The global orthopedic device industry is expected to reach an estimated $62.6 billion by 2022 and is forecast to grow at a CAGR of 5.5% from 2017 to 2022.
According to a new market report published by Lucintel, the future of the global orthopedic device industry looks attractive with opportunities in public and private hospitals.
The major drivers for the growth of this market are the increasing aging population, increasing adoption of advancements in medical technologies, and growing healthcare expenditure and awareness.
Browse 103 market data tables and 73 figures spread through 199 pages and in-depth TOC on “Global Orthopedic Device Market"
In this market, orthopedic reconstruction, spinal devices, trauma fixation devices, craniomaxillofacial devices, dental implants, soft tissue repair, braces and accessories, and orthobiologics are the major segments by device type.
On the basis of comprehensive research, Lucintel forecasts that the orthopedic reconstruction, trauma fixation devices, and orthobiologics segments are expected to show above average growth during the forecast period due to an increasing geriatric population, the rising prevalence of osteoporosis and osteoarthritis, and the increasing incidence of road accidents.
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Within the global orthopedic device industry, orthopedic reconstruction is expected to remain the largest segment by device type. With the rise of orthopedic disorders and increasing aging population are the major driving forces that will spur growth for this segment over the forecast period.
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North America is expected to remain the largest region due to increasing awareness of minimally invasive procedures for orthopedic surgeries, continuous innovation in the implant technologies, and advanced healthcare facilities.
APAC is expected to witness the highest growth rate over the forecast period due to increasing road accidents, advancement in the technologies of treatment, and increasing awareness about healthcare options.
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Emerging trends, which have a direct impact on the dynamics of the industry, include the increasing demand for smart implants, the widening use of nanotechnologies, and the adoption of robotic surgery to increase mechanical performance and accuracy. DePuy Synthes, Zimmer Biomet Holding Inc., Stryker Corporation, Smith and Nephew PLC, and Medtronic are among the major manufacturers of orthopedic devices.
Some of these companies are also pursuing mergers and acquisitions as strategic initiatives for driving growth.
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The study includes a forecast for the global orthopedic device industry by device type and region, as follows:
By device type [Value ($ Million) from 2011 – 2022]:
- Orthopedic Reconstruction
- Spinal Devices
- Trauma Fixation Devices
- Craniomaxillofacial Devices
- Dental Implants
- Soft Tissue Repair
- Braces and Accessories
- Orthobiologics and Others
By Region [Value ($ Million) from 2011 – 2022]:
- North America
- United States
- United Kingdom
- Asia Pacific
- The Rest of the World
This report addresses the following key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global orthopedic device industry by device type (orthopedic reconstruction (hip, knee, shoulder, and others), spinal devices, trauma fixation devices, craniomaxillofacial devices, dental implants, soft tissue repair, braces and accessories, orthobiologics, and others) and region (North America, Europe, Asia Pacific (APAC), and the Rest of the World (ROW)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which region will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5 What are the business risks and competitive threats in this market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are some of the changing demands of customers in the market?
Q.8 What are the new developments in the market and which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being taken by key players for business growth?
Q.10 What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
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