5 takeaways on the orthopedic devices market

5 takeaways on the orthopedic devices market

Global Market Insights’ report indicates the orthopedic devices market will reach $53 billion by 2024.

  • Orthobiologics is set to exceed $4 billion by 2024
  • U.S. orthopedic devices market was valued at over $20 billion in 2016
  • UK orthopedic devices market accounted for more than 15% of Europe revenue share
  • Japan orthopedic devices market set to exceed $2 billion by 2024
  • Mexico orthopedic devices market size valued at more than $300 million in 2016

Global Market Insights’ report, “Orthopedic Devices Market Size By Product, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 – 2024," indicates the orthopedic devices market size is set to exceed $53 billion by 2024.

A 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.

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 during 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.

Inflated surgery and devices cost, lack of skilled human resource, and presence of non-uniform reimbursement scenario across different regions should restrain industry growth. Low per capita income levels in developing countries and lack of awareness will further limit business expansion.

The joint reconstruction devices industry has gained popularity due to growing unmet need for better and effective solutions for bone related ailments. Technological advances in implants and minimally invasive implant techniques will promote business growth.

Trauma fixation devices should witness lucrative growth due to rising geriatric population susceptible to bone disorders and growing instances of road accidents, leading to bone fractures and spinal injuries. However, high devices cost and expensive nature of surgeries may hamper industry growth over forecast years.

Orthobiologics is set to exceed $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 more than $20 billion in 2016 and is anticipated to witness significant growth in 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.

The 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.

Japan’s orthopedic devices market held more than 40% of regional revenue share with the target market size set to exceed $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.

Mexico orthopedic devices market size was valued more than $300 million in 2016. Increasing prevalence of osteoporosis, growing number of accidents, increasing economic burden of bone ailments, and improvement in healthcare infrastructure should stimulate industry growth.

Some of the companies operating in the orthopedic devices market include Medtronic, Stryker, Zimmer Biomet, ConforMIS, DJO Global, MicroPort Scientific Corp., 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.