Orthopedic Devices Market Size, Trends And Growth Analysis By Type (Trauma Fixation, Spinal Devices, Joint Replacement, Consumables & Disposables, Bone Repair), Application (Spine, Trauma and Extremities, Knee, Hip, Foot and Ankle), End-User (Ambulatory Surgery Centers, Hospitals, Medical Research Center) - Forecast till 2027
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Orthopedic Devices 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.
Orthopedic Devices Market is projected to reach USD 58.81 Billion by 2023, which is expected to register a 4.3% CAGR during the forecast period. Rapid growth in the geriatric population sector is the main driver of the orthopedic devices market.
Orthopedic Devices Market 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.
Key Players Focus on Mergers and Acquisitions to Expand Market standing
Large corporations have implemented a number of tactics to compete with other companies. These techniques include different types of mergers and acquisitions, joint ventures, alliances and joint ventures. The businesses concentrate on innovation and designing new goods and devices, and marketing them at affordable prices to developing countries.
- DePuy Synthes Companies
- Globus Medical, Inc.
- Medtronic
- NuVasive, Inc.
- Smith & Nephew plc
- Stryker Corporation
- Zimmer Inc
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