations to witness more than 3% CAGR. Increasing geriatric population, rising prevalence of osteoporosis and osteoarthritis and soaring incidence of road accidents and sport injuries will drive demand for artificial joint reconstruction devices.
Spinal devices should witness more than 3.5% CAGR due to rising prevalence of degenerative disc diseases among the aged population, coupled with the novel products development for spinal disorders treatment. Most of the industry participants are exploring related business segments to broaden their product offerings and commercially exploit the lucrative market.
Trauma fixation devices should witness significant growth to reach USD 7 billion by 2024, due to growing demand in emerging regions and product innovation in relatively mature markets. Rising incidence of sports injuries and road accidents will also boost trauma fixation devices demand.
Orthopedic Devices Market, By Region
U.S orthopedic devices market share held over 90% of regional revenue, with the estimated market value set to surpass USD 25 billion by 2024. Increasing adoption of advanced orthopedic solutions and improved healthcare infrastructure will stimulate business growth. Rising R&D support to develop innovative products should also augment industry expansion.
Germany held over 20% of the Europe orthopedic devices market share in 2016. The presence of sophisticated healthcare infrastructure, adoption of advanced healthcare technologies and accelerated research in the field of orthobiologics and arthroscopic devices should fuel the industry growth.
China orthopedic devices market size is expected to witness over 12% CAGR, due to increasing geriatric population base, growing prevalence of bone diseases and rising patient awareness regarding innovative orthopedic solutions. Rapid economic growth and improving healthcare infrastructure will further boost industry expansion.
Brazil orthopedic devices market was valued over USD 750 million in 2016. Rising awareness regarding orthopedic care, improving healthcare infrastructure and growing per capita income levels should boost the adoption. Spurring investments from multinational companies will further accelerate business growth.
Competitive Market Share
Some of the notable players operating in orthopedic devices market space include Stryker, Medtronic Spinal, Zimmer Biomet, DJO Global, ConforMIS, NuVasive, MicroPort Scientific Corporation (Wright Medical Group), Globus Medical, Medacta, DePuy Synthes and Smith & Nephew.
Development of novel devices, geographic expansion, strategic acquisitions and mergers and new product launches are some of the major strategies adopted by industry participants to hold their market position.
Orthopedic Devices Industry Background
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The global orthopedic devices market is driven by the growing government focus on reducing disease cost burden owing to growing prevalence of elderly population. Rising prevalence of osteoporosis and arthritis should drive tremendous growth in the future. Emerging economies are poised to witness higher growth than the developed ones, mainly because of increasing adoption of in developing nations and market maturity in the developed countries.
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