Orthopedic Devices Market Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

 

Orthopedic Devices Market

Over the forecast period, the rising prevalence of osteoarthritis is expected to drive growth in the global orthopaedic devices market. For example, according to the study 'Osteoarthritis in Europe: Impact on health status, work productivity, and use of pharmacotherapies in five European countries,' the UK (43.6 percent), France (25.6 percent), Germany (15.2 percent), Spain (8.4 percent), and Italy (7.1 percent) recorded high prevalence of peripheral joint osteoarthritis, with the majority of cases ageing 55-74 years. Furthermore, the growing geriatric population is expected to contribute to market growth. For example, the World Health Organization predicts that the geriatric population will reach 2 billion by 2050, up from 900 million in 2015.

Orthopedic devices are used to repair skeletal structure and joint movement following fractures, abnormal bone growth, soft tissue damage, or other deformities. These devices are classified as internal and external fixation devices because they can be surgically implanted or externally attached using minimally invasive procedures.

Fitting issues and some of the side effects of wearing splints are expected to stymie market growth. Prefabricated stack splints and dorsal aluminium splints may not fit properly and frequently cause skin irritation. Furthermore, the high cost of fibre material is expected to limit market growth. High-quality braces, for example, can cost around $900.

The Global Orthopedic Devices Market size was valued at US$ 40,772.0 million in 2019 and is estimated to exhibit a CAGR of 5.0% between 2020 and 2027.

Wireless technology adoption is expected to provide profitable growth opportunities for players in the global orthopaedic devices market. For example, Intellirod Spine launched iLink in August 2019, a Bluetooth-enabled sensor module that can be attached to any brace, orthotic, or prosthetic to measure daily wearing compliance, upright posture time, and mobility via a free smartphone app. Furthermore, transparency regarding the cost of orthopaedic devices is expected to aid in market growth. Breg, Inc., for example, released a new software release in January 2020 aimed at improving transparency around the cost of durable medical equipment products such as knee braces, shoulder slings, splints, boots, and crutches at the time of dispensing.

Due to a lack of efficient surgical tools, available trauma management techniques cannot currently help restore body parts completely. As a result, manufacturers are investing heavily in research and development to create innovative and efficient devices. This increase in R&D activity is expected to result in rapid market growth in the near future. An increase in the number of other bone-related disorders, as well as technological advancements, are expected to drive the market even further. Obesity is one of the primary causes of arthritis.

As people become more aware of the availability of innovative products, hospitals are being pushed to constantly upgrade their devices and services. Furthermore, reimbursement coverage for orthopaedic treatments has boosted the use of orthopaedic surgeries. These factors enable customers to choose more advanced and expensive treatment options, increasing total revenue generated. The introduction of advanced orthopaedic devices is likely to significantly reduce the cost of older ones. This contributes to greater adoption of the latter in developing economies such as Asia Pacific and the Middle East, where medical reimbursement is scarce. These activities are expected to have a positive impact on procedural volume and market growth in the near future.

Major Companies involved are- 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.

For Global Orthopedic Devices Market Press Release, visit- https://www.coherentmarketinsights.com/press-release/orthopedic-devices-market-3215

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