An orthopedic implant is a medical device utilized over a missing bone or joint to provide support to the damaged bone. Stainless steel and titanium alloys are used for the strength of devices and a plastic coating acts as an artificial cartilage.
Scope of the Report:
Increasing prevalence of osteoporosis, growing geriatric population base with developing technological advancements are expected to major drivers behind the industry growth over the forecast period. Increasing efficiency of devices and persistent innovation in the design of equipment, growing prevalence of diabetes and obesity and rising trend of alcohol consumption and smoking are projected to propel the market growth over the forecast period. Novel designs for customized implants based on individual patient’s needs, various tracking devices and real time feedback providing smart implants with microprocessors are further expected to create niche segment for these technologies. Furthermore, gene therapy, 3D printing, tissue engineering, robot-assisted surgical procedures and smart implants have the efficiency to provide preventive and not curative measures which is also anticipated to boost the development of cost-effective devices in the industry.
Demand for various orthopedic implants and devices are expected to increase owing to increasing base of ageing population suffering from various bone disorders. Since, a sizeable chunk of the population is over sixty years of age and as per WHO, population of this age group is expected to reach 2 billion by 2050. Additionally, increasing incidence of orthopedic surgery relatively aware consumers is also driving the growth of the global orthopedic devices market.
Furthermore, new innovation in the field of osteology is also projected to boost the market growth for the development of cost-effective devices. Increasing incidences of sports injuries and road accidents and the growing demand for minimally invasive surgical procedures is anticipated to positively impact the global industry revenue. However, low affordability of expensive surgeries, steep implant costs and dearth of skilled professionals are constraining the orthopedic market growth. Additionally, less expenditure on healthcare in developing countries and obscure reimbursement policies will also hamper the adoption of advanced orthopedic devices over the coming years.
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Market Segments:
The orthopedic device market is segmented based on types and region. Based on types, the market is bifurcated into upper extremity devices, lower extremity devices, spine orthopedic devices, arthroscopic devices,orthobiologics and braces & support devices. Upper extremity devices are further segmented into elbow radius, shoulder and others whereas lower extremity devices are divided into hip, knee, foot, ankle and others. On the basis of spine orthopedic devices, the market is further segregated into artificial discs, fixation screws, fixation nail/rod, fixation plates and fixation wires. Also, the orthobiologics segment is distinguished into bone cement, bone graft substitute, bone growth factors and others. The spinal implants type segment has also contributed a promising share in the market growth owing to increased effective back treatment devices, rising incidences of back pain and increased demand of less invasive procedures and non-fusion technologies by patients.
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By Key Players:
Some of the notable players operating in orthopedic devices market space include DePuy Synthes, Medtronic Spinal, Medacta, Zimmer Biomet, NuVasive, MicroPort Scientific Corporation (Wright Medical Group), Smith & Nephew, Stryker, DJO Global, Globus Medical and ConforMIS.
By Regional Analysis:
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The Asia Pacific region holds exemplary growth potential for orthopedic device manufacturers, owing to high population number and around 50% of world’s geriatric population base. The North American region follows the Asia Pacific market owing to increased geriatric population, sophisticated R&D leading to novel orthopedic devices and technological advancements.
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