Orthopedic Devices Market to Exhibit a CAGR of 4.3% By 2023
Acknowledging the kind of traction, this market witnesses, Market Research Future (MRFR) in its recently published study report asserts that the Global Orthopedic Devices Market is projected to reach USD 58,814.6 MN by 2023 registering approximately 4.3 % CAGR during the review period (2017 to 2023). In the year 2017, the market had valued USD 43,802.1 MN.
The orthopedic devices market is growing pervasively, witnessing an exponential growth backed by the increasing investments in the R&D activities. Healthcare segment extensively absorbs orthopedic devices for a range of surgical applications such as implants. Over the past decade, orthopedic devices have significantly evolved. As a result, the market is garnering huge traction.
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Additional factors substantiating market growth include the growing population and urbanization worldwide. Improving economic conditions provide impetus to market growth, enabling access to the quality of life & the improved healthcare. Seminal efforts and investments put in the development of innovative devices, by the key market players are fuelling the market growth. Besides, initiatives taken by the Government are playing a major role in fostering market growth.
On the other hand, factors such as low awareness among people about the advantages of these devices along with the high cost associated with the orthopedic devices are likely to impede the market growth. Also, the skepticism of physicians towards the advancement & efficacies of these implants affects the market growth negatively. However, the demand for sophisticated implants by the physicians and patients, in turn, would contribute to the market growth to a great deal.
The fervent players leading the global orthopedic devices market include Globus Medical, Inc. (US), DePuy Synthes Companies (US), Medtronic (Republic of Ireland), Smith & Nephew plc. (UK), NuVasive, Inc. (US), Zimmer Inc. (US), and Stryker Corporation (US).
Global Orthopedic Devices Market – Segmentations
MRFR has segmented the analysis into four key dynamics for the convenience of understanding;
By Type: Trauma Fixation, Spinal Devices, Joint Replacement, Consumables & Disposables, and Bone Repair among others.
By Application: Spine, Trauma & Extremities, Knee, Hip, Foot & Ankle, and others.
By End-user: Ambulatory surgery centers, Hospitals, and Medical research center among others.
By Regions: Europe, North America, APAC, and the Rest-of-the-World.
Global Orthopedic Devices Market – Geographical Analysis
The North American region dominates the global orthopedic devices market mainly due to the huge per capita healthcare expenditures followed by the European and Asia Pacific region. The North America orthopedic devices market is expected to continue with its dominance in the years to come owing to the favorable government regulations coupled with the increasing integration of orthopedic devices in the region.
At the same time, the increasing prevalence of different orthopedic surgeries, along with the increasing geriatric populace boost the market growth in the region, leading to an increase in the patient population. Furthermore, well-spread awareness among people, towards the benefits of biodegradable products and the rising demand for technologically advanced treatments and products enhance the growth of the orthopedic devices market in the region.
The European region accounts for the second-largest market for orthopedic devices attributing to the increased research and development activities in the field heading with the government support. Besides, the availability of innovative treatment facilities and rising research activities in the field of development of orthopedic devices is expected to foster the market. Also, the increasing number of orthopedic surgeries alongside the rising awareness towards keeping good health is fueling the market growth in the region.
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