Rise in Use of Technologically Advanced Products in Orthopedic Disease Treatment Creates Lucrative Avenues for Orthopedic Devices Market, Opines TMR
The orthopedic devices market is projected to witness high sales opportunities during the forecast period. This growth can be attributed to the surge in cases of injuries due to sports, adventure, and accidents
Huge population base and increased incidences of orthopedic diseases to support the growth of the orthopedic devices market in Asia Pacific
ALBANY, N.Y., Aug. 16, 2021 /PRNewswire/ -- Orthopedic devices are part of the equipment utilized for prevention and treatment of injuries and deformities of the musculoskeletal system. Some of the key examples of orthopedic devices include splints, bandages, special apparatus, and prostheses. These devices are utilized in hospitals, orthopedic clinics, and ambulatory surgical centers.
A newly published report by Transparency Market Research (TMR) emphasizes that the global orthopedic devices market is expected to expand at a CAGR of 4.3% during the forecast period of 2019–2027. The market was valued over US$ 46.1 Bn in 2018 and is projected to cross the valuation of US$ 67.1 Bn by 2027.
Surge in Prevalence of Orthopedic Disorders in Ageing Population Boosts Market Growth
The number of people suffering from rheumatoid arthritis, osteoarthritis, juvenile arthritis, fibromyalgia, and many other orthopedic health issues are increasing across the world. Obesity and changes in lifestyle are some of the factors leading to this increase in health issues. However, there has been a noteworthy growth in the prevalence of orthopedic disorders in the aging population across the globe. Thus, increase in older population requiring treatment for orthopedic disorders is fueling the demand for orthopedic devices across the globe.
Joint Reconstruction Surgery to Drive Global Market
Joint reconstruction was the dominant segment of the global orthopedic devices market in 2018. The market segment is expected to maintain its dominance during the forecast period as well due to demand for this surgery type from a sizable patient pool and rise in investments by key players in research & development activities to offer advanced products.
High Preference for Orthopedic Clinics
The orthopedic clinics segment of the orthopedic devices market is projected to witness growth at a high rate during the forecast period. The growth of the segment can be ascribed to factors such as superior quality of procedures and care, introduction of minimal invasive surgeries and devices, and short stay in orthopedic clinics.
In the past decade, there was a steep rise in the cases of accidental injuries during driving, sports, and adventure activities. According to a January 2016 study by the National Electronic Injury Surveillance System in the U.S., every year more than 2 million individuals visit the emergency department for treatment of head trauma related injuries in the U.S. Moreover, there is noteworthy increase in the cases of hip fractures and accidental injuries. All these factors anticipated to propel the market.
Several enterprises in the orthopedic devices market are focusing on the launch of technologically advanced products. At the same time, there is significant growth in the adoption rate of various technologies, including 3D bioprinting and tissue engineering, minimally invasive surgery (MIS), computer-aided fixation of implants, navigation technology, custom made implants, and launch of variable axis screw systems. This scenario is translating into business opportunities for the market players.
Companies operating in the global orthopedic devices market are adopting various strategies to strengthen and expand their businesses. Regulatory approvals, new product launches, and acquisition & collaborative agreements are some of the key strategies used by players in the market.
In terms of region, North America held key share of the global orthopedic devices market in 2018. Several important factors including increased focus of surgeons globally on the use of technologically advanced orthopedic devices that offer high level of precision and enhanced life span, significant average selling prices of orthopedic devices, and favorable coverage for orthopedic procedures in North America are driving the market in the region.
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