The global orthopedic devices market was valued at USD 29.7 billion in 2015. The growing prevalence of orthopedic conditions, such as degenerative bone disease and rising number of road accidents are the major factors driving the market growth. In addition, obesity and sedentary lifestyles resulting inthe early onset of musculoskeletal conditions are expected to boost the market growth during the forecast period.
The currently available trauma management treatments are not capable of restoring the body parts successfully owing to the unavailability of efficient surgical tools. As a result, manufacturers are investing in the research and development to introduce innovative and efficient devices for the treatment of trauma management.
Japan Orthopedic Devices Market, By Product Type, 2014 - 2024 (USD Million)
The growing awareness regarding the availability of innovative products among patients is pushing hospitals to constantly upgrade the devices and services they offer. In addition, the reimbursement coverage of orthopedic treatments has fueled the adoption of orthopedic surgeries. All the above-mentioned factors are positively impacting the market growth.
Stringent regulatory approval procedures by the U.S. Food and Drug Administration (FDA) and the high cost of the devices and procedures are some of the factors impeding the growth of the market. Stringent regulations majorly delay the approval of Class III and IV devices in the U.S. On the other hand, the approval of class III and IV devices is relatively easy in Europe.
The knee orthopedic devices market captured the largest share in 2015and is expected to maintain its dominance over the forecast period. The growth of the segment is mainly attributed to the rising prevalence of knee conditions across all age groups and the availability of a wide range of products.
The foot and ankle segment is expected to witness the fastest growth rate during the forecast period. A rise in sports injuries coupled with an increasing awareness regarding the availability of treatments for sports injuries is anticipated fuel the demand for orthopedic equipments in foot and ankle applications.
A high demand for devices that support immediate cure is anticipated to trigger the entry of innovative products in the market. In addition, sports organizations working to boost the morale of sportspersons disabled by sports injuries are expected to boost the research and development of orthopedic devices in the sports.
The North America orthopedic devices market dominated, with a revenue share of 51.4% in 2015. A high demand for advanced healthcare services owing to the availability of the well-developed healthcare infrastructure and reimbursement coverage are some of the factors driving the growth of the North America orthopedic devices market. In addition, the constantly rising target patient population owing to aging, and rising car accidents are fueling the demand for orthopedic surgeries in the regions. As a result, North America is anticipated to maintain its dominance throughout the forecast period.
The Asia Pacific orthopedic devices market is expected to exhibit the fastest growth during the forecast period. China and India are together expected to account for the largest geriatric population pool across the world. As a result, the demand for orthopedic surgeries in China and India is expected to grow tremendously in the near future. In addition, the booming medical tourism industry in the region owing to the availability of advanced healthcare treatments at a cheaper cost is expected to attract the target patient population to Asia Pacific. Therefore, Asia Pacific is anticipated to reach USD 7.5 billion in 2024.
The global orthopedic devices market is oligopolistic with a few international players capturing over 80% of the global market share. Major players in this market are MedtronicPLC, Stryker Corporation, Zimmer-Biomet Holdings, Inc,DePuySynthes, Smith and Nephew PLC, Aesculap Implant Systems, LLC, Conmed Corporation, Donjoy, Inc. and NuVasive, Inc.
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