Orthopedic Devices Market Predicted to Witness Surge in the Near Future
Rise in the global geriatric population which is more susceptible to musculoskeletal disorders is likely to boost demand for orthopedic devices during the forecast period. North America and Europe are likely to dominate the global orthopedic devices market due to favorable reimbursement for orthopedic procedures and rise in focus of key players on the development of new devices in the market in these regions. Increase in geriatric population and rise in prevalence of osteoporosis in countries such as Japan and China are likely to boost the orthopedic devices market in Asia Pacific from 2018 to 2026.
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Product Recalls to Hamper Market
Incidences of product recalls due to device inefficiency or manufacturing errors affect the adoption rate among surgeons and patients, which in turn affects sales. The recalls and associated lawsuits have criticized orthopedic companies leading to loss of reliability in the minds of customers. For example, in December 2016, Greatbatch Medical, a subsidiary of Integer Holdings Corporation, recalled standard offset cup impactor device which is used for hip joint replacement. The device failed the sterility test which can lead to infection in patients during surgery.
Join Reconstruction to Lose Market Share
The report offers detailed segmentation of the global orthopedic devices market based on product and end-user. Based on product, the joint reconstruction segment is projected to dominate the global market due to presence of major players in the segment. However, the segment is expected to lose market share during the forecast period owing to stringent FDA regulations for product approvals and high investments. The spinal devices segment is anticipated to gain market share during the forecast period from 22.0% in 2017 to 25.0% by 2026 due to increase in the number of patients suffering from osteoporosis fracture every year.
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Hospitals and Orthopedic Clinics: Top End-users of Orthopedic Devices
In terms of end-user, the hospitals segment is projected to account for dominant share of the global orthopedic devices market during the forecast period. The segment is likely to expand at a CAGR of 3.0% from 2018 to 2026. However, the segment is expected to lose market share during the forecast period due to rise in hospitalization costs. The orthopedic clinics segment accounted for 28.0% share of the global orthopedic devices market in terms of value in 2017. The segment is anticipated to expand at a rapid pace during the forecast period. The segment is likely to gain market share to reach 29% by 2026. Shorter hospital stay, quality of procedures and care, availability of emergency minimal invasive surgeries, and advanced devices are likely to propel the segment during the forecast period.
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North America to Expand at Considerable Pace and Create High Incremental Opportunity
In terms of value, North America held a major share of the global market in 2017. This is due to high health care expenditure and rise in awareness about the advantages of different orthopedic devices in the U.S. Furthermore, presence of several players such as Stryker and Zimmer Biomet Holdings, Inc. with significant investment in research & development of advanced devices is projected to propel the orthopedic devices market in North America from 2018 to 2026.
Rise in incidence of orthopedic diseases and improving economy in China, India, and other countries in Southeast Asiaresulting in high per capita health care expenditure are anticipated to drive the orthopedic devices market in Asia Pacific. Moreover, according to the International Osteoporosis Foundation, in 2013, the rate of incidence of hip fractures among the people of Asia increased 4-fold to 5-fold. This is also likely to fuel the growth of the market in Asia Pacific. Economic growth in countries such as Brazil is increasing research & development activities and expenditure on treatment in Latin America. These factors are likely to propel the global orthopedic devices market in Latin America. The market in the region is expected to expand at a CAGR of 3.2% from 2018 to 2026.
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Zimmer Biomet Holdings, Inc., DePuy Synthes, and Stryker to Dominate Market
The report provides profiles of leading players operating in the global orthopedic devices market. These include Zimmer Biomet Holdings, Inc., DePuy Systhes, Stryker, Smith & Nephew, Medtronic Spinal, DJO Global, Arthrex, Inc., NuVasive, Inc., and Globus Medical. Expansion of product portfolio by developing new products or through acquisition and licensing agreements to develop products is a key strategy adopted by these players. For instance, in September 2016, Stryker entered into an agreement to acquire the assets of Instratek, Inc., an U.S.-based orthopedic implants and endoscopic instrumentation manufacturer. This acquisition strengthened Stryker’s presence in the forefoot and upper extremity business segment. Other key players are also adopting similar strategies.
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