Orthopedic Devices Market is Expected to Surpass USD 41.2 bn by 2019

Orthopedic devices refer to implants that are placed within the skeleton to enhance stability and to rectify problems. Orthopedic devices are implanted to repair skeletal structure and joint movement due to fractures, soft tissue damage, abnormal bone growth, and other deformities. The devices are inserted in the body either through surgical procedures or externally attached using minimally invasive procedures.

Prior to surgery, complete diagnosis of the problem is carried out to determine the selection of orthopedic devices for the location and nature of the problem. As a result, orthopedic devices have largely been successful in restoring mobility, subsiding pain, and improving the overall quality of the patient’s life.Owing to such reasons, the global orthopedic devices market was valued at US$29.2 billion in 2012 and is anticipated to be valued at US$41.2 billion by 2019, displaying a 4.9% CAGR for the period therein.

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Reabsorbable Implants to Lead Conventional Orthopedic Devices

Higher life expectancy, increasing geriatric population, and rising number of osteoporotic patients are the primary factors driving the global orthopedic devices market. Other factors such as higher number of patients having fracture risk such as spine and hip are adding to the growth of the market. Increase in demand for minimally invasive procedures, combined with expanded access to such procedures in emerging markets, is also a major factor propelling growth of the market.Reabsorbable implants are novel orthopedic devices, mainly used for treatment of fractures. Such devices are absorbed by the body, hence second surgery is not required to surgically remove the implant. For such reasons, these devices are preferred over conventional orthopedic devices offering opportunities to the growth of the overall market.However, product recall due to loosening of implants and adverse side effects to patients is a major restraint to the growth of the market. High product costs, fabrication errors, corrosion, and wear and tear are likely to affect market revenue considerably.

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The global orthopedic devices market is divided into hip, shoulder, foot and ankle, cranio-maxillofacial, knee, elbow, spine, and other extremities. Based on anatomical location of use of the orthopedic devices, the market is segmented into internal fixation devices, joint implants, and external fixation devices. Of all, the hip devices segment of the overall market is poised to grow at a 5.9% CAGR from 2013 to 2019. The growth of the segment is due to increasing number of hip replacement surgeries and increasing incidence of hip fractures, mainly in the elderly population.

Asia Pacific to Lead Regional Orthopedic Devices Market Segmentation

The geographical segmentation of the global orthopedic devices market includes four major regions, namely Europe, North America, Asia Pacific, and Rest of the World (RoW). North America accounts as the leading region for orthopedic devices, having a market worth US$11.8 billion in 2012.The U.S. will exhibit substantial growth in the orthopedic devices market owing to the increasing use of bioabsorbable implants, high prevalence of medical conditions such as osteoarthritis and obesity, and corresponding increase in the elderly population.Europe accounts as the second largest market for orthopedic devices. The growth of this regional market is driven by rising demand for drug eluting stents and infusion pumps. Asia Pacific is the largest regional market for orthopedic devices. Owing to increasing urbanization, rising incidence of bone-related disorders, and obesity, the region is poised to remain lucrative for orthopedic devices manufacturers.

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