Orthopaedic Devices Market SWOT Analysis by Size, Status and Forecast to 2023-2031

The Market research collection of Report Ocean has recently included the Orthopaedic Devices Market Size, Scope, and Forecast 2023-2031 report. This report, prepared by industry experts and researchers, offers a comprehensive analysis of the market, covering crucial aspects such as growth factors, challenges, restraints, developments, and growth opportunities. It provides an authoritative and concise assessment of the market dynamics, highlighting emerging trends in the industry. Furthermore, the report presents a futuristic outlook, shedding light on factors expected to drive the growth of the global Orphan Drugs industry in the years to come.

Orthopedics is a specialized branch of medical surgery focused on restoring and preserving the functions of the musculoskeletal system. It addresses deformities, injuries, and the prevention of disorders in the skeleton and associated structures like ligaments and tendons. Orthopedic devices and implants play a crucial role in treating orthopedic injuries and deformities, including joint reconstruction, spinal surgery, and trauma fixation. These medical implants are often crafted from titanium and stainless-steel alloys and coated with plastic to act as artificial cartilage. Common implant types include rods, pins, plates, and screws used to anchor fractured bones during the healing process.

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The global aging population and increased life expectancy are primary drivers for the entire medical industry. In the US, there are approximately 46 million people aged above 65 years, and Europe has around 19% of its population in the same age group. Japan has 26.7% of its population above 65 years in 2016. These regions are significant for the orthopedic devices market, as they account for about 80%-85% of its global share. However, only 12.84% of the world’s population resides in these regions as of 2016. Hence, opportunities for orthopedic devices extend beyond these markets, with emerging and underdeveloped regions needing musculoskeletal care.

In developing countries, a significant portion of the population cannot afford quality healthcare facilities, and governments often lack adequate reimbursement programs. The high cost of surgeries makes patients hesitant to undergo orthopedic procedures. Governments in these nations are focusing on improving healthcare infrastructure while vendors are producing orthopedic implants tailored for these populations to increase awareness and provide better outcomes.

Orthopedic devices continuously enhance patient outcomes by delivering high-quality and life-sustaining treatments. This creates significant growth potential in both developed and developing countries, with various opportunities for innovation. Global vendors are heavily investing in research and development to develop new products and gain market share.

Market Analysis

The Global Orthopedic Devices Market is estimated to achieve a Compound Annual Growth Rate (CAGR) of 5.69% during the forecast period 2017-2023. The market is analyzed based on three primary segments: product type, end-users, and regions.

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Product Analysis

The Global Orthopedic Devices Market comprises eight major segments: Spine Implants, Knee Implants, Hip Implants, Sports Medicine, Trauma Fixation Devices, Upper Extremities (Shoulder, Elbow, Wrists, and Fingers), Lower Extremities (Foot & Ankle Devices), and Orthobiologics. Spine implants dominate the market due to advanced fusion and non-fusion procedures performed with orthobiologics, supported by clinical data regarding device safety and efficacy. Spine-related surgeries account for 60% of all orthopedic procedures, creating substantial growth opportunities in emerging economies like Latin America and the Asia-Pacific (APAC). The increasing adoption of minimally invasive surgeries for orthopedic disorders, especially in the elderly population, and improved device availability contribute to market growth.

Regional Analysis

The regions covered in the report include North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America leads the Orthopedic Devices Market’s growth, followed by Europe. The United States has seen a significant rise in individuals undergoing various orthopedic procedures.

Europe represents the second-largest market share, with chronic pain being a major complication in orthopedic disorder cases. In 2015, public spending on healthcare in Europe accounted for 18% of total government expenditure, with specific reimbursement for orthopedic devices within the National Health Service (NHS). Clinical evidence supporting orthopedic devices compared to other treatment options, such as drug therapy, is expected to increase during the forecast period.

The Orthopedic Devices Market revenue in APAC is projected to reach $11.72 billion by 2023, growing at a CAGR of 7.38%. Factors such as the increased prevalence of orthopedic diseases, a large pool of patients, and greater awareness of complex orthopedic treatments drive market growth. Increased government spending in healthcare, infrastructure development, research centers, and the establishment of manufacturing facilities by major vendors in the Orthopedic Devices Market contribute to this high growth rate.

Key Players

Key players in the Orthopedic Devices Market include Zimmer Biomet Holding, Inc., DePuy Synthes, Inc., Stryker Corp., Medtronic PLC, Smith & Nephew, Inc., and other prominent and niche players.

Competitive Analysis

Currently, the spine implants segment dominates the Global Orthopedic Devices Market, accounting for the highest number of procedures and sales of spinal implants. Vendors are making substantial R&D investments to develop innovative products with new applications, aiming to offer novel devices. Most vendors expand their businesses through mergers and acquisitions, partnerships, and participation in trade shows. Prominent players like Zimmer Biomet, DePuy Synthes, Stryker, Medtronic, and Smith & Nephew, along with universities and orthopedic research centers, are introducing new orthopedic products expected to experience significant growth during the forecast period. Increased investments in R&D and heightened awareness of complex orthopedic procedures are anticipated to boost market growth.

Benefits

This report provides comprehensive information on the adoption and usage rates of orthopedic devices in various orthopedic disease areas and regions. It offers key stakeholders insights into major trends, drivers, investments, initiatives by industry players, and government initiatives related to orthopedic product adoption. Additionally, the report outlines significant challenges that may impact market growth. It highlights key business opportunities, enabling stakeholders to expand their presence and capture revenue in specific verticals. This information aids in informed decision-making for investments and business expansion within the Orthopedic Devices Market.

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Key Stakeholders

• Region/Country Covered in the Report: North America, Europe, Asia Pacific, RoW
• Key Players Covered in the Report: Zimmer Biomet Holding, Inc., DePuy Synthes, Inc., Stryker Corp., Medtronic PLC, Smith & Nephew, Inc.

Market Dynamics:

Surging air traffic:

• As the global aviation industry continues to expand, there is a corresponding increase in market demand.

Heightened emphasis on safety and reliability:

• The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.

Growing commitment to environmental sustainability:

• The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.

Escalating globalization:

• The growth of international trade and travel propels the demand for market solutions.

Increasing desire for private air transportation:

• The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.

Expanding utilization of digital fuel management systems:

• The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.

Advancements in fuel cell technology:

• Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.

Mounting demand for air cargo transportation:

• The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.

Rising defense budgets:

• Governments worldwide are augmenting their defense spending, leading to heightened market demand.

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