Orthopedic devices are used to detect and treat muscle-skeletal deformities and injuries and can be categorized into arthroscopic devices, spinal devices, joint reconstruction, trauma fixation devices, accessories, braces, and orthobiologics. The orthopedic device market was valued at USD 52,743.1 million in 2019 and is expected to reach USD 80,481.3 million in 2029, with a CAGR of 4.4%.
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Geriatrics are susceptible to bone-related disorders such as osteoarthritis, rickets, and osteomalacia. The number of geriatrics seeking joint replacement surgery has increased significantly in the last few years. The Global Arthritis Network states that around 350 million people have arthritis across the globe. Nearly 25 in every 1,000 people undergo orthopedic surgery due to osteoarthritis. As per data provided by the World Health Organization (WHO), the global geriatric population aged 60 and above will reach 2 billion by 2050.
The orthopedic device market is driven by the increasing number of outpatient procedures and the introduction of ground-breaking product concepts. Rapid advancement in the design and functionality of spine, hip, and knee replacement devices, such as smart implants with integrated sensors for real-time data processing and metal-on-metal and metal-on-ceramic implants, drives the market. Developments in tissue engineering and gene editing technologies are also bolstering market growth.
Market players are undertaking extensive research on absorbable polymer as it fosters speedy recovery without the risk of metal corrosion. In August 2019, Joimax collaborated with Red One Medical to support endoscopic minimally invasive spine surgery for veterans and the military. Advances in robotics, machine-navigated medicine, smart implants, nanotechnology, 3D printing, genetics, and tissue engineering are the future of orthopedic devices.
The arthroscopy/soft tissue devices segment was valued at USD 11,179.7 million in 2019. Degenerative knee disorder is the most prevalent in the geriatric population; as per the WHO, about 25% of people aged 50 and above suffer from knee pain due to degenerative knee disorder. Arthroscopic knee surgery is the conventional orthopedic treatment for degenerative knee disease in the U.S. and developing countries.
Healthcare spending in the U.S. for arthroscopic procedures is witnessing significant growth. In 2015, as per the CDC statistics, healthcare expenses in the U.S. on arthroscopic treatments for degenerative knee disease amounted to about USD 3 billion. Thus, companies are actively working to develop novel arthroscopic products. In May 2018, DePuySynthes launched a knee arthroscopy solution ‘TRUESPAN Meniscal Repair System’ as part of its Mitek Sports Medicine portfolio. The below figure depicts the estimated share of segments by-product in the orthopedic device market in 2019.
Large Patient Pool for Arthritis & Musculoskeletal Disorders in North America
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North America is projected to lead the orthopedic market during the forecast period, with a CAGR of 3.8%. The regional market’s most prominent drivers are the rising demand for specialized healthcare facilities and the presence of robust healthcare infrastructure and reimbursement coverage. In the U.S., the rising prevalence of orthopedic diseases and the acceptance of new care methods drive the market.
As per the Bone and Joints Burden Organization, nearly one of every two people above the age of 18 and three of every four people above the age of 65 are affected by musculoskeletal disorders. As per the Centers for Disease Control and Prevention (CDC), in the U.S., over 54 million people aged 18 and above have arthritis, and the number is expected to reach about 78 million by 2040.
The prevalence of accidental injuries, arthritis, and orthopedic disorders is creating massive demand for orthopedic devices. The Association for Safe International Road Travel (ASIRT) states that nearly 2.35 million people are injured in road accidents, of which over 37,000 people die every year in the U.S. The American Physical Therapy Association states that 2.9 million sports injuries occur annually.
North America’s orthopedic device market has been observing tough competition among the leading players adopting aggressive strategies to gain a competitive edge. In the U.S., market players are actively working to receive regulatory permits for their products. For instance, Globus Medical, Inc., a U.S.-based corporation, received more than 82 FDA product approvals. Similarly, medical technology manufacturers are now acquiring Asian firms to widen their geographical reach and gain significant market share in the orthopedic industry.
Government Initiatives in the Middle East and Africa
The MEA orthopedic devices market is driven by the growing geriatric population, increasing prevalence of osteoporosis and osteoarthritis, and increasing instance of sports injuries and road accidents. Vitamin D deficiency and low calcium intake are contributing to the alarming increase in osteoporosis. The Middle East and Africa Regional Audit report released during the first Middle East & Africa Osteoporosis Meeting, held last month in Dubai, suggests that by 2020, around 25% of the population will be over the age of 50, and the number will increase by 40% by 2050.
The region offers lucrative opportunities for market players to establish their business and launch novel and cost-effective orthopedic devices. In December 2017, DePuySynthes launched its Concorde Clear minimally invasive discectomy device in Europe and the Middle East and Africa. Governments are also channelizing efforts to raise awareness regarding advanced treatment options for orthopedic disorders. The International Osteoporosis Foundation is joining local osteoporosis societies to prevent the rising incidences of fractures and its socioeconomic impact on millions of people and communities in the Middle-East and Africa. The below figure depicts the estimated market share for different regions in 2019.
|Market Size||USD in Billion By 2030|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
|Segments Covered||by Product (Arthroscopy/Soft-Tissue, Joint Reconstruction, Orthobiologics), End-Use (Ambulatory Surgical Center)|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||Stryker Corp, Medtronic , Zimmer Biomet , DJO Global , MicroportOrthopeics (Wright Medical) , NuVasive Inc, Globus Medical , Arthrex , DePuySynthes (J&J) , Smith & Nephew ,|
|Key Market Opportunities||Rising Demand For Orthopedic Device In Healthcare It Industry|