Orthopedic Devices Market Growth Predicted at 5% Through 2027: GMI
Major orthopedic devices market players include aap Implantate AG, Alphatec Spine Inc., Arthrex, B. Braun Melsungen AG, ConforMIS, Inc., Conmed Corporation, DePuy Synthes Companies, DJO Global, Globus Medical, Integra LifeSciences, Medacta, and Medtr
According to the latest report "Orthopedic Devices Market by Product (Joint Reconstruction Devices {Hip Replacement, Knee Replacement, Ankle Replacement, Shoulder Replacement}, Spinal Devices, Trauma Fixation Devices, Orthobiologics, Arthroscopic Devices), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of orthopedic devices will cross $60 billion by 2027. High adoption of technologically advanced devices along with an increasing number of orthopedic surgeries across the globe will stimulate market growth.
A high incidence of sports injuries will augment the orthopedic devices market expansion. Increased physical activity among adults and children is the primary factor responsible for the growth in sports injuries. The U.S. Bureau of Labor Statistics indicates that more than 19% of Americans aged 15 years and above participated in sports-related physical activities in 2015, compared to 15.9% in the last decade. As per the U.S. Centers for Disease Control (CDC), around 30 million children and adults participate in athletic activities and sports in the U.S. every year. Among them, around 3.5 million athletes are injured each year in the U.S. The U.S. Department of Health and Human Services highlights the number of sports injuries is estimated to be more than 8 million every year. Orthopedic devices are increasingly used in orthopedic surgeries and the management of musculoskeletal disorders. The growing instances of these injuries are responsible for causing a surge in incidences of musculoskeletal injuries, thereby fuelling the product demand and acceptance.
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Growing geriatric population base, technological advancements and innovations in orthopedic devices will drive the industry growth. The advances in novel approaches to conventional surgical limitations, such as lateral approaches in spine procedure or anterior approach in hip replacement procedure are facilitated by the novel procedural streamlining and instrumentation. Developments in arthroscopic sports treatment and minimally invasive surgeries enable faster stabilization in patients. Furthermore, the advent of smart implants integrated with sensors avail real-time data for surgeons, thereby providing better positioning, post-operative assessment and patient care. These implants can reduce periprosthetic infection that is a growing concern in orthopedic surgeries. Sensor-enabled technologies enable healthcare professionals to offer cost-effective products. Integration of digital systems and better access to data offers higher precision, predictability, and reduces treatment cost. Such advances will offer substantial growth opportunities in the orthopedic devices market over the forecast time period.
The trauma fixation devices segment in the orthopedic devices market accounted for more than USD 5.1 billion in 2020 and is anticipated to witness 5.1% growth rate through 2027. The trauma fixation device is used for fixing and stabilizing severe bone dislocations. The high growth rate of the segment is attributable to rising incidences of orthopedic disorders, road accidents, etc. Additionally, the rising geriatric population coupled with the introduction of technologically advanced devices such as bioresorbable implants, nano-coated devices, drug-eluting implants, etc. are propelling the segment growth. The increasing number of road accidents and injuries will act as a high impact rendering factor for fostering the demand for trauma fixation devices.
Brazil dominated the Latin America orthopedic devices market and accounted for over USD 476 million in 2020 and is poised to attain a CAGR of 7% by 2027 owing to the rising disposable income, developing medical infrastructure, and increasing healthcare expenditure. For instance, as per the research performed in Brazil, the number of orthopedic surgeries performed are rising and the hospitalizations cases for orthopedic treatments have surged, driven mainly by lower limb surgeries. Factors such as lack of physical activity, poor diet intake, and rising government initiatives for spreading awareness pertaining to orthopedic disease treatment are also boosting the market demand in the country.
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Some of the major players operating in the orthopedic devices market are aap Implantate AG, Alphatec Spine Inc., Arthrex, B. Braun Melsungen AG, ConforMIS, Inc., Conmed Corporation, DePuy Synthes Companies, DJO Global, Globus Medical, Integra LifeSciences, Medacta, and Medtronic Spinal among others. These companies are emphasizing on multiple strategic mergers & acquisitions, and geographical expansions to enhance their presence in the market.
Table of Contents (ToC) of the report:
Chapter 3. Orthopedic Devices Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 - 2027
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.2. Industry pitfalls & challenges
3.4. Growth potential analysis
3.4.1. By product
3.5. COVID-19 impact analysis
3.6. Technology landscape
3.7. Regulatory landscape
3.8. Porter's analysis
3.9. Competitive landscape, 2020
3.10. PESTEL analysis
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Original Source: Orthopedic Devices Market Revenue to Cross USD 60 Bn by 2027: Global Market Insights Inc.
