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An orthopedic device is installed within the skeleton of a body and muscle systems of the body to correct existing problems or to provide stability. A new report on the Global Orthopedic Devices Market size could sight success at 4.3% CAGR between 2016 and 2023. In terms of value, the market can be worth USD 58,814.6 Million by the end of the forecast period. With 39.6% of the global orthopedic devices market share, North America is the largest regional market due to the technological advancement, presence of key market player, and availability of advanced medical facilities, including those offering orthopedic treatment.The deciding market drivers for the global orthopedic devices market growth are product development and technological advancements. Other market drivers include changing technology, increasing funding for research & development (R&D), increasing prevalence of osteoporosis, and orthopedic device market growth in emerging economies.
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Orthopedic Devices Market Key Players:
Top Key players in the global orthopedic devices market include DePuy Synthes Companies (USA), Globus Medical Inc. (USA), Medtronic (Republic of Ireland), NuVasive, Inc. (USA), Smith & Nephew PLC. (UK), Stryker Corporation (USA) and Zimmer Inc. (USA)
Orthopedic Devices Market Segmentation:
The global orthopedic devices market segmentation encompasses application, end-users, and type. MRFR’s take on the market explores various facets of the market in-depth.
The application-based segmentation of this orthopedic devices market covers foot & ankle, hip, knee, spine, trauma & extremities, and others. As per end-users, the market has been segmented into ambulatory surgery centers, hospitals, and medical research center. By type, the orthopedic devices market has been segmented into bone repair, consumables & disposables, joint replacement, spinal devices, trauma fixation, and others.
Orthopedic Devices Market Regional Insights:
A geographical outlining of the global orthopedic devices market covers North America, Asia Pacific, Europe, and the Middle East & Africa (MEA).
With 39.6% of the global orthopedic devices market share, North America is the largest regional market due to the technological advancement, presence of key market player, and availability of advanced medical facilities, including those offering orthopedic treatment. The USA holds the lion's share when it comes to generating revenue for the North American market. Canada is the second most significant country-specific market in terms of revenue.
Bring the second largest regional orthopedic devices market, Europe has been estimated to be worth USD 19,467.6 Mn by 2023. In this region, the market is evolving due to favorable government policies regarding healthcare, changing lifestyles of consumers, surging number of unhealthy patients, growing demand for medical facilities, and availability of advanced medical facilities. In Europe, the important country-specific markets are France, Germany, Italy, Spain, and the UK. An observation of the remaining countries in Europe featured in this report speculate the huge addition to market revenue from some other countries in Europe.
During the forecast period, the Asia Pacific region can emerge as the fastest growing regional orthopedic devices market growing at 6.2% CAGR. In this region, the market is evolving due to the high density of population, stable rise in technological progress, steady development of infrastructure, growing demand for better medical facilities, improving the condition of hospitals, higher disposable income, and increasing number of patients requiring medical treatment due to changing lifestyles. The heavy country-specific markets in this region are Australia, China, India, Japan, and South Korea. An analysis of the remaining countries in the Asia Pacific region featured in this report estimates the huge contribution to market revenue from some other countries.
The MEA regional market is smaller than other regional markets and is expected to grow at a steady pace. In this region, the reasons for the limited market growth include lack of technical knowledge, poor orthopedic devices facilities, and underdeveloped healthcare sector. The standout country-specific markets in this region are Egypt, Saudi Arabia, and the UAE. A scrutiny of the remaining countries in the MEA region featured in this report calculates the increase to market revenue from some other countries.
Latest Industry News
FH Ortho Inc. has forged a partnership with Red One Medical, a Service-Disabled Veteran-Owned Small Business. With the expertise in the sector, Red One Medical becomes an ally of the Department of Defense (DoD) medical facilities and The Department of Veterans Affairs (VA) medical facilities, throughout the USA.
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