Worldwide Orthopedic Devices Market – Overview and Broad Analysis
The report "Global Orthopedic Devices Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast" added by DecisionDatabases.com to its vast repository provides market insights, facts, historical data, and future projections of the Orthopedic Devices industry. This report provides information in terms of revenue and volume for the period 2015 to 2022. Drivers, restraints, and opportunities are intellectually assessed in the research report.
Orthopedic devices are a kind of medical equipment, used for treating and preventing injuries and deformities of the human musculoskeletal system. These devices consist of splints, bandages, prostheses and specific apparatus. Growing geriatric population base along with increasing prevalence of orthopedic diseases is one of the major growth drivers, which is expected to propel the orthopedic devices market demand under the study period. Continuous technological innovations in implants and an increasing number of the outpatient process will further aid to the market growth of orthopedic devices over the coming years. In addition, rising demand for favorable technologies for higher acceptance and adoption is also likely to augment industry growth over the forecast period. However, expensive implants procedure and lack of patient-awareness are some of the major restraints, which may hamper market growth for orthopedic devices in the near future.
Rising occurrence of obesity and expansion of medical coverage is expected to support industry growth for orthopedic devices across the globe. Furthermore, rising outsourcing by original equipment manufacturers (OEMs) and supplier integration will help in the higher market penetration for precision manufacturers in the near future. Increasing consumer desire to lead an active lifestyle has resulted in a large number of implants volumes in the younger generation. Continuous technological advancements have been making these devices an attractive option for the younger patient with life-long implants option.
The global orthopedic devices market has been segmented based on devices into ortho-biologics, trauma fixation devices, joint reconstruction, spinal devices, orthopedic accessories, arthroscopic devices and orthopedic braces and support system. Spinal devices are one of the leading device segments and are anticipated to grow at a significant rate over the forecast period owing to the increasing prevalence of spinal disorders along with the rising preference for less-invasive surgeries globally.
North America is one of the major markets for orthopedic devices and is projected to continue its dominance over the forecast period on account of a rise in the geriatric population, increasing the prevalence of orthopedic disorders and continuous launching of advanced products, especially in the U.S. and Canada.
The key players include AAP Implantate AG, Aesculap Inc., Alphatec Spine, Amedica Corporation, Apatech Ltd., Arthrocare Corporation, Biomet Inc., Conmed Corporation, Depuy Inc., Donjoy Inc. Exatech Inc., Globus Medical Inc., Integra Lifesciences Holding Corporation, Medtronic Inc. Nuvasive Inc., Smith & Nephew Plc, Stryker Corporation, Synthes Inc., Zimmer Holding Inc. The global market is fragmented in nature due to the presence of a large number of unorganized players. Major medical devices manufacturers are focusing on the R&D, attractive marketing strategy and launching of technologically advanced products in the current market.
In May 2016, Medtronic Inc. has launched an advanced spine essential device to make spine surgeries more efficient and to differentiate itself with an introduction of less expensive technology for the hospitals. Medtronic is also expanding its product line by adding robotics and computer-assisted procedures for orthopedic suppliers.
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