Orthopedic Devices Market 2018: New Tech Developments, Advancements, Key Players, Strategies to Boost Industry Growth

The orthopedic device market is seeing an ever-increasing growth. The global orthopedic devices market size accounted for $xx billion in 2017 and is likely to expand at a CAGR of xx% in the next five years, reaching a value of $xx billion by 2025, with North America dominating the market.

An orthopedic device is a medical equipment, generally made of stainless steel and titanium alloy. It is used to prevent deformities and injuries to the musculoskeletal system. These devices are of various types, to cater to various needs, like pins, rods, screws and plates (to anchor a fractured bone), splints, hinged splints, prostheses, corrective devices like corsets, orthopedic footwear and insoles, etc.

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The global orthopedic devices industry is expected to rise significantly, due to an increase in the number of surgeries being performed. Orthopedic ailments, such as degenerative bone disease, are highly prevalent nowadays. Also, there is an increase in the number of road accidents and sports-related injuries. Moreover, obesity and sedentary lifestyles result in early onset of musculoskeletal conditions. All the above factors are bound to upsurge the orthopedic devices market share.

Over the years, the life expectancy of an average human being has significantly increased. However, there’s also been an increase in different kinds of autoimmune diseases. Presently, there exists a number of autoimmune diseases which directly affect the skeletal system. Their causes are unknown, with no generally available cure. These autoimmune diseases are mostly chronic, and almost a third of the suffering population experiences a regression period after a significant amount of time has passed. As a person ages, there’s a decrease in bone density, which puts the bone at a higher risk of fracture even while doing really mundane tasks like lifting a heavy bag. The bone mass weakens due to its excessive loss. And after the age of 55, these risks become more prominent. Rheumatoid Arthritis, Osteoarthritis, Osteoporosis can affect people of any age, which only worsens as time passes, and without early recognition and the right treatment, these diseases progress to a point where they require orthopedic surgeries. The orthopedic devices industry has seen various advancements based on these factors

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With new technology and innovation of more advanced procedures, the orthopedic device market has also seen new products and growth in their sales significantly. The devices that were used 10 years ago, or even 5 years ago, are no longer in use because they have been replaced with better devices, which are more secure and effective. New methods like arthroscopy, minimally-invasive total joint replacement surgery, and spinal surgery are more prevalent now. With an increase in the elderly population (due to the increased life expectancy), these surgeries have become more common, and are often performed successfully. A study done in 2012 of the global burden of diseases and their worldwide impact found that musculoskeletal conditions, such as arthritis and back pain, are to affect more than 1.7 billion people worldwide, thus implying an estimated growth in the number of orthopedic surgeries.

There are many people who do not trust these procedures and prefer to adopt methods such as yoga and physiotherapy to relieve their pain. The approval procedure for any new orthopedic device to be introduced in the market and get used is very strict. Even though there are many new innovations in the area, their approval procedure is time-consuming, which is not a good sign for the product manufacturer. Additionally, most of these devices are very costly, and are not affordable by the people who don’t have a medical insurance policy.

North America is expected to dominate the orthopedic devices market due to increased awareness about the continuous innovation in implant technologies, minimal-invasive procedures for orthopedic surgeries and advanced healthcare facilities. The Asia Pacific region is also estimated to contribute to the orthopedic devices market share. The population of countries like India and China is ever growing. There is a high demand in the orthopedic devices market, which has not yet been met by an existing brand. There are many opportunities for the orthopedic market to grow in such countries. Besides, the government regulations are also in support of these devices. In India, the orthopedic device market was valued at $xxx million in 2016. And it has been estimated to grow by xx% annually. The orthopedic device market size in India is estimated to grow by $xx billion in coming years.

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