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
The global orthopedic devices market is anticipated to reach market size of around US$ 81,300 Mn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 to 2027.
Orthopedic device is used to replace or support damaged joints or fractures in the body. The devices are made of titanium and stainless metal alloys for strength, and artificial cartilage is the plastic covering. External fixing is an orthopedic procedure requiring injections to patch the broken bone. Rods, hooks, platelets and torches that are used to stabilize broken bones until they are heal and are the most popular orthopedic medical devices.
Market Insights
The factors that are driving the growth of global orthopedic devices market are due to increase in geriatric population with number of disorders such as orthopedic disorders, sports injuries, and trauma. The incidence is rapidly increasing in orthopedic disorders like rheumatism, arthritis, and osteoporosis. In comparison, arthritis incidence in women is higher and osteoporosis incidence is prevalent in the elderly population. Experts in market research also noted that these trends also prompted manufacturers to develop innovative products for orthopedic surgery and support devices. The rise in orthopedic disease targets thus pushes the global market for orthopedic products.
The emergence of individually customized implants for patients is the key market trend. There is an unmet need for surgery period and medical complications in the healthcare sector to be reduced. It allows orthopedic industry manufacturers to include patient-specific custom implants that suit the needs and specifications of patients. Morever, patient-specific orthopedic implants are sold at a reasonable price and with reduced risks that boost consumer demand. These trends are likely to have a favorable effect in the forecast period on consumer growth.
Report coverage
The market research study on “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” offers detailed insights on the global orthopedic devices market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global orthopedic devices market are application and major geographic regions. The orthopedic devices market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The North America hold the large market share of global orthopedic device market due to increasing demand of advance technology in medical implants. The rise in the region market is driven by factors like the tremendous per capita costs of healthcare and the growing amount of injuries. Additional factors that help the region maintain its global supremacy throughout its forecasting phase are the favorable governance laws and the increasing introduction of orthopedic devices. The Europe market for orthopedic medical devices holds the second largest market share of global market. The increased number and awareness of orthopedic surgery boosts the regional market growth. In addition to the availability of advanced treatment, the demand will be supported in the area by factors such as the increasingly wide variety of R&D activities in orthopedic trauma system growth, primarily led by growing government funding. During forecast period, Asia Pacific is predicted to have the fastest CAGR. The largest geriatric population in the world is projected to be China and India. Therefore, in the near future the demand from the latter countries will increase enormously. However, the booming medical tourism sector is expected to lure the target patient demographic due to the affordable innovative healthcare services at cost-effective levels.
Key Players
Major players included in this report 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. The orthopedic device market most successful market approaches are acquisitions, teamwork, alliances, new production technologies and global growth.
The global orthopedic devices market is segmented as below:
Market Segmentation
Orthopedic Devices Market By Application
- Hip Orthopedic Devices
- Joint Reconstruction
- Knee Orthopedic Devices
- Spine Orthopedic Devices
- Trauma Fixation Devices
- Dental Orthopedic Devices
- Other Applications
Orthopedic Devices Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
What are the uses of orthopedic device?
Orthopedic device is used to replace or support damaged joints or fractures in the body.
Which factors are driving the growth of global orthopedic devices market?
The factors that are driving the growth of global orthopedic devices market are due to increase in geriatric population with number of disorders such as orthopedic disorders, sports injuries, and trauma.
How much is the CAGR of orthopedic devices market?
The global orthopedic devices market is expected to grow at a CAGR of around 5% in terms of revenue during the forecast period 2020 to 2027.
How much is the market size of orthopedic devices?
The global orthopedic devices market size is anticipated to reach around US$ 81,300 Mn by 2027.
Which region hold the large market share of global orthopedic device market?
The North America hold the large market share of global orthopedic device market due to increasing demand of advance technology in medical implants.
Which region is predicted to have the fastest CAGR in the orthopedic device market?
During forecast period, Asia Pacific is predicted to have the fastest CAGR.
Which are the key players of orthopedic device market?
Major players included in this report 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.
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