Orthopedic Devices Market

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ORTHOPEDIC DEVICES MARKET ANALYSIS

• Orthopedic Devices Market, By Product Type (Hip
  Orthopedic Devices, Knee Orthopedic Devices,
  Spine  Orthopedic Devices, Shoulder  Orthopedic
  Devices, Elbow  Orthopedic Devices, Foot and
  Ankle Orthopedic Devices, CMF  Orthopedic Devices
  Others), and By Region (North America, Latin
  America, Europe, Asia Pacific, Middle East
  Africa) - Size, Share, Outlook, and Opportunity
  Analysis, 2020 - 2027

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•  Statistics
• The global orthopedic devices market is estimated
  to account for US 60,052.8 Mn in terms of value
  by the end of 2027.
• Drivers
• Increasing prevalence of osteoarthritis is
  expected to propel growth of the global
  orthopedic devices market over the forecast
  period. For instance, according to the study
  Osteoarthritis in Europe Impact on health
  status, work productivity and use of
  pharmacotherapies in five European countries
  that examined the impact of peripheral joint
  osteoarthritis across five European countries, UK
  (43.6), France, (25.6), Germany, (15.2),
  Spain, (8.4), and Italy (7.1) recorded high
  prevalence of peripheral joint osteoarthritis,
  with majority of cases aging 55-74 years.
• Moreover, increasing geriatric population is also
  expected to aid in growth of the market. For
  instance, according to the World Health
  Organization, geriatric population is expected to
  reach 2 billion by 2050, up from 900 million in
  2015

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 Figure 1 Global Orthopedic Devices Market
Share () Value, By Region, 2019
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• Market Restraints
• Issues with fittings and some side effects of
  wearing splints are expected to hinder growth of
  the market. Prefabricated stack splint and the
  dorsal aluminum splint may not fit well and often
  lead to skin irritation.
• Moreover, high cost associated with fiber
  material is also expected to limit growth of the
  market. For instance, the cost of high quality
  braces can be around US 900. 

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• Market Opportunities
• Adoption of wireless technology is expected to
  offer lucrative growth opportunities for players
  in the global orthopedic devices market. For
  instance, in August 2019, Intellirod Spine
  launched iLink, a Bluetooth-enabled sensor module
  that can be attached to any brace, orthotic or
  prosthetic to measure wearing compliance, upright
  posture time and mobility daily through a free
  smartphone app.
• Moreover, transparency around the cost of
  orthopedic devices is also expected to aid in
  growth of the market. For instance, in January
  2020, Breg, Inc. released a new software release
  focused on improving transparency around the cost
  of durable medical equipment products such as
  knee braces, shoulder slings, splints, boots and
  crutches at the time of dispensement.

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Figure 2 Global Orthopedic Devices
Market Value (US Bn), 2016 2027
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• Market Trends
• Increasing prevalence of obesity is boosting
  growth of the market. For instance, the study,
  Rising incidence of obesity in Saudi residents.
  A threatening challenge for the surgeons,
  published in the International Journal of Health
  Sciences, in January 2018, reported obesity in
  42 of the study population with low physical
  activity levels and unhealthy dietary habits.
• Major players in the market are focused on RD of
  new devices. For instance, in June 2018, Breg,
  Inc. hosted a co-creation workshop on bracing
  solutions with orthopedic surgeons and
  administrators.

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• Competitive Landscape
• Major players operating in the global orthopedic
  devices market include, aap Implantate AG,
  Aesculap, Inc., Arthrex, Inc., ArthroCare
  Corporation, Biomet, Inc., Conmed Corporation,
  DePuy Synthes, Inc., OSSIO, Globus Medical, Inc.,
  NuVasive, Inc., Conventus Orthopaedics, DJO
  Global, Inc., and Breg, Inc.
• Global Orthopedic Devices Market Key
  Developments
• Major players in the market are focused on
  adopting MA strategies to expand their product
  portfolio. For instance, in May 2020, Conventus
  Orthopaedics acquired Flower Orthopedics, a
  developer of single-use, sterile-packaged implant
  and instrument kits.

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