Orthopedic Devices Market Overview
The global orthopedic devices market size is projected to grow substantially in the coming years. The major reasons for this are the high rate of orthopedic surgeries in developed countries, surging geriatric population, technological advancements, and increasing incidence of orthopedic diseases.
Orthopedics is the branch of medicine which is concerned with the prevention of disorders, injuries, or deformities of the skeleton and related structures such as ligaments and tendons. Orthopedic devices are utilized for implant and restore skeletal structure and joint movement after disorders including abnormal growth of bones, fractures, and soft tissue damage. External fixation devices, internal fixation devices, and joint implants are the three types of orthopedics devices which are utilized for several anatomical locations, including hip, ankle, knee, foot, shoulder, elbow, and spinal.
The different orthopedic devices are orthobiologics, orthopedic accessories, joint reconstruction, arthroscopic devices, spinal devices, orthopedic braces, and trauma fixation devices. out of these, the joint reconstruction devices category is predicted to hold the largest orthopedic devices market share in the near future, which is attributed to the increasing prevalence of osteoarthritis and osteoporosis, surging geriatric population, and rising incidence of sport injuries and road accidents. The spinal devices category is also expected to considerable growth in the coming years, major because of the increasing prevalence of degenerative disc diseases among the aging population and development of new products for spinal disorders treatment.
When geography is taken into consideration, North America accounted for the major share of the orthopedic devices market because of the increasing expenditure on healthcare services in the region. The U.S. is projected to contribute a significant revenue share to the market in the coming years, owing to the adoption of innovative orthopedic solutions and enhanced healthcare infrastructure. The fastest growth is expected to be registered by the Asia-Pacific region in the coming years due to the large population base and development of modern healthcare services in the region.
Orthopedic Devices Market Dynamics
Drivers
The surging geriatric population is a key driving factor for the orthopedic devices market growth, as the geriatric population is more susceptible to bone related diseases, such as osteoarthritis and osteoporosis. As per the World Health organization, the population aged over 60 years is projected to reach 2 billion by 2050 across the world. In addition to this, the rising incidence of sports injuries and road accidents, which is resulting in the increasing need for minimally invasive surgeries, is also contributing considerably to the growth of the market.
Technological advancements, such as bio-absorbable implants and minimally invasive procedures, are also leading to the growth of the orthopedic devices market. furthermore, the technological advancements in robot-assisted surgical procedures, 3D printing, and smart implants are also predicted to have a positive impact on the market.
Orthopedic Devices Market Competitive Landscape
Some of the major players operating in the global orthopedic devices market include Medtronic Inc., Zimmer Holdings Inc., Wright Medical Technology Inc., NuVasive Inc., Orthofix Holdings Inc., TriMed Inc., Stryker Corporation, Small Bone Innovations Inc., Smith & Nephew PLC, Solana Surgical LLC, Integra LifeSciences, DePuy Synthes Inc. Aesculap, Inc., and ArthroCare Corporation.
