Orthopedic Devices Market Value Worth Around US$ 81.3 Bn by 2027

The global orthopedic devices market is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 to 2027

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Acumen Research and Consulting

Jun 08, 2020, 09:30 ET

LOS ANGELES, June 8, 2020 /PRNewswire/ -- The global orthopedic devices market value is expected to reach of around US$ 81.3 Bn by 2027 predict by Acumen Research and Consulting.

Inefficiency and manufacturing errors of orthopedic devices is a major factor expected to restraint the growth of the orthopedic devices market. Increasing awareness about the air quality among the users is the major drivers for the growth of the orthopedic devices market.

Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled "Orthopedic Devices Market (By Application: Hip Orthopedic Devices, Joint Reconstruction, Knee Orthopedic Devices, Spine Orthopedic Devices, Trauma Fixation Devices, Dental Orthopedic Devices, Other Applications) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027".

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Orthopedic device can be defined as a surgical device used to repair the damaged or defective bone to increase skeleton function and relieve pain due to injury/default problems. The implants are manufactured mainly using steel and titanium alloys for better longevity and strength, while advanced biomaterials are also used, such as ceramics, glass and polymers.

Asia Pacific is likely to grow the orthopedic devices market during forecast period due to rapidly emerging of orthopedic trauma devices in this region. Orthopedic devices market in the region is driven by factors like the huge number of patients and the rising demand in medical services. The rapidly emerging markets in orthopedic trauma products, like China and India, are providing a major boost for the development of the global market. Factors including the increasing awareness and improving quality of life leading to rapid economic development in the region also play a key role in market growth, generating huge opportunities.

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Market dynamics

Growing geriatric population is very likely to develop osteoporosis and osteoarthritis bone associated diseases. According to World Health Organization (WHO), the geriatric population is expected to reach 2 billion by 2050. The rising population base is likely to generate substantial demands for different implants and devices for orthopedic use. Increased diabetes and obesity rates, a lack of physical exercise, poor diet and rising smoking and alcohol intake will boost consumer demand during forecast period. The production of cost-effective devices will be supported by recent developments in osteology. 3D printing, robot-assisted operations and smart devices would have greatly affected the driving forces behind worldwide market revenues in technical advancements. The rising prevalence and demand for minimally invasive procedures will drive the development of global orthopedic devices market. For surgical procedures, the availability of new technologies and biodegradable implants is projected to increase the competition. The rise in costs of expensive treatments, high implant costs and the lack of qualified staff will hinder growth of orthopedic devices market. The lack of a standardized insurance system and low per capita spending on health care in developing countries will limit innovative technology implementation during forecast period.

Trends in orthopedic devices

Manufacturers will concentrate on factors that determine the patterns in demand for orthopedic products and their customer preference. According to research, that market perception of the development of new goods has an impact on demand. The implementation of new technologies is actively followed by hospitals around the world. The suppliers of these products would benefit from enhanced developments in terms of devices and instruments. Below are some of the central themes in the way orthopedic instruments are made, manufactured and marketed:

Cost control
Technological advancements
3D printing and manufacturing
Product innovations

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The global orthopedic devices market includes prominent players such as Ortho Max Manufacturing Company Pvt. Ltd., Invibio, MEDTRONIC, DePuy Synthes Companies, BIOTEK, Auxein Medical, Stryker, Smith & Nephew, Johnson & Johnson Services, Inc., B. Braun Melsungen AG, Zimmer Holding Inc, Integra LifeSciences Corporation, and, others. Depuy Synthetic has the highest market share in orthopedics, led by Zimmer Biomet and Stryker. Medtronic is a industry leader in the manufacture of spine implants, while Depuy Synthetic is largely involved in hip and knee implants.

Recent Developments

In January 2020, superior back pain relief compared to traditional SCS Treatments in RCT is provided by DTM™ Spinal Cord Stimulation Using the Medtronic Intellis™ Platform.
In January 2020, Medtronic acquires stimgenics, pioneer of DTM™, a novel spinal cord stimulation therapy
In November 2019, New cervical spine system from DePuy Synthes advances treatment options for patients with complex cervical spine disorders
In October 2017, Smith & Nephew acquires tissue regeneration technology for shoulder repair

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