Albany, NY -- (SBWire) -- 10/03/2016 --The global orthopedic devices market is undergoing saturation as several market players are operating in the same regional markets. This has worked in favor of existing players by restraining the entry of new companies. The sentiment in the market suggest that the leading players are completely focused on achieving inorganic growth through mergers and acquisitions. The research report identifies DePuy Synthes, Stryker, Medtronic, and Zimmer as the key players operating in the global orthopedic devices market. "Players are enjoying the negligible threats from substitutes, high entry barriers for new players, and strict regulatory framework, which is preventing new entrants from making any investments," says the lead author of this research report.
North America Emerges as Frontrunner in the Global Market
According to the research report, the global orthopedic devices market is anticipated to be worth US$41.2 bn by the end of 2019, as the promises to expand at a CAGR of 4.9% between 2013 and 2019. The hip external fixation devices segment is anticipated to grow at a leading CAGR of 8.2% during the forecast period. The demand for these medical devices will be attributable to the rising pool of geriatrics, who are susceptible to hip fractures and thus require hip replacement surgeries. In terms of geography, North America is anticipated to lead the global market as the opportunity in the global market is anticipated to reach US$16.0 bn by 2019.
High Prevalence of Osteoporosis and Osteoarthritis Fuels Uptake of Orthopedic Devices
The global orthopedic devices market has been thriving due to the high prevalence of osteoporosis and osteoarthritis. Both these conditions are being commonly seen amongst the elderly population. Osteoporosis often progresses to the weakening of wrist, knee, hip, joints, and spinal bones. Thus, the growing number osteoporosis patients are augmenting the demand for orthopedic devices. On the other hand, osteoarthritis is seen as a precursor to pain, impaired mobility, and fractures. Owing to this reason, several patients suffering from this disease require joint replacement surgeries.
The alarming growth in the number of obese people across the globe has also had a positive impact on the sale of orthopedic devices. Medical complications due to obesity often need surgical rectifications, which has led to an increased uptake of orthopedic devices in recent past. For instance, knee and back pain are common complaints by obese people, which is corrected through surgery.
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The increasing participation in sports and adventure activities has also augmented the demand for these devices. The rise in the number of road accidents due to poor road conditions and over populated urban areas have also led to a high incidence of fractures of extremities along with cranial and spinal fractures. All of these factors have consistently worked towards empowering the sales of orthopedic devices and are projected to do so in the near future as well.
Pressure to Provide Affordable Healthcare Hinders Market Growth
The global orthopedic devices market is being restrained by the growing pressure on governments across the globe to reduce the cost of healthcare. The budget cuts are thus making it exceptionally difficult for healthcare institutes to acquire high-quality orthopedic devices. Furthermore, constant product recalls due to stringent regulatory processes have hampered the growth of the global market in the past few years.
The review of the global orthopedic devices market is based on Transparency Market Research's research report, 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."
Global Orthopedic Devices Market, by Anatomical Location
Hip
Knee
Shoulder
Spine
Elbow
Foot and ankle
Cranio Maxillofacial (CMF)
Others
Global Orthopedic Consumables
Orthopedic suture anchors
Orthopedic staples
Global Orthopedic Devices Market, by Geography
North America
Europe
Asia Pacific
Rest of the World
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Orthopedic Devices Market Is Promises to Expand at a CAGR of 4.9% Between 2013 and 2019
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