LONDON, Sept. 17, 2021 /PRNewswire/ -- The World Health Organization estimates that anywhere between 20-33% of the global population live with a musculoskeletal condition. Growing geriatric population across countries along with high rates of obesity contribute to the demand for orthopedic devices. According to the International Osteoporosis Foundation, 1/3rd of women over the age of 50 and 1/5th of men will experience osteoporosis-related fractures at some point in their lives with each fracture having a compounding effect. Fairfield Market Research states that the global orthopedic devices market was worth US$44,034 Mn in 2020 and will reach a value of US$59,688 Mn by end 2025, registering a CAGR of 6.3%.
Quadrupling of Joint Arthroplasty Allows Joint Reconstruction to Lead Global Orthopedic Devices Market
The joint reconstruction segment accounted for the lion's share of the orthopedicdevices market in 2020. Joint reconstruction consists of hip, knee, and extremities procedures. The Center for Disease Control (CDC) states that joint arthroplasty in the U.S. is predicted to quadruple by 2030 from one million performed at present.
Sports medicine is another segment poised to demonstrate high rates of growth in the orthopedicdevices market. The shift towards an active lifestyle for a healthier and longer life has resulted in increasing cases of sports injuries, fuelling demand for sports medicine. Particularly noteworthy has been the participation of women in various sporting events. The International Olympic Committee statistics demonstrate that female athlete participation is fast approaching 50% for all sports at the Olympics – an encouraging sign indeed.
Popularity of Medical Tourism Explains Higher Growth Rates in Asia Orthopedic Devices Market
North America is the largest regional contributor in the orthopedicdevices market due to a greater number of sports injuries and high prevalence of osteoarthritis. According to National Electronic Injury Surveillance System (NEISS) data, there were 3.3 million sports injuries treated in emergency rooms in 2019. By the end of the forecast period, North America is expected to hold a share of 45% in the global orthopedicdevices market.
Nevertheless, Asia Pacific region is on track to record the highest rate of growth during the forecast period. The WHO says that injuries of disability adjusted life years (DALY) per 100,000 people were nearly twice as much in Southeast Asia as compared to developed nations. Furthermore, medical tourism is leading to a boom in demand for orthopedicdevices as related procedures become cost-effective for the middle class through affordable care. Asian countries such as India and Thailand provide comparable healthcare to the U.S. at costs that are almost 20-30% lower.
Stiff Competition in Global Orthopedic Devices Market Forces Companies to Invest Huge Sums
Massive investments have been made in the global orthopedic devices market by the largest companies to grow at an aggressive pace. The 15 largest players have captured 65% of the orthopaedic devices market between themselves. A few profiled in this report include Exactech, Inc., Globus Medical, Medtronic (Spine Division), NuVasive, Inc., Orthofix Medical Inc., Össur, Smith+Nephew, Stryker Corporation, and Wright Medical (Stryker). Stryker's US$4.7 billion acquisition of Wright Medical was monumental and has allowed it to become a leader in the orthopedicdevices market.
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.