Global Orthopedic Device Market is Anticipated to Grow at a CAGR of 3.55% From 2019 to 2027 and Reach US$ 58,400 Million by 2027, Owing to Cutting-edge Technological Advancements in Booming the Orthopedic Market Across the Globe, Says Absolute Markets Insights

Global Orthopedic Device Market to Reach US$ 58,400 Million with a Healthy CAGR of 3.55% by 2019-2027

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Jul 11, 2019, 11:00 ET

PUNE, India, July 11, 2019 /PRNewswire/ -- Growing incidence of musculoskeletal disorders, osteoarthritis, osteoporosis and sports injuries have been a major market driving factor for orthopedic devices. The global orthopedic devices market growth has escalated as a result of the evolution of conventional surgical procedures to present day state-of-the art surgical practices. However, high-priced implants and surgery induced health risk factors will restrain market growth during the forecast period. The global orthopedic device market is estimated to reach US$ 58,400 million by 2027, growing at an estimated CAGR of 3.55% over the forecast period.

Advent of cutting-edge technology in orthopedic, spine, and other medical and surgical products boost patient and medicine outcomes within the orthopedic devices market during the forecast period. Germany is exemplary of high-tech specialty treatments in orthopedics and trauma surgery. The initiation of modern computer-controlled prosthesis for the shoulder, elbow, hip, knee and talocrural joints, in addition to advancement of digital orthopedics in China, are expected to be key market growth indicators.

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The orthopedic device market is also commonly known to render lucrative returns, owning to extortionate product retails of implant devices. Brazil, for instance is attributed the largest healthcare market in Latin America. The region claims, 80% of all medical products used in Brazilian hospitals are imported. In the Asia Pacific region, initiatives by the Indian Government such as National Pharmaceutical Pricing Authority (NPPA) are centering on imposing a ceiling for prices of knee implants in the country which will result in increase in volume sales. Through such measures, the future demand of orthopedic device market can be gauged as promising business avenue for device manufacturers. Pioneering American market players such as Stryker, Boston Scientific, Mazor Robotics, Intuitive Surgical are also expected to expand their footfall and strengthen their foothold in the market.

Several government initiatives are directing efforts towards raising awareness and promoting orthopedic healthcare globally. Charitable endeavors of British Orthopaedic Association (BOA) represents 40% of total surgical workforce in the UK. Canadian Institute for Health Information (CIHI) is working on jurisdictions to increase the overall national coverage of hip and knee medical device information, in addition to directing efforts towards expanding patient-reported experience measures (PREMs) and outcome measures (PROMs). American Association/Academy of Orthopedic Medicine (AAOM) also focuses on introducing regenerative medicine. Moreover, the orthopedic medical tourism is expected to stimulate growth, more specifically in the Asia Pacific Region. Orthopedics surgeries are attributed to have the highest market share for medical tourism owning to accidental injury.

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Finally, one of the major drivers for orthopedic treatment globally is ageing population. Between 2008 and 2060 the population of the EU aged 65 and over is anticipated to increase by 66.9 million and population of 80+, which is deemed as 'very old' will be the fastest growing segment of the population. Owning to UK's demographics, musculoskeletal disorders record an annual expenditure of £5Bn. With regards to growing geriatric pool and conducive scope for medical and health treatments globally, the groundwork is lain for remunerative market.

However, differing access to orthopedic care in countries worldwide, with a fair number of regions, also from the developed countries, out of orthopedic accessibility, will hamper market growth. In developing countries, high-priced orthopedic treatments impose limits on marginal population of the region, in addition to limited orthopedic accessibility to rural population. Such factors will further restrict market growth.

The detailed research study provides qualitative and quantitative analysis of global orthopedic device market. The market has been analyzed from the scope of demand as well as supply. The analysis of demand covers market revenue across regions and further also across all the major countries. The analysis of supply covers the major market players and their regional and global presence and strategies. The geographical analysis emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Global Orthopedic Device Market (US$ Million) 2015-2027, By Product

Key Findings of the Report:

Joint reconstruction devices market is forecast to value more than USD 23 billion by end of 2027 owing to increasing number of knee and ankle replacement surgeries
Spinal devices market is expected to witness robust growth due to increasing spine deformities in aging population. In fact, as per estimated, the market for spinal devices is forecast to grow with a CAGR of over 3.9% during the projection timeframe.
U.S. orthopedic devices market is currently the largest and is estimated to value more than USD 29 billion by end of 2027. New product introduction and their rapid adoption will augment market growth across the United States.
Major industry participants in the global orthopedic device market include Stryker Corp., DePuy Synthes, Zimmer Biomet, Smith & Nephew, Medtronic Spinal, DJO Global, Integra Lifesciences, NuVasive Inc., Globus Medical, Wright Medical, Siemens Healthineers, Cardinal Health, Becton Dickinson, Orthofix, Integra Lifescience, Conmed, ConforMIS, Thermo Fisher Scientifics, JNJ Medical Device Companies, Medtronic, among others.
New product launches, geographical expansion is some of the major strategies adopted by these players to gain a competitive edge.

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Orthopedic Device Market by Products:

Joint reconstruction

Hip replacement
Knee replacement
Ankle replacement
Shoulder replacement
Others

Spinal devices
Trauma fixation
Orthobiologics
Arthroscopic devices
Others

Orthopedic Device Market by Geography:

North America

U.S.
Canada
Mexico
Rest of North America

Europe

France
The UK
Spain
Germany
Italy
Nordic Countries
Benelux Union
Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia
Rest of Asia Pacific

Middle East and Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa

Latin America

Argentina
Brazil
Rest of Latin America

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