Orthopedic Devices Market Ample Opportunities Prophesy 2023 | MarketResearchFuture.com

Orthopedic Devices Market report, published by Market Research Future contains succinct information on the Orthopedic Devices Market, segmented by Type - Trauma Fixation, Spinal Devices, Joint Replacement, Consumables & Disposables, and Bone Repair

Orthopedic Devices are used for preventing or managing musculoskeletal problems. These devices have proved immensely successful to restore mobility, reduce pain and improve the quality of life in case of millions every year. Some of the commonly used orthopedic devices include hip supports, elbow and knee braces, cervical collars, ankle and foot supports, braces and back supports.

Presently the trauma management methods available are not capable of restoring the parts of the body carefully because of insufficient effective surgical tools. Due to this most manufacturers are significantly investing in Research and Development for developing efficient and innovative devices. The increased research and development activities are expected to ensure a high growth in the orthopedic devices market in the near future. This market is likely to grow steadily and continue maintaining its position and grow further in the near future. In fact, the orthopedic devices total market in 2016 was USD 43,802.1 million and likely to reach USD 58,814.6 by 2023. MRFR’s report projects that the global orthopedic devices market is anticipated to reach at 4.3% CAGR during the forecast period (2017-2023).

Rising existence of orthopedic conditions like degeneration bone disease along with increasing geriatric population are likely to drive the orthopedic devices market. Product development and advancements in technology are finest strategies which yields the highest market benefit. Market growth, increasing funding for research and development, rising existence of osteoporosis and changing technology in the emerging economies are the key driving forces for the orthopedic devices market. Other factors that are likely to boost the market growth include early inception of musculoskeletal conditions which is triggered by sedentary lifestyle and obesity.

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Global Orthopedic Devices Market - Competitive Landscape

Orthopedic devices market demonstrates high growth potential which is expected to attract several new entrants to the market intensifying the competition further. Manufacturers of these devices strive to develop innovative materials to develop a range of orthopedic devices with the best practices. Incorporating strategic initiatives such as acquisitions, collaboration, expansion, and partnership matured players try to gain a competitive advantage to maintain their positions in the market. They investment substantially in manufacturing & expansion programme that can help them to reduce logistics cost and increase production capacities and leveraging potential to fetch larger turnovers.

Dominant Key Players:

Some of the key players in this market are:

DePuy Synthes Companies (US)
Globus Medical, Inc. (US)
Medtronic (Republic of Ireland)
NuVasive, Inc. (US)
Smith & Nephew plc. (UK)
Stryker Corporation (US)
Zimmer Inc. (US)

Global Orthopedic Devices Market - Segments

In MRFR’s report the Global Market for Orthopedic Devices has been segmented on the basis of type, application, and end user.

On the basis of type, it is segmented into bone repair, consumables and disposables, joint replacement, spinal devices and trauma fixation. The segment of spinal devices is likely to gain an impressive market share during the forecast period chiefly due to the increase in patients with osteoporosis fracture each year.

On the basis of application, the market is segmented into ankle, foot, hip, knee, trauma and extremities and spine.

On the basis of end user, the orthopedic devices market is segmented into medical research center, hospitals and ambulatory surgery centers. The hospital segment is likely to have a dominant share in this market during the forecast period.

Industry Developments:

November 21, 2018 – Colfax Corporation (US), a corporation involved in the manufacturing welding, air, and gas handling equipment, and medical devices announced its plans to acquire DJO Global, Inc. (US), a manufacturer of a variety of orthopedic products for rehabilitation, pain management and physical therapy for USD 3.15 BN. This significant deal is based on the diversification and favorable demographic trends for DJO. Colfax is making a big acquisition as it seeks to diversify its revenue streams, reduce cyclicality, and apply its approach to operational excellence.

A leading musculoskeletal solutions company, Globus Medical Inc., has announced the launch CREO Fenestrated Screw System that is used for treating patients suffering from advanced stage tumors of the thoracolumbar spine.

In June 2018, CoreLink acquired Expanding Orthopedics, a privately held medical device developer. The acquisition provides CoreLink with many benefits including growth in the inter-body product category along with growth in the portfolio of innovative orthopedic technology for advanced spine care. The acquisition will also boost the appeal of CoreLink’s recently launched FLXfit and FLXfit 15 titanium interbody systems.

Medtronic Plc. has declared that the US Food and Drug Administration has offered 510k clearance of Kyphon HV-R Bone Cement for fixation of fractures of sacral vertebral body with the help of sacroplasty or vertebroplasty.

Global Orthopedic Devices Market - Regional Analysis

Taking the Global scenario of Orthopedic Devices Market into consideration, North America was holding the highest market share of around 39.6 % in the year 2016. With the presence of major market players and advanced technologies, the market in this region is growing steadily.

Europe has been considered as the second largest market and is expected to reach USD 19,467.6 Mn by the end of 2023.

Asia Pacific (APAC) is expected to witness the fastest growth with CAGR of 6.2 % during the assessment period. Availability of government regulations and presence of untapped markets are sure to attract attention of global players.

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Moreover, Middle East and Africa can exhibit a dull growth over the forecast period due to slow implementation of latest technologies.

Considering the global scenario of the market, North America was holding largest market share of 39.6% in global orthopedic devices market in 2016. Europe is second largest market and expected to reach USD 19,467.6 million by 2023. APAC is expected to grow at fastest CAGR of 6.2% during 2017-2023. On the other hand. Middle East and Africa (ME&A) Orthopedic devices market was growing lower than global average and expected to grow at steady pace.

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