Market Overview
The global orthopedic
devices market share is expected to reach a strong 6.5% CAGR over the
forecast period from 2023 to 2032, according to the latest research report from
Market Research Future (MRFR).
The global
orthopedic devices market is mainly driven by the rising demand for
technological upgradation in orthopedic devices, the rising prevalence of
conditions requiring the use of orthopedic devices, such as osteoporosis, and
the increasing growth prospects for the market in developing countries. Approximately
10 million U.S. citizens have osteoporosis, according to the National
Osteoporosis Foundation, along with 44 million more with low bone density,
which leaves them at a greater risk of osteoporosis and other bone disorders.
Rising awareness about the disease and the effectiveness of orthopedic devices
in correcting the problems caused by the disease is likely to be a major driver
for the global orthopedic devices market over the forecast period.
Global Orthopedic Devices Market players include
·
Medtronic,
·
Smith & Nephew plc,
·
Zimmer Inc.,
·
Stryker Corporation,
·
NuVasive Inc., and
·
Globus Medical Inc.
Industry Updates and
Opportunities:
Strong technological advancement is also likely to further the cause
of the global orthopedic devices market over the forecast period. Technological
advancement in the global orthopedic devices market mainly focuses on making
the devices lighter and more easily wearable, apart from bringing about
innovations that help manufacture the devices at a cheaper price. 3D printing
is likely to become more popular in the global orthopedic devices market over
the forecast period, as it allows for precise manufacturing at relatively cheap
costs.
Segmentation:
The global orthopedic devices market
outlook is segmented on the basis of type, application, end use, and
region.
By type, the global orthopedic devices market insights is segmented
into spinal devices, bone repair, joint replacement, trauma fixation,
consumables and disposables, and others.
By application, the global orthopedic devices market is segmented
into spine, knee, foot and ankle, hip, trauma and extremities, and others.
By end use, the global orthopedic devices market is segmented into
hospitals, ambulatory surgery centers, and medical research centers. Hospitals
are likely to remain the leading revenue generator in the global orthopedic
devices market over the forecast period.
Regional Analysis:
North America
holds the largest market share in the global orthopedic device market,
accounting for 39.6% of the market in 2016. The growing prevalence of
osteoporosis and other bone conditions in North America has been a major driver
for the orthopedic devices market in the region. The strong presence of the
technological framework required to adopt 3D printing on a large scale is also
likely to be a major driver for the orthopedic devices market in North America
over the forecast period. 3D printing has been pioneered in North America and
many major 3D printing manufacturers are located in the region. This is likely
to further the cause of the orthopedic devices market in North America over the
forecast period.
Europe is also a
major regional market for orthopedic devices and is expected to experience
strong growth over the forecast period due to the growing number of
osteoporosis cases in the region. The Europe market for orthopedic devices is
expected to reach a valuation of USD 19,467.6 million by 2023.
Asia Pacific is
expected to exhibit the fastest growth over the forecast period due to the
rising demand for advanced orthopedic devices to correct spinal and other
bone-related conditions. The Asia Pacific market for orthopedic devices is
expected to exhibit a strong 6.2% CAGR over the forecast period.
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