Orthopedic Devices Market Expected to be Worth $61Bn By 2023

Orthopedic Devices Market Expected to be Worth $61Bn By 2023

Provided By BIS Research

The number of orthopedic implants has increased drastically over the last decade and the healthcare industry has come up with numerous innovations to make the implants easier and simple. The orthopedic devices are being used for various disorders related to joints, ligaments, muscles, nerves, and tendons as well as other musculoskeletal diseases or injuries such as arthritis, osteoarthritis, joint pain, tendinitis, and tenosynovitis. These devices help a patient with trauma fractures, by replacing or reinforcing the damaged structure, and these devices are used for the treatment of musculoskeletal diseases or injuries.

There has been a significant increase in the geriatric population which has increased the opportunity for the orthopedic devices market. The players in the market can look out for untapped markets to establish their business. With the increase in this segment of the population, the demand for non-invasive treatments has also risen, which has propelled research and development in the industry. There has been a growing awareness about non-invasive procedures and innovative products among patients, owing to which hospitals are pushed to constantly upgrade their devices and services they offer.

The market for orthopedic devices has already established in North America due to the prevalence of obesity and osteoarthritis among the population of the region. However, it is important to note that the Asia Pacific region is witnessing a growth in the population density and hence, the healthcare market is expanding steadily in this region. As a result, the global orthopedics devices market offers tremendous opportunity for manufacturers by creating new and sustained export options for companies which will result in the removal of market barriers and help firms to capture a large share in the market.

MARKET RESEARCH

According to a new market research report by BIS Research, titled ‘Global Orthopedics Devices Market - Analysis & Forecast (2017-2022)', the global orthopedics devices market is expected to reach $61 billion by 2023. In terms of revenue, the knee segment leads the market at present, however, the hip segment is growing at a CAGR of 6.1%, due to an increase in the number of hip fractures. Within the orthopedics devices market, the joint reconstruction and replacement market is the largest segment and is expected to grow at a CAGR of 6% from 2017 to 2023. This segment comprises of various devices used for the reconstruction or replacement of hips and knee which accounted for $5.5 billion and $9.7 billion respectively in 2016.

This market intelligence report comprises of a comprehensive analysis of various aspects of the global orthopedics device market. The segmentation has been done in terms of product type, material type, end users type and geographical regions, in order to gain a holistic view of the entire market. The orthopedics devices market broadly focuses on joint reconstruction and replacement, spinal surgery and rehabilitation, trauma or fixation, arthroscopy, orthopedics soft goods, braces and supports and ortho-biologicals. The major product groups are artificial joints, spinal implants, devices for fracture repair (mainly intramedullary nails, plates, and screws), ortho-biologics, and devices or equipment for arthroscopy.

The report includes market drivers and restraints, market share analysis, competitive landscape, and key developments etc. The study considers the growth share matrix model for a comprehensive study of the global orthopedic devices market and assesses the factors governing the same. It also includes a separate company profile section which highlights the significant information about the key companies involved along with their financial positions, key strategies and developmental activities of recent years.

Some of the key players operating in the market are:

  • Zimmer Biomet Holdings Inc.
  • Globus Medical Inc.
  • Smith & Nephew plc
  • Stryker Corporation
  • RTI Surgical Inc.
  • Wright Medical Group N.V.
  • Johnson & Johnson
  • Medtronic Public Limited C
  • Arthrex Inc
  • AlloSource

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Published by Research and Markets

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Global Orthopedics Devices Market - Analysis and Forecast (2017-2023) (Focus on China Market, Market Share Analysis, Competitive Landscape, Material, Product, Country Analysis, and End User)

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