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The Global Orthopedic Devices Market is set to grow at a CAGR of 6.23% over the forecast period between 2019 and 2025 and is marking growth with market value of USD 47 billion during 2019.
Increasing adoption of robotic assisted surgery, focus on development of cost-effective products, and strategic alliances and partnerships among companies are among the emerging trends observed across the orthopedic devices market-finds Ayesha, a analyst at OG Analysis.
Further, growth in geriatric population amounting to almost 16.7% of the total population with more exposure to Orthopedics disorders drives the orthopedic devices market growth.
With growing demand for cost-efficient products, key vendors are focusing on developing low cost-effective products specifically targeted at developing economies such as India and China.
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Further, emergence of minimally invasive Orthopedic surgeries with advantages of lower cost and less complications drives the Orthopedic devices market across outpatients. According to recent study, it is estimated that outpatient Orthopedic surgeries have decreased in cost terms by around $3,000 to $4,000 and reduced surgical complication of around 10%.
However, high cost of Orthopedic devices and lack of skilled resources is hampering the growth of the Orthopedic devices market. In addition, increasing product recalls and growing costs for regulatory approvals are factors negatively impacting the market growth.
Growing advancement in medical technology and robotics are amidst emerging market trends positively impacting growth
Orthopedic devices market is predominantly driven by trend of integrating nanotechnology, 3D printing technology and other advanced technologies across medical and healthcare fields. For instance, in February 2019, 3D Systems launched portable arthroscopy simulator to perform perfect surgical procedures for knees, shoulders and hips.
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In addition, bio-absorbable implants and titanium orthopedic devices with advantages of light weight and stable carrier for grafting materials offer strong long term market opportunity.
Further, rise of precision surgery assisted with computers and robots will shape the market growth over the forecasted period. Robotic technology offers a good view of the operative field and helps in performing the surgeries with high precision. Accordingly, performance of surgery using robotic surgery will also reduce both the hospital stay and medical bills.
Growing demand for personalized medicines is fuelling market growth driven by benefits of accurate bone replacements, successful spine surgeries and faster recovery.
Among Orthopedic devices types, Joint Replacement holds 39.38% market share
Increasing prevalence of Orthopedic diseases such as arthritis, osteoarthritis and others drive the consumption volume of joint replacements. For instance, the Agency for Healthcare Research and Quality estimates about more than 600,000 knee replacements performed each year in the United States.
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The key manufacturers of joint implant devices are Stryker Corporation, DePuy, Zimmer Holdings, Smith & Nephew, and others.
North America dominates Orthopedic Device Market across Segments
Epidemiology of Orthopedic disorders and incidents of road accidents drives Orthopedic devices market growth across Americas. Accordingly, several Orthopedic reconstruction and trauma device companies are witnessing growth in revenues through strategic initiatives and new launches in recent years.
Companies operating in the US Orthopedic devices market are highly focusing on obtaining approvals from the government for their products. For instance, Globus Medical, Inc., an US-based company secured over 82 product approvals from the US FDA.
Further, medical device companies are acquiring Asian companies to expand their product offerings and gain large Orthopedic market share. For instance, Zimmer acquired Beijing Montagne Medical Device Co., which is a China-based company to expand its product line of hips, artificial knees, and surgical instruments.
Further, Asia Pacific Orthopedic device replacements are also in strong growth amidst increased health awareness, demographics, and escalating private & public medical insurance market.
Investments in R&D, strategic acquisitions and expanding portfolio are observed across key players
Key players are focusing on acquisitions and intense investments to deliver technology integrated Orthopedic devices portfolio. Consequently, a prominent key player, Stryker acquired Mako Surgical Corp for USD 1.7bn to aid knee and hip replacement surgeries. In addition, Medtronic acquired Mazor Robotics for $1.7 billion to expand into robot-assisted spine surgery.
Further, key players operating in the market are entering into strategic alliances and agreements to strengthen market value. For instance, in August 2019, Joimax and Red One Medical collaborate with each other to support endoscopic minimally invasive spine surgery for veterans and active military.
In addition, key medical device manufacturers are launching innovative products to enhance surgical efficiency without compromising on accuracy. For instance, In August 2019, Alphatec Holdings, Inc. launched InVictus MIS, SingleStep K-wireless implant delivery system used for spinal surgeries.
Key players of Orthopedic Devices market include CONMED Corporation, NuVasive, Inc., Johnson & Johnson, Globus Medical, Inc., Stryker Corporation, Zimmer Biomet, Orthofix International, Medtronic PLC,Smith & Nephew PLC, and Wright Medical Group N.V.
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