(MoneyNewsWire.Net, January 10, 2018 ) According to the report Orthopedic Devices Market, published by Market Data Forecast, the Global market is projected to reach USD 51.6 billion by 2022, at a CAGR of 5.1% from 2017 to 2022
Medical devices which are manufactured to substitute a missing bone or joint or to reinforce a damaged bone are called orthopedic implants or devices. These implants are manufactured using titanium alloys and stainless steel to provide strength and a layer of plastic coating is provided to act as cartilage. Rods, screws, pins, and plates are most common orthopedic devices used to support damaged bones. Replacements are permanent whereas support implants are removed after the healing process.
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Orthopedic Devices Market: Drivers & Restraints
Growing number of road accidents and sports injuries, increasing prevalence orthopedic diseases such as osteoarthritis and osteoporosis and advanced manufacturing equipment for orthopedic devices are driving the market growth. Increasing geriatric population and growing number of rehabilitation centers are also driving the market growth.
However, frequent product recalls, high costs of the products and relevant procedures are restraining the market growth.
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Orthopedic Devices Market: Segmentation
By Anatomical location
• Foot and Ankle
By Type of Consumables
• Orthopedic staples
• Orthopedic suture anchors
o Restorable suture anchors
o Metallic suture anchors
• North America
o United States
• Asia Pacific
o South Korea
• Latin America
o Rest of Latin America
• Middle East & Africa
o Middle East
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Orthopedic Devices Market: Overview
Based on the Anatomical location, knee segment holds the largest market share. It is due to the increasing number of knee osteoarthritis in geriatric population. Hip implants are the fastest growing segment due to the large number of hip injuries in old people and also in case of sports injuries. Based on type of consumables, orthopedic suture anchors hold the largest market share. It is due to the greater stability provides by suture anchors than staples.
North America leads the Orthopedic Devices market. It is due to advanced healthcare infrastructure and rising number of road accidents in USA. Asia Pacific is expected to be the fastest growing market due to the large geriatric population and increasing prevalence of orthopedic diseases. Also, due to the large population base, orthopedic device manufacturers are expanding into this region.
Orthopedic Devices Market: Key Players
Major players in the Orthopedic Devices market are Stryker, Medtronic, DePuy, Zimmer Inc., Smith & Nephew, Synthes, and Biome.
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