Global Orthopedic Devices Market : Overview
The global orthopedic devices market consists of a large number of market players who are trying their fortunes. The presence of an increasing number of players has not just intensified competition within the market but has also dwindled the market share held by individual players. Despite this anomaly for the market players, the leading market players still exercise immense control over the market due to the supremacy of their products. Furthermore, these top market players have resorted to a range of business strategies in order to strengthen their foothold in the market.
The small and medium-sized market players are projected to eye their respective regional markets to sustain themselves in the market. Since the market is closely related to the medical and healthcare industries, the growth of the market players largely hinges on the developments in these industries. Mergers and acquisitions are anticipated to be the most favoured business strategies for the leading market players while the smaller players are expected to rely on forming alliances amongst themselves.
The expertise of the market players in manufacturing orthopaedic devices is also prognosticated to play a pivotal role in enhancing the growth prospects of the market players. Some of the leading players in the global market for orthopaedic devices are Vilex, Inc., Medtronic, Inc., Integra LifeSciences, Smith & Nephew PLC, Orthofix Holdings, Inc., Biomet, Inc., Globus Medical, Inc., DePuy Synthes, Inc., TriMed, Inc., and Small Bone Innovations, Inc.
The global market for orthopaedic devices is expected to grow at a steady CAGR of 4.90% over the period between 2013 and 2019. The global market accrued revenue of US$29.2 bn in 2012 and is expected to reach a value of US$41.2 bn in 2019.
High Incidence of Osteoarthritis and Osteoporosis to Drive Demand
The demand within the global market for orthopedic devices is expected to driven by the rising prevalence of osteoporosis and osteoarthritis. Besides this, the changing lifestyles of the people have resulted in decreased propensity for exercise, walking, or any form of physical activity. The lack of regular physical movements by the body often causes disorders in joints, back, and other critical parts of the body. This factor has also played a pivotal role in driving demand within the global market for orthopedic devices. Sportsmen and fitness enthusiast are always at a risk of suffering from bone, spinal, or other injuries, which has created demand for orthopedic devices across these industries. Despite the affluence of the market, the high costs of orthopedic devices along with the reluctance of the people to resort to early treatments have hindered the growth of the global market.
North America to Emerge as Leading Regional Segment
The healthcare industry across North America boasts of a robust network of resources and equipment. This has aided the growth of the market for orthopedic devices across the region. Moreover, the high incidence of obesity, osteoarthritis, and osteoporosis across North America has also escalated demand across the region. In Asia Pacific, the market is expected to grow at the back of rapid industrialization, escalating population, and prevalence of bone-related disorders.
The review is based on a market research report by TMR titled, “Orthopedic Devices Market (Hip, Knee, Spine, Shoulder, Elbow, Foot and Ankle, Craniomaxillofacial and Other Extremities) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”.
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