Global Orthopedic Devices Market to Reach US$41.2 bn by 2019

The global orthopedic devices market is expected to reach US$41.2 bn by the end of 2019, owing to multiple factors that are enabling it to progress at a CAGR of 4.9% from 2013 to 2019. This market was valued at US$29.2 bn in 2012, as stated in a research report published by leading market intelligence agency, Transparency Market Research. The report is titled “Orthopedic Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”

According to the data published in the report, the key driver of the global orthopedic devices market is an increased demand resulting from the combination of two factors: The rapidly increasing geriatric population and the high demand for painless and noninvasive treatments. Both factors have spurred all manufactures in the global orthopedic devices market to ramp up their manufacturing rate as well as innovation and development efforts.

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The report divides the global orthopedic devices market basis anatomical locations around the spine, foot and ankle, elbow, shoulder, knee, hip, and other extremities. The device types in the global orthopedic devices market are segmented as follows: External fixation devices, internal fixation devices, and joint implants. Other aspects of gauging the global orthopedic devices market include the success rate of each technology used, the insurance coverage for each device type, and the geographical reach.

In terms of anatomical location, the global orthopedic devices market was led by knees in 2012 in terms of revenue. The report predicts this segment to drop out in terms of revenue by 2019, owing to a high rate of product recalls.

Another major segment in the global orthopedic devices market for 2012 was hip devices. This segment is progressing at a CAGR of 5.9% within the report’s forecast period, a factor attributed to the increasing incidences of hip fractures and the growing geriatric demographic.

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In terms of orthopedic consumables, the global orthopedic devices market was led by anchors in 2012, when it held 80% of the market through its two sub-segments of orthopedic staples and orthopedic suture anchors. By the end of 2019, the overall value of orthopedic consumables is expected to reach US$457 mn.

Geographically, the global orthopedic devices market was dominated by North America in 2012, due to the high rate of obesity and osteoarthritis in the U.S. Other factors include the increasing use of bioabsorbable implants and the growing geriatric demographic. On the other hand, the Asia Pacific orthopedic devices market is expected to provide tremendous opportunities to global players, owing to a rise in population density and increasing healthcare expenditure. Europe is expected to maintain its second position in the market due to a rapidly growing demand for infusion pumps and drug-eluting stents.

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