Orthopedic devices aids in
preventing or managing the musculoskeletal disorders (MSDs). These devices are
used for treating the deformities & injuries of the musculoskeletal system.
These devices provides support to injured bones and tissues, building the healing
process much smoother. Orthopedic devices are manufactured with alloys of
titanium or the stainless steel for achieving the rigidity and strength. They
are inserted surgically by an internal fixation procedure to repair the damaged
bones and tissues. The most common orthopedic devices includes rods, spacers,
pins, cages, plates, and screws which act as an anchor for improving and
aligning the fractured bones. The growing surgical procedures by using numerous
orthopedic implants and instruments are further expected to fuel the market
demand.
According to study, “Orthopedic
Devices Global Market Report 2019” the key companies operating in the
global orthopedic devices market are DePuy Synthes Companies, Medtronic,
NuVasive, Inc., Globus Medical, Inc., Stryker Corporation, Smith & Nephew
plc., and Zimmer Inc. The key players are focusing on a continuous product
development and offering new orthopedic devices at much competitive prices
especially in the developing geographies. The invasive orthopedic devices does
not need a repeat procedures and are expected to boost up the number of
procedures over a developed as well as developing regions.
Based on type, orthopedic devices
market is segmented into trauma fixation, joint replacement, spinal devices,
consumables & disposables, bone repair, and others. Based on product type,
market is segmented into surgical devices and accessories. Surgical devices
include drill guide, implant holder, custom clamps, guide tubes, distracters,
and screw drivers. Additionally, accessories include consumables, braces and
others. Based on application, market is segmented into hip orthopedic devices,
dental orthopedic devices, spine orthopedic devices, knee orthopedic devices,
craniomaxillofacial orthopedic devices, sports injuries, extremities and trauma
(SET) orthopedic devices. In addition, based on end-user, market is segmented
into hospitals, medical research centers, ambulatory surgery centers, and
others.
The orthopedic devices market is
driven by rise in prevalence of orthopedic diseases, followed by increase in
base of geriatric population, rise in development of bioabsorbable and titanium
implants, increase in rate of orthopedic surgeries in developed nations, rise
in burden of musculoskeletal disorders and growth in technological
advancements. However, stringent Food and Drug Administration (FDA) regulations
and biocompatibility issues and excessive cost of orthopedic devices may impact
the market. Moreover, high market potential in emerging economies is a key
opportunity for market.
Based on geography, the
North-American is a leading region in global orthopedic devices market owing to
sophisticated healthcare infrastructure, increase in adoption of advanced
orthopedic solutions and presence of industry giants & reimbursement
coverage for orthopedic procedures in the region. Whereas, the Asian-Pacific
and European regions are estimated to exhibit higher growth rate due to rise in
medical tourism industry, existence of a vast geriatric population, and rapid
adoption of new technology over the forecast period. In near future, it is
projected that future of the market will be optimistic because of increase in
number of sports and road traffic accidents coupled with rise in awareness
about orthopedic procedures during the forecast period.
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