Market Overview
Global Orthopedic Devices Industry is projected to reach USD 58.81 Billion by 2023, which is expected to register a 4.3% CAGR during the forecast period. Orthopedic devices are used to restore missing joints or bones, as well as to support damaged bones. For strength, the devices are made of titanium alloys and stainless steel, with a plastic coating that works as artificial cartilage. Internal fixation is an orthopedic procedure that entails the placement of implants to heal a broken bone. Rods, pins, plates, and screws are the most popular orthopedic medical devices for securing fractured bones while they heal.
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Competitive Dynamics
The notable players are DePuy Synthes Companies, Globus Medical, Inc., Medtronic, NuVasive, Inc., Smith & Nephew plc, Stryker Corporation, and Zimmer Inc.
Market Segmentation
· The joint replacement category, by kind, is expected to achieve a significant value. Artificial joint replacement goods would be in more demand as the older population grows and the incidence of osteoporosis and osteoarthritis rises.
· Hip orthopedic devices are expected to be the fastest expanding sector by application over the forecast period. As stated in the research, patients who do not receive conservative treatment are more likely to experience an osteoarthritis flare.
· The hospital sector has surpassed the orthopedic implant industry in terms of end-use. The high rates of hospital admissions, as well as the large range of services given in a single location, may have contributed to the growth of this category.
Market Trends
The increased frequency of orthopedic illnesses such as osteoporosis and rheumatoid arthritis (RA), the growing older population, and the number of sports and road traffic accidents are all driving market expansion. The growing frequency of orthopedic problems, the ageing population, and the number of people injured in traffic accidents are all expected to fuel this industry. Furthermore, the increased demand for the medicine is due to the early onset of musculoskeletal problems induced by obesity and a sedentary lifestyle.
Hospitals are constantly improving their equipment and facilities in response to rising client interest. In comparison, the insurance policy for orthopedic treatments has contributed to the popularity of orthopedic surgeries. These factors drive customers to choose a device that is more suited to their preferences and has a higher price tag. In comparison to older models, advanced orthopedic implants are less expensive. These instruments aid in the expansion of their use in industrialized countries where medical reimbursement is limited or non-existent. The combined effects of these activities would result in a rise in procedural volume and development.
The high cost of orthopedic implants, as well as government regulations governing their use, are impeding the growth of the orthopedic devices industry. The market is expected to be controlled by limited healthcare facilities in developing countries, as well as an increase in product recalls. The failure to transition to a consistent reimbursement environment for modern devices would stymie their acceptance in the coming years. Additionally, due to worldwide lockdowns in 2020, private and public transportation was halted, resulting in fewer road accidents and injuries. As a result, therapy at healthcare facilities switched away from orthopedic surgeries and toward COVID-19 patients, affecting the market in the short term, particularly specialist institutions. In addition, orthopedic and small hospitals in a few places were closed or had their operations reduced, while other hospitals were transformed to containment facilities and treatment units for COVID-19 patients.
Regional Overview
Because to the expanding penetration of novel orthopedic solutions, specialized healthcare facilities, the involvement of business leaders, and insurance coverage for orthopedic surgeries, North America is expected to have the biggest revenue share over the evaluation timeframe. Due to strong demand for specialized healthcare facilities owing to the availability of well-developed healthcare facilities, and broad reimbursement coverage of orthopedic procedures, North America was the leading sales contributor in the global orthopedic devices industry in 2016, and is expected to maintain this pattern throughout the projected period. If the population ages and the number of car accidents rises, the need for orthopedic procedures in the area will rise. Several high-incidence orthopedic illnesses are expected to fuel the industry's growth in the United States.
Because of its large senior population, well-developed infrastructure, and quickly growing medical tourism business, Asia-Pacific is expected to have the fastest development. Furthermore, high disposable incomes, an expanding population base, and growing patient awareness of the need of orthopedic products are driving APAC demand. China and India are expected to have the world's greatest geriatric populations in the near future due to population growth. In the near future, this increase in demand is likely to come from these countries. Finally, the developing medical tourism industry, which focuses on providing specialist healthcare services at a low cost, is expected to attract a large number of customers. Japan has a well-developed healthcare system and is a popular place for implant manufacture. In addition, greater exposure to emerging technology would benefit the area market.
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