Orthopedic Devices Market 2019 Key Drivers and Restraints, Regional Outlook, End-User Applicants by 2027

• According to Transparency Market Research's latest report on the global orthopedic devices market for the historical period 2017-2018 and forecast period 2019-2027, rise in percentage of population requiring orthopedic devices, increase in incidence rates of injuries related to accidents, sports, and adventure, surge in adoption of technologically advanced products are projected to drive the global orthopedic devices market during the forecast period
• According to the report, the global orthopedic devices market was valued at US$ 46.1 Bn in 2018 and is anticipated to expand at a CAGR of 4.3% from 2019 to 2027

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Rise in percentage of population requiring orthopedic devices and increase in incidence rates of injuries related to accidents, sports, and adventure: Key Drivers
• Increase in percentage of elderly and obese populations is likely to propel the adoption rate of orthopedic devices during the forecast period. According to the U.S. Department of Health & Human Product estimates, the U.S. will have about 72.1 million geriatric population by 2030, which is more than twice the number in 2000.
• Prevalence of osteoarthritis, rheumatoid arthritis, fibromyalgia, juvenile arthritis, and other forms of orthopedic disorders is increasing primarily due to aging population, obesity, and changes in lifestyle. According to CDC, in U.S. by the year 2040, an estimated 78.4 million adults aged 18 years and older will have doctor-diagnosed arthritis, compared with the 54.4 million adults in 2013-2015.
• Incidence of accidental injuries during sports, driving, and adventure has increased drastically in the last decade. A study published in January 2016 by the National Electronic Injury Surveillance System in the U.S. indicated that every year over 2 million patients visit the U.S. emergency departments for head trauma related injuries. Incidence of accidental injuries and hip fractures has also increased in the last decade.

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Surge in adoption of technologically advanced products Boost Market Growth
• Large number of global manufacturers who have technical expertise and core competencies are undertaking constant efforts to develop and manufacture novel orthopedic products to attract more customers. Rapid adoption rates are observed for technologies such as minimally invasive surgery (MIS), navigation technology, 3D bioprinting and tissue engineering, custom made implants, computer-aided fixation of implants, and development of variable axis screw systems.
• Several major manufacturers are collaborating and partnering with emerging market entrants having novel product pipeline. For instance, in January 2017, Johnson & Johnson announced collaboration with Aspect Biosystems, a company engaged in 3D-bioprinting and tissue engineering

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Product recalls affecting market adoption rates to Hamper Market
• Incidences of product recalls due to device inefficiency or manufacturing errors affect the adoption rate of these devices among surgeons and patients, thereby affecting revenue of the manufacturers
• The global orthopedic devices market has seen various product recalls in the past few years. In April 2017, Zimmer Biomet Holdings, Inc. recalled its class I devices SpF PLUS-Mini and SpF XL IIb Implantable Spinal Fusion Stimulators due to potential release of cytotoxic chemical higher than allowed levels. The company also recalled its Comprehensive Reverse Shoulder in June 2016 owing to high fracture rate.

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Global Orthopedic Devices Market: Competitive Landscape
• This report profiles major players in the global orthopedic devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global orthopedic devices market is highly fragmented, with the presence of a number of international as well as regional players
• Leading players operating in the global orthopedic devices market are
o Stryker
o DePuy Synthes
o Zimmer Biomet
o Smith & Nephew
o Medtronic
o DJO Global
o Arthrex, Inc
o NuVasive, Inc.
o Globus Medical

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