Orthopedic Devices Market to Expand at a CAGR of 4.3% from 2019 to 2027 | Say’s TMR
Nov 23, 2022
Because of the growing senior population and the demand for orthopaedic devices that are capable of enhancing their quality of life, the orthopaedic device manufacturing sector is expected to develop substantially in the future years to come. Demands in the global orthopaedic devices market is expected to rise as a result of the rise in elderly population along with increased awareness about their advantages.
With the ageing of baby boomer generation and the rise in the number of obese and overweight people, the need for orthopaedic devices is likely to grow rapidly. In addition to that, increased prevalence of degenerative bone disease and growing elderly population is likely to augur well for the global orthopaedic devices market in the years to come. Obesity and inactive lifestyles are the two primary factors projected to drive demand for orthopaedic devices.
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As a result, joint replacement procedures, such as hip or knee replacements, have gradually grown and are expected to continue to rise amongst those aged 65 years and over. Hospitals are upgrading their equipment as more people become increasingly aware about the availability of modern medical as well as various orthopaedic devices. The acceptance of orthopaedic and other operations has also been aided by reimbursement for treatment expenses. These characteristics enable hospitals and clinicians to seek out more modern, higher-priced gadgets, increasing manufacturers’ overall income.
Globus Medical, Inc., Zimmer Biomet Holdings, Inc., Stryker Corporation, Aesculap Implant Systems, LLC, DePuy Synthes, and Smith & Nephew plc are some of the companies in the global orthopedic devices market.
In 2018, the global orthopaedic devices market was worth around US$ 46.2 Bn, and it is expected to grow at a rate of 4.3% CAGR over the forecast period, from 2019 to 2027.
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Presence of Advanced Healthcare Infrastructure and Favorable Reimbursement Policies to Drive North America Market
The existence of highly advanced infrastructure, reimbursement coverage, and industry heavyweights are just a few of the reasons fueling regional growth. The number of orthopaedic procedures in the North America region is increasing due to an older target patient population and an increase in vehicle accidents. In the US, the high frequency of orthopaedic diseases along with the increased uptake of sophisticated treatment techniques is expected to drive growth of the orthopaedic devices market in the North America region.
In addition, Asia Pacific is predicted to exhibit high growth rate over the forecast period, from 2019 to 2027. The majority of the elderly population pool is projected to be present in India and China. As a result, in the not-too-distant future, the demand from these nations is projected to skyrocket.
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Furthermore, the expanding medical tourism sector is projected to attract the target patient group due to the availability of sophisticated healthcare treatments at low costs.
In comparison to other nations in the regions, Japan has a significant number of implant producers and a high spending on the healthcare sector. In addition to that, rapid adoption of new technologies is likely to boost development of the market in Asia Pacific.
Rise in Ageing Population and Change in Lifestyle of People to Spell Growth for the Market
During the forecast period, from 2019 to 2027, a rise in the proportion of obese and elderly people is expected to drive up the adoption rate of orthopaedic devices. Because of the changes in lifestyle, ageing population, and obesity, there has been an increased prevalence of juvenile arthritis, fibromyalgia, rheumatoid arthritis, osteoarthritis, and various other orthopaedic illnesses is on the rise. In the last few years, the number of people injured in driving, sports, and various other activities has skyrocketed. These factors are likely to foster growth of the global orthopaedic devices market in the years to come.
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To attract more consumers, a large number of global manufacturers with technological knowledge and core competencies are always working to develop and produce innovative orthopaedic products. The development of variable axis screw systems, 3D bioprinting and tissue engineering, computer-aided implant fixation, custom-made implants, navigation technology, and minimally invasive surgery (MIS) have all seen significant acceptance rates. Many big manufacturers are working and collaborating with new market entrants with new, innovative products in the pipelines.
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