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Orthopedic Devices Market to Achieve US$65,000 Million by 2026, Says TMR
ALBANY, New York, March 15, 2019 /PRNewswire/ -- As per the TMR report, the global orthopedic devices market was valued at US$46,900 mn in 2017. Along with this, it is believed that the market might achieve US$65,000 mn by 2026 with a steady CAGR of 3.0% throughout the forecast duration of 2018 - 2026. Geographically, North America will lead the global orthopedic devices market in the forthcoming years. Increasing adoption of advanced orthopedic solutions and improved healthcare infrastructure will stimulate business growth. Rising R&D support to develop innovative products could also augment industry expansion.
The global orthopedic devices market is categorized into product and end-use. Further, the product is segmented into joint reconstruction, spinal devices, trauma fixation, orthopedic prosthetics, arthroscopy devices, orthopedic braces and supports, and orthopedic accessories. Among these, joint reconstruction segment will lead the global orthopedic devices market. The segment is gaining popularity due to growing unmet need for better and effective solutions for bone related ailments. Technological advancements in implants and minimally invasive implant techniques are expected to promote business growth.
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Usage of Biodegradable Implants Factoring the Global Orthopedic Devices Market
Rising preference for minimally invasive surgical procedures and massive usage of biodegradable implants for medical treatment will contribute substantially towards the global orthopedic devices market share in future. Obesity, sedentary lifestyle, irregular diet, and high consumption of alcohol will further add to the growing popularity of the orthopedic devices market. This market is projected to witness remarkable growth in developing nations as compared to developed nations.
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The number of people undergoing joint replacement surgeries, like total hip and knee replacement, has increased steadily and continuously due to rise in aging population. Rise in the osteoporosis-related fractures and musculoskeletal diagnoses, are driving the demand for orthopedic implants among the aged population.
The other driving factors also include an increasing number of large joint reconstruction surgeries. Along with, growing elderly population increases the prevalence of orthopedic disorders and development of bio-absorbable and titanium implants.
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Stringent Regulatory Reforms, the Biggest Challenge for the Market
Nowadays, many surgeons are choosing alternative methods, such as relaxation techniques, to supplement the conventional medicines. Also, many patients are not willing to undergo surgeries, mainly due to the risks involved. Hence, many patients prefer the alternatives or non-surgical procedures, like yoga or physiotherapy. Therefore, the penetration of preference for replacement surgeries is limited in the market. Many new drugs have also been developed that can be used as an alternative method to the surgical procedures, which hinders the growth of orthopedic devices market. The other factor is stringent regulatory reforms, which is also hampering the growth of the market.
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The global orthopedic devices market depicts the existence of a highly fragmented vendor landscape. The market is projected to remain in a similar scenario for the next few years, states a new research study published by Transparency Market Research. Key players in the market, in order to enhance their market penetration globally, are focusing on introducing new and innovative business strategies. In addition to this, the rising development activities are predicted to enhance growth of the overall market in the upcoming years. Some of the leading players operating in the orthopedic devices market across the globe are Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. Furthermore, with the entry of new players, the market is expected to witness a high level of competition in the forthcoming years.
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This review is based on Transparency Market Research's report, titled "Orthopedic Devices Market (Product - Joint Reconstruction, Spinal Devices, Trauma Fixation, Orthopedic Prosthetics, Arthroscopy Devices, Orthopedic Braces and Supports, and Orthopedic Accessories; End use - Hospitals, Orthopedic Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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