Albany, New York, Nov. 12, 2018 (GLOBE NEWSWIRE) -- According to the TMR reports, the global Orthopedic Devices Market is projected to increase at a CAGR of 3.0% within the forecast period of 2018 to 2026. On the basis of end-user, the hospitals segment is seen to be holding a dominant share with a CAGR of 3.0%.
Rising Geriatric Population to Boost Market Growth
The growth of the orthopedic device market can be attributed to a number of factors. The first being the increase in the number of geriatric population. Old people are more prone to both major and minor problems, the most common ones being eyesight problem, joint ache and indigestion problem. Older people are more susceptible to musculoskeletal disorders and thus, there arrives the need for orthopedic devices. Apart from that the increase in number of road accidents and most of the cases ending up with bone fracture, and hip fracture is also another factor accelerating the market for orthopedic devices.
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Key players have increased their focus on development of new devices that is both technologically advanced as well as easy to use. The surge in cases of osteoporosis, especially in the emerging economies of China and Japan is also adding a new dimension for market growth. Apart from that reimbursement coverage in case of orthopedic treatments have also stimulated the market to grow in the long run.
Product Recalls to Hamper Future Market Growth
Although the global orthopedic device market is seen to be holding immense opportunities, there are a few factors restricting growth in the market. One of them being product recalls which is not only disturbing the manufacturers but also the market. Because of manufacturing errors or device inefficiency, products are being returned to the companies. The increasing number of such product recall cases is causing patients and surgeons to withdraw from taking such devices as a part of their treatment procedures. Earlier it was seen that a particular device used to replace hip joint had failed in the sterility test, meaning that it may lead to infection during the surgery. Thus, the fact that these devices may have a low sterility and may not be completely safe is having an adverse impact on the growth of the orthopedic market in the future.
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However, with new and upgraded products being introduced into the market, the prices of older and advanced devices have come down, thus, allowing more scope for people to afford them. This, in turn is helping the adoption of orthopedic devices especially in the developing nations of Middle East and Asia Pacific, with the availability of partial medical reimbursement. Thus, the future of the global orthopedic device market is catalyzed to be growing at a substantial rate.
Geographically, the global orthopedic device market is seen to be dominated by North America owing to the rise in awareness about various advantages that orthopedic devices provide, especially in the U.S. Moreover, many significant players like Zimmer Biomet Holdings, Inc. and Stryker are investing more in research and development strategies especially in the development of advanced devices and treatment procedures, and this will further fuel the growth of orthopedic devices market in the future.
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The global orthopedic devices market is estimated to witness substantial growth due to the rise in geriatric population as per Transparency Market Research states. The vendor landscape of the market is highly competitive due to the presence of a large number of players who are continuously making efforts in order to obtain a strong foothold in the market and generate more revenue.
Some of the leading players of the global orthopedic devices market are Globus Medical, DePuy Systhes, Medtronic Spinal, DePuy Systhes, Smith & Nephew, and Arthrex, Inc. Major players are investing in research and development strategies in order to produce better and more advanced end products. They are also plotting merger and acquisition programs in order to expand their reach geographically. Vendors are introducing new products in order to increase their product portfolio and working on licensing agreements so as to develop these products.
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The above review is based on a report by TMR, titled, “Orthopedic Devices Market (Product - Joint Reconstruction (Hip Replacement, Knee Replacement, Elbow & Shoulder Replacement), Spinal Devices (Spinal Fusion Devices, Spinal Non-fusion Devices), Trauma Fixation, Orthopedic Prosthetics, Arthroscopy Devices, Orthopedic Braces and Supports, Orthopedic Accessories (Bone cement, Casting system, Removal systems); End use - Hospitals, Orthopedic Clinics, Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
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