Global Orthopaedic Devices Market Report
The orthopaedic device is a medical device which is used to replace missing joint or bone or to give support to the damaged bone. Orthopaedic Devices Market is fabricated by using titanium alloys and stainless steel for strength and plastic coating acts as artificial cartilage. Internal fixation is a surgery in orthopaedics which involves the implementation of implants in order to repair the damaged bone. Most common orthopaedic medical devices are rods, pins, plates and screws which are used for anchoring of fractured bones while they heal.
Rising geriatric population is the major driving factor of the orthopaedic devices market due to they are highly prone to bone and muscle related disorders like osteoarthritis and osteoporosis. According to WHO, by 2050, global population above 60 years have estimated to reach 2Mn, rising prevalence rate of obesity and diabetes, sedentary lifestyle due to poor physical activity, diet styles and growing trend of consumption of alcohol and smoking, innovations osteology field, growing incidence of accidents and injuries related to sports, are expected to fuel the growth of orthopaedic devices market. Increasing cost burden of the surgeries, a high cost of implants, lack of skilled professionals, low reimbursement policies are hampering the growth of the orthopaedic devices market.
Global Orthopaedic devices market is segmented on basis of application, product, consumables, end users and geographical regions.
Based on application, the Global orthopaedic devices market is segmented
- Cranio Maxillofacial (CMF)
- Foot and ankle
Based on product, the Global orthopaedic devices market is segmented
- Spinal devices
- Joint reconstruction
- Ortho biologics
- Arthroscopic devices
- Trauma fixation devices
Based on the consumables, the Global orthopaedic devices market is segmented
- Orthopaedic staples
- Orthopaedic suture anchors
Based on the end user, the Global orthopaedic devices market is segmented
- Orthopaedic clinics
- Medical centres
- Research Centres
The presently available pain management treatments are not capable of successfully restoring the body parts due to unavailability of efficient surgical tools which results in huge investments in R&D to introduce new and efficient devices for treatment of pain management. In 2015, According to the Rheumatoid arthritis support network, rheumatoid arthritis (RA) is affecting about 1.3Mn Americans and about 1% of total world population. Manufacturers are focused on huge investments in R&D and innovative product launches. Despite the restraints, emerging markets in developing countries and introduction of biologics for the treatment of foot and ankle disorders are expected to offer lucrative opportunities for the manufacturers in the market.
Orthopaedic Devices Market is segmented as North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America. North America is the leading market owing to rise in demand for the advanced healthcare services due to the availability of well-established healthcare infrastructure and favourable reimbursement policies. National Health Interview Survey (NHIS) estimates states that, about 22.7% of adult population in U.S. were diagnosed with arthritis every year, significantly high prevalence among women is 23.9% and men are 18.6%. Asia Pacific is anticipated to show tremendous growth due to increasingly sophisticated healthcare infrastructure, and increased medical tourism in emerging nations. China and India have high growth of geriatric population pool across the globe, growing medical tourism, availability of advanced healthcare treatments at a cheaper cost.
Some of the players in orthopaedic devices market are Medtronic (U.S.), Stryker (U.S.), Zimmer Biomet (U.S.), ConforMIS (U.S.), DJO Global (U.S.), NuVasive (U.S.), Globus Medical (U.S.), MicroPort Orthopaedics, Inc (Wright Medical Group) (U.S.) Medacta (Switzerland), Smith & Nephew ( UK) and DePuy Synthes (U.S.)
- In 2012, Covidien launched the AS Meniscal Repair Device, minimally invasive arthroscopic surgery to repair a torn meniscus in the knee using the gold standard “all-suture” method of fixation.
- In 2017, Zimmer Biomet Holdings, Inc. launched Persona Partial Knee System, a personalized and anatomically designed knee implant systems
- The report provides granular level information about the market size, regional market share, and forecast from 2017-2023
- The report covers in-detail insights about the competitor’s overview, key findings, and their key strategies
- The report outlines drivers, restraints, challenges, and trends that are currently faced by the industry
- The report tracks recent innovations, key developments, and startup’s details that are working in the industry
- The report provides plethora of information about market entry strategies, regulatory framework, and reimbursement scenario