Orthopedic Devices Market by Manufacturers, Countries, Type and Application, Forecast, Market Development and Trends Forecasts Report 2019-2027

In recent years, the global Orthopedic Devices Market has witnessed significant growth, driven by various factors such as the increasing percentage of the population requiring orthopedic devices, a rise in injuries related to accidents and sports, and a surge in the adoption of technologically advanced products. Transparency Market Research's latest report sheds light on the historical trends from 2017 to 2018 and provides a forecast for the period of 2019 to 2027, projecting a promising future for the orthopedic devices market.

Market Overview: According to the report, the global orthopedic devices market was valued at US$ 46.1 billion in 2018 and is expected to expand at a compound annual growth rate (CAGR) of 4.3% from 2019 to 2027. This growth can be attributed to several key drivers shaping the landscape of the orthopedic devices industry.

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Key Drivers:
Rise in Percentage of Population Requiring Orthopedic Devices:
The increase in the percentage of elderly and obese populations worldwide is a significant driver for the adoption of orthopedic devices. The report highlights estimate from the U.S. Department of Health & Human Product, projecting a substantial growth in the geriatric population, reaching 72.1 million by 2030.
Osteoarthritis, rheumatoid arthritis, fibromyalgia, juvenile arthritis, and other orthopedic disorders are on the rise due to factors like aging populations, obesity, and lifestyle changes. The Centers for Disease Control and Prevention (CDC) predicts a surge in doctor-diagnosed arthritis cases, reaching 78.4 million adults in the U.S. by 2040.

Increase in Incidence Rates of Injuries:
The incidence of accidental injuries related to sports, driving, and adventure has seen a drastic increase in the last decade. Notably, the National Electronic Injury Surveillance System in the U.S. reported that over 2 million patients visit emergency departments annually for head trauma-related injuries.
Accidental injuries and hip fractures have also witnessed an uptick in the last decade, contributing to the growing demand for orthopedic devices.

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Surge in Adoption of Technologically Advanced Products:
The market is experiencing a surge in the adoption of technologically advanced orthopedic products. Manufacturers with technical expertise are continually developing novel products, including minimally invasive surgery (MIS), navigation technology, 3D bioprinting, tissue engineering, custom-made implants, computer-aided fixation of implants, and variable axis screw systems.
Collaborations and partnerships between major manufacturers and emerging market entrants, such as Johnson & Johnson's collaboration with Aspect Biosystems in 2017, are driving innovation in the field.

Market Growth Boosters:
The continuous efforts of global manufacturers in developing cutting-edge orthopedic products have contributed significantly to market growth. Rapid adoption of technologies like 3D bioprinting and tissue engineering, along with the development of custom-made implants, has created a dynamic landscape for orthopedic devices.

Challenges and Market Hurdles:
Despite the promising growth, the orthopedic devices market faces challenges that can impact adoption rates and revenue for manufacturers.
Product Recalls:
Incidences of product recalls due to inefficiency or manufacturing errors have a direct impact on the adoption rate among surgeons and patients, subsequently affecting manufacturers' revenue.
Notable recalls, such as Zimmer Biomet Holdings, Inc.'s recall of SpF PLUS-Mini and SpF XL IIb Implantable Spinal Fusion Stimulators in April 2017, highlight the need for stringent quality control measures in the industry.

Global Orthopedic Devices Market: Competitive Landscape
• Stryker
• DePuy Synthes
• Zimmer Biomet
• Smith & Nephew
• Medtronic
• DJO Global
• Arthrex, Inc
• NuVasive, Inc.
• Globus Medical

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