Orthopedic Devices Market By Medtronic, NuVasive, Inc., Smith & Nephew plc., Stryker Co, Zimmer Inc. Etc. During 2019-2023

Global Orthopedic Devices Market - Competitive Landscape

Orthopedic devices market demonstrates high growth potential which is expected to attract several new entrants to the market intensifying the competition further. Manufacturers of these devices strive to develop innovative materials to develop a range of orthopedic devices with the best practices. Incorporating strategic initiatives such as acquisitions, collaboration, expansion, and partnership matured players try to gain a competitive advantage to maintain their positions in the market. They investment substantially in manufacturing & expansion programme that can help them to reduce logistics cost and increase production capacities and leveraging potential to fetch larger turnovers.

Dominant Key Players:

Some of the key players in this market are:

DePuy Synthes Companies (US)
Globus Medical, Inc. (US)
Medtronic (Republic of Ireland)
NuVasive, Inc. (US)
Smith & Nephew plc. (UK)
Stryker Corporation (US)
Zimmer Inc. (US)

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Global Orthopedic Devices Market - Overview

The Global Market for Orthopedic Trauma Devices is projected to register CAGR of 8% during the forecast period (2015-2022), as predicted by Market Research Future (MRFR). Increasing number of trauma associated with road accidents and other causes is expected to fuel the market growth. Rising geriatric population also aides the growth of the orthopedic trauma devices market, as people in this age group are highly prone to bone fractures resulting from fall injury and other orthopedic complications.

It has also been observed that an increasing number of people are getting interested in some form of sport, owing to increasing awareness about one’s health. This has resulted in an accelerated number of injuries associated with sport, thus having a knock-on effect on the global market size. Moreover, a handful of companies are involved in the development and marketing of orthopedic trauma devices, thereby leading to the market to evolve with growth opportunity.

But the market is not without its challenges as poor healthcare infrastructure in few developing economies impedes the said market growth. However, looking at the bright side, the industry is discovering new applications in orthopedics on the back of advances in 3D printing. Subsequently, 3D printed implants are trending rapidly across the globe. Also, the market is apprehended to attain massive revenues in coming years due to another market trend, namely reverse shoulder arthroplasty.

Global Orthopedic Devices Market - Segments

Globally, the orthopedic devices market has been segmented on the basis of type, application, region and end users. On the basis of type, the market can be segmented into spinal devices, consumables and disposables, trauma fixation, joint replacement, bone repair, and others.

On the basis of application, the market can be segregated into trauma and extremities, foot, knee, spine, hip, spine, ankle, and others, where knee and hip applications hold the largest market share. It has been witnessed that high rate of knee and hip replacement surgeries combined with the innovations in their treatment is contributing towards the market growth of orthopedic devices.

Based on end users, the market for orthopedic devices can be bifurcated into hospitals, ambulatory surgery centers and medical research centers, where hospitals hold the maximum market share.

Industry Developments:

November 21, 2018 – Colfax Corporation (US), a corporation involved in the manufacturing welding, air, and gas handling equipment, and medical devices announced its plans to acquire DJO Global, Inc. (US), a manufacturer of a variety of orthopedic products for rehabilitation, pain management and physical therapy for USD 3.15 BN. This significant deal is based on the diversification and favorable demographic trends for DJO. Colfax is making a big acquisition as it seeks to diversify its revenue streams, reduce cyclicality, and apply its approach to operational excellence.

A leading musculoskeletal solutions company, Globus Medical Inc., has announced the launch CREO Fenestrated Screw System that is used for treating patients suffering from advanced stage tumors of the thoracolumbar spine.

In June 2018, CoreLink acquired Expanding Orthopedics, a privately held medical device developer. The acquisition provides CoreLink with many benefits including growth in the inter-body product category along with growth in the portfolio of innovative orthopedic technology for advanced spine care. The acquisition will also boost the appeal of CoreLink’s recently launched FLXfit and FLXfit 15 titanium interbody systems.

Medtronic Plc. has declared that the US Food and Drug Administration has offered 510k clearance of Kyphon HV-R Bone Cement for fixation of fractures of sacral vertebral body with the help of sacroplasty or vertebroplasty.

Global Orthopedic Devices Market - Regional Analysis

Taking the Global scenario of Orthopedic Devices Market into consideration, North America was holding the highest market share of around 39.6 % in the year 2016. With the presence of major market players and advanced technologies, the market in this region is growing steadily.

Europe has been considered as the second largest market and is expected to reach USD 19,467.6 Mn by the end of 2023.

Asia Pacific (APAC) is expected to witness the fastest growth with CAGR of 6.2 % during the assessment period. Availability of government regulations and presence of untapped markets are sure to attract attention of global players.

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Moreover, Middle East and Africa can exhibit a dull growth over the forecast period due to slow implementation of latest technologies.

Considering the global scenario of the market, North America was holding largest market share of 39.6% in global orthopedic devices market in 2016. Europe is second largest market and expected to reach USD 19,467.6 million by 2023. APAC is expected to grow at fastest CAGR of 6.2% during 2017-2023. On the other hand. Middle East and Africa (ME&A) Orthopedic devices market was growing lower than global average and expected to grow at steady pace.

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This release was published on openPR.