Global Orthopedics Devices Market - Analysis and Forecast (2017-2023)', the global orthopedics devices market is expected to reach $61 billion by 2023.
A growing geriatric population and increasing demand for non-invasive treatments are boosting the market growth. The knee segment leads the market in terms of revenue. The hip segment is growing at a CAGR of 6.1%, due to an increase in the number of hip fractures.
Technological innovations across the various segments of the Orthopedics industry have propelled the market growth. The global Orthopedics devices market is expected to reach $61 billion by 2023.
A growing geriatric population and increasing demand for non-invasive treatments are boosting the market growth. The knee segment leads the market in terms of revenue. The hip segment is growing at a CAGR of 6.1%, due to an increase in number of hip fractures. The Orthopedics devices market broadly focuses on joint reconstruction and replacement, spinal surgery and rehabilitation, trauma or fixation, arthroscopy, Orthopedics soft goods, braces and supports and ortho-biologicals. The major product groups are artificial joints, spinal implants, devices for fracture repair (mainly intramedullary nails, plates, and screws), orthobiologics, and devices or equipment for arthroscopy.
The joint reconstruction and replacement devices market is the largest segment within the Orthopedics devices market is expected to grow at a CAGR of 6% from 2017 to 2023. This segment consists of various devices used for the reconstruction or replacement of hips and knee which accounted for $5,497 million and $9,695.0 million respectively in 2016. The most important driving factor for the revenue growth in this segment is the resurfacing technology.
The growing awareness regarding the availability of innovative products among patients is pushing hospitals to constantly upgrade the devices and services they offer. In addition to this, the reimbursement coverage of Orthopedics treatments has further fuelled the adoption of Orthopedics surgeries. All the above-mentioned factors are positively impacting the market growth.
North America dominates the market for Orthopedics devices because of the prevalence of obesity and osteoarthritis and higher value per device in the region. The Asia Pacific market is expected to witness significant growth due to increasing population density and expanding healthcare markets. The global Orthopedics devices market offers tremendous opportunity for manufacturers by creating new and sustained export options for companies which will result in the removal of market barriers and help firms to capture large share in the market. The China Orthopedics market contributes about 4.5 percent to the total world Orthopedics market.
The growth of this market in China is driven by increased aging population. China has the largest elderly population in the world, with more than 200 million people over the age of 60, approximately 15% of the China's 1.4 billion people. In China, Orthopedics supplies currently make up about 20% of all materials used in minor surgeries. Orthopedics supplies are the second most used type of devices after general surgery supplies.
Key Topics Covered:
1 Report Scope and Methodology
2 Market Overview 2.1 Introduction 2.2 Key Trends 2.3 Mergers and Acquisitions in Orthopedics 2.4 Regulatory Environment
4 Major Demand Determinants Scope & Procedure Volume
5 Competitive Insights 5.1 Key Strategies and Development 5.1.1 Recent Mergers and Acquisitions 5.1.2 Recent Product Launches and Approvals 5.1.3 Recent Partnerships, Collaborations and Business Expansion 5.1.4 Recent Regulatory Clearance, Approvals and Certifications 5.1.5 Others
6 Industry Analysis 6.1 Patent Landscape Analysis
7 Global Orthopedics Devices Market by Product 7.1 Introduction 7.2 Orthobiologics 7.3 Joint Reconstruction 7.4 Spinal Devices 7.5 Trauma Fixation Devices 7.6 Arthroscopic Devices 7.7 Orthopedics Braces & Support Systems 7.8 China Orthopedics Devices Market by Product 7.8.1 Introduction 7.8.2 China Orthobiologics 7.8.3 China Joint Reconstruction 7.8.4 China Spinal Devices 7.8.5 China Trauma Fixation Devices 7.8.6 China Arthroscopic Devices 7.8.7 China Orthopedics Accessories 7.8.8 China Orthopedics Braces & Support Systems