The global orthopedic devices market is expected to reach USD 43.1 billion by 2024, according to a new report published by Grand View Research, Inc. Major drivers of the market include the rising demand for orthopedic surgeries owing to the growth in road accidents and the prevalence of orthopedic diseases.
The introduction of new products made of materials, such as various types of ceramics and polymers, has led to a rise in the success rates of surgeries. In addition, these products are available at affordable costs and customizable sizes and shapes. As a result, the adoption of these advanced products is swiftly increasing. In addition, the rising geriatric population prone to orthopedic diseases, such as osteoporosis and arthritis, is augmenting the growth of the market.
Hip and knee applications together accounted for the largest market share in 2015. A relatively high rate of hip and knee replacement surgeries coupled with the constant innovations in the treatment of hip and knee injuries is contributing towards the growth of these application segments.
Stringent regulatory approval procedures are the prime factors restraining the growth of the market. In addition, a high device cost and expensive surgical costs are some other factors impeding the market growth.
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Further key findings from the study suggest:
- The knee orthopedic devices segment captured the largest share of the market in 2015. This was attributed to the factors such as a high rate of knee surgeries including common knee injuries to total knee replacements.
- The hip orthopedic devices segment was the second largest market in 2015. The large portfolio for hip injury management is expected to result in a significant share in the global market.
- North America captured the largest market share of 51.4% in 2015 and is expected to maintain its dominance over the forecast period. The presence of a large number of major market players and a high adoption rate of advanced technologies are the factors driving the growth of the market in the region.
- The Asia Pacific market is expected to witness a lucrative CAGR of 8.6% during the forecast period. The presence of a large untapped market and the availability of supportive government regulations are expected to attract the attention of the global players.
- Some major players in the orthopedic devices market include NuVasive, Inc., Medtronic PLC, Zimmer-Biomet Holdings, DePuySynthes, Stryker, Aesculap Implant Systems, LLC, Donjoy, Inc., and Conmed Corporation
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