Rise in the geriatric and obese population worldwide fuels the orthopedic devices market, states Transparency Market Research in its latest report. The 233-page comprehensive research study is titled “Orthopedic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019” and is available for sale on the company website.
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According to the report, the global orthopedic devices market is estimated to register a modest 4.90% CAGR during the forecast period, growing from a value of US$29.2 bn in 2012 to US$41.2 bn in 2019. While the growing prevalence of osteoarthritis and osteoporosis and rise in sports and road injuries will boost the demand for orthopedic devices, frequent product recalls, economic upheaval, and unfavorable political reforms threaten to impede the global market.
On the basis of anatomical location, the orthopedic devices market is divided into knee, spine, foot and ankle, hip, shoulder, elbow, craniomaxillofacial (CMF), and others. In terms of revenue, the knees segment dominated the orthopedic devices market by anatomical location. However, frequent product recalls have adversely impacted this segment and analysts predict that it will witness a decline in market share by the end of the forecast period. Hip orthopedic devices are anticipated to witness strong growth in the coming years, registering a 5.90% CAGR from 2013 to 2019. This segment is fueled by the rise in geriatric population, increasing cases of hip fractures, and escalating demand for hip replacement surgeries.
On the basis of orthopedic consumables, the market is segmented into orthopedic staples and orthopedic suture anchors. The latter dominates the overall market, accounting for a whopping 80.0% of the orthopedic consumables market. The suture anchors segment, comprising resorbable suture anchors and metallic suture anchors, is projected to reach a value of US$475 mn by 2019.
On the basis of geography, the global orthopedic devices market is divided into Asia Pacific, North America, Europe, and Rest of the World. Valued at US$11.8 bn in 2012, North America dominates the worldwide market. Driven by the rise in geriatric population, increasing cases of osteoarthritis and obesity, and growing use of bioabsorbable implants, this regional segment is projected to retain its lead throughout the forecast period. Europe is the second largest orthopedic devices market and is propelled by the surging demand for infusion pumps and drug-eluding stents. Rising incidence of obesity and bone-related disorders, surge in population, and rapid industrialization are likely to drive Asia Pacific as the most rapidly expanding orthopedic devices market.
The key players profiled in the orthopedic devices market report are DePuy Synthes, Inc., Smith & Nephew PLC, Biomet, Inc., Globus Medical, Inc., Medtronic, Inc., TriMed, Inc., Integra LifeSciences, aap Implantate AG, Vilex, Inc., Small Bone Innovations, Inc., Orthofix Holdings, Inc., Solana Surgical LLC, Conmed Corporation, Zimmer Holdings, Inc., NuVasive, Inc., Aesculap, Inc., ArthroCare Corporation, Stryker Corporation, Arthrex, Inc., and Wright Medical Technology, Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.