Market Overview and Growth Factors:
Growing geriatric population coupled with increasing prevalence of arthritis and osteoporosis will stimulate the global orthopedic devices market growth. Poor diet intake, lack of physical activity, and changing lifestyle trends should further fuel demand.
Rising number of road accidents coupled with increasing instances of sports injuries will spur orthopedic implants and devices demand. Growing trend towards adoption of minimally invasive surgical procedures and use of innovative biodegradable implants for medical treatment will fuel business growth.
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Advances in osteology to develop cost effective devices along with technological innovation in robot assisted surgical interventions, implants and 3D printing will boost the orthopedic devices market size over the forecast years. Emerging countries should offer lucrative growth opportunities due to increasing elderly population, rising prevalence of bone disorders and adoption of novel technologies over coming years.
Prominent Players:
Some of the companies operating in the orthopedic devices market include Medtronic, Stryker, Zimmer Biomet, ConforMIS, DJO Global, MicroPort Scientific Corporation, NuVasive, Medacta, Globus Medical, Smith & Nephew, and DePuy Synthes. The industry is primarily driven by strategic acquisitions coupled with new product launches and geographical expansion. Industry participants strive to retain their market position in high profitable areas and high growth verticals by adoption these strategies.
Regional Analysis:
Orthobiologics is set to exceed USD 4 billion by 2024, owing to its rising demand among surgeons as a bone grafts and substitutes. Growing geriatric population, increasing prevalence of musculoskeletal disorders, changing lifestyle and availability of innovative products will trigger industry growth.
U.S. orthopedic devices market was valued at over USD 20 billion in 2016 and is anticipated to witness significant growth over the coming years. Rising prevalence of osteoporosis, osteoarthritis, and musculoskeletal disorders, growing geriatric population, adoption of advanced technologies and presence of sophisticated healthcare infrastructure should boost orthopedic devices industry growth.
UK orthopedic devices market accounted for more than 15% of Europe revenue share, owing to huge geriatric population base and rising prevalence of bone diseases. Increasing economic burden of fractures and other bone related ailments should accelerate growth.
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Japan orthopedic devices market held over 40% of regional revenue share with the target market size set to exceed USD 2 billion by 2024. Rapidly growing geriatric population base and increasing incidence of spine disorders and bone injuries should stimulate business growth. Adoption of advanced technologies and growing patient awareness will also propel industry growth.