The market for global orthopedic
devices was valued at around USD 47.8 billion in 2015 and
is expected to reach USD 59.5 billion by 2022, growing at a CAGR of around 3.3%
during the forecast period of 2016 to 2022. Major segments in orthopedic
devices market include joint reconstruction (hip, knee and extremities), spine,
trauma, orthobiologics, arthroscopy/soft tissue repair, and others. The
orthopedic device market appear to remain the main player in the global medtech
sales, which is expected to reach around USD 480 billion by 2020. Anything that
is concerned with muscles, ligaments and joints is considered orthopedic.
Disorders are ailments, injuries or diseases that cause knee problems,
whiplash, dislocated shoulder, torn cartilages, foot pain and fibromyalgia.
These are only a few of the known orthopedic disorders. There are as many
treatments for orthopedic disorders as there are problems and injuries in the
muscles, ligaments and joints. Orthopedic treatments and devices have helped
restore a normal lifestyle for millions of patients globally.
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The increasing incidence of sports injuries,
osteoarthritis, osteoporosis, and obesity, combined with the ever-increasing
aging population globally is the key growth drivers of the global orthopedic
products market. Along with these factors, increasing availability of emerging
technologies like 3D printing, robotics, and customizable implants further
expected to propel the market in the coming years. Some of the key technologies
in the orthopedics market could play a major role in the shaping of the market
in the next few years. Robotics and computer navigated surgeries continue to
gain momentum as robotic and advanced computer technologies are used in knee
and joint replacement surgeries, as well as cartilage repair procedures.
Customized orthopedic implants are also increasing in the market as the demand
for patient-specific implantation rises. Major companies like Stryker, Zimmer
Biomet, Medtronic, and others are now involved in the manufacturing of
personalized orthopedic devices and implants.
Geographically, North America is the leading
contributor to the market and is expected to retain its position during the
forecast period due to the presence of large number of orthopedic patients and
rise in base of aging population. However, Asia-Pacific market is expected to
grow at a faster rate during the forecast period. This is predominantly due to
increased healthcare awareness, improved economic growth, joint ventures and
some significant mergers and acquisitions and increased government funding.
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Companies
profiled:
·
Zimmer Biomet
·
DePuy Synthes
·
Stryker Corporation
·
Smith & Nephew plc
·
Medtronic
·
Wright Medical Group N.V.
·
Arthrex Inc.
·
Sanofi S.A.
·
NuVasive, Inc.
·
Integra lifesciences, etc.
