Orthopedic devices are used in fractures, trauma and for correcting bone deformities. Joint implants are generally used for treating deformities in knee, pectoral and pelvic girdle. Implants such as femoral head, humeral head, reverse shoulder prosthesis, knee prosthesis and others.
The global orthopedic devices market is estimated to account for US$ 60,052.8 Mn in terms of value by the end of 2019.
Global Orthopedic Devices Market: Drivers
Increasing number of sport-related injuries is expected to propel growth of the global orthopedic devices market over the forecast period. For instance, according to the National High School Sports-Related Injury Surveillance Study 2017-2018, 1,367,490 cases of sport-related were recorded in high schools in the U.S.
Global Orthopedic Devices Market: Opportunities
Development and launch of next generation orthopedic devices is expected to offer lucrative growth opportunities for players in the global orthopedic devices market. For instance, in February 2019, Breg, Inc. launched Breg Quantum OA, a next generation unloader knee brace for mild to severe osteoarthritis.
Global Orthopedic Devices Market: Restraints
Product recalls are expected to hinder growth of the market. For instance, in March 2020, NuVasive, Inc. issued recall of its Magec System Model X rods for patients with early onset scoliosis.
The global orthopedic devices market was valued at US$ 40,772.0 Mn in 2019 and is forecast to reach a value of US$ 60,052.8 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027. Increasing number of sport-related injuries is expected to propel growth of the global orthopedic devices market over the forecast period
Hip Orthopedic Devices segment held dominant position in the global orthopedic devices market in 2019, accounting for 31.2% share in terms of value, followed by Knee Orthopedic Devices Market and Spine, respectively. Development and launch of next generation orthopedic devices is expected to drive the growth of the market during the forecast period.
Increasing number of road accidents is boosting growth of the market. For instance, according to the Ministry of Road Transport and Highways, Government of India, in 2018, the number of road accidents increased by 0.46% compared to 2017.
The market is witnessing use of 3D technology in development of orthopedic devices. For instance, in April 2020, the research ‘Patient-specific 3D-printed Splint for Mallet Finger Injury,’ published in the International Journal of Bioprinting’, in April 2020, reported use of an Ultimaker 2 Extended+ 3D printer to fabricate splint for mallet finger injury.
Global Orthopedic Devices Market: Competitive Landscape
Major players operating in the global orthopedic devices market include, aap Implantate AG, Aesculap, Inc., Arthrex, Inc., ArthroCare Corporation, Biomet, Inc., Conmed Corporation, DePuy Synthes, Inc., OSSIO, Globus Medical, Inc., NuVasive, Inc., Conventus Orthopaedics, DJO Global, Inc., and Breg, Inc.
Global Orthopedic Devices Market: Key Developments
January 2019: OSSIO, an orthopedic fixation company, announced that its OSSIOfiber Bone Pin Family received 510(k) market clearance from the U.S. Food and Drug Administration (FDA) for the treatment of forefoot conditions.
November 2018: DJO Global, Inc., a provider of orthopedic technologies, partnered with SirenMD, a workplace collaboration platform, to become the exclusive sales representative for SirenMD’s sports team market