Orthopedic devices Market Trends, Analysis and Review during 2019 To 2023
Global Orthopedic Devices Market - Overview
The Orthopedic Devices Market is growing pervasively, witnessing an exponential growth backed by the increasing investments in the R&D activities. Healthcare segment extensively absorbs orthopedic devices for a range of surgical applications such as implants. Over the past decade, orthopedic devices have significantly evolved. As a result, the market is garnering huge traction.
Orthopedic Devices Market is growing steadily and expected to continue its growth near future. The Market for Orthopedic Devices was US$ 43,802.1 million in 2016 and expected to reach US$ 58,814.6 million by 2023. The Global Orthopedic Devices Market is expected to grow at a CAGR of 4.3% during the forecast period.
Global Orthopedic Devices Market - Competitive Landscape
Orthopedic devices market demonstrates high growth potential which is expected to attract several new entrants to the market intensifying the competition further. Manufacturers of these devices strive to develop innovative materials to develop a range of orthopedic devices with the best practices. Incorporating strategic initiatives such as acquisitions, collaboration, expansion, and partnership matured players try to gain a competitive advantage to maintain their positions in the market. They investment substantially in manufacturing & expansion programme that can help them to reduce logistics cost and increase production capacities and leveraging potential to fetch larger turnovers.
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Dominant Key Players:
Some of the key players in this market are:
- DePuy Synthes Companies (US)
- Globus Medical, Inc. (US)
- Medtronic (Republic of Ireland)
- NuVasive, Inc. (US)
- Smith & Nephew plc. (UK)
- Stryker Corporation (US)
- Zimmer Inc. (US)
Industry Developments:
November 21, 2018 – Colfax Corporation (US), a corporation involved in the manufacturing welding, air, and gas handling equipment, and medical devices announced its plans to acquire DJO Global, Inc. (US), a manufacturer of a variety of orthopedic products for rehabilitation, pain management and physical therapy for USD 3.15 BN. This significant deal is based on the diversification and favorable demographic trends for DJO. Colfax is making a big acquisition as it seeks to diversify its revenue streams, reduce cyclicality, and apply its approach to operational excellence.
A leading musculoskeletal solutions company, Globus Medical Inc., has announced the launch CREO Fenestrated Screw System that is used for treating patients suffering from advanced stage tumors of the thoracolumbar spine.
Medtronic Plc. has declared that the US Food and Drug Administration has offered 510k clearance of Kyphon HV-R Bone Cement for fixation of fractures of sacral vertebral body with the help of sacroplasty or vertebroplasty.
Global Orthopedic Devices Market - Regional Analysis
Taking the Global scenario of Orthopedic Devices Market into consideration, North America was holding the highest market share of around 39.6 % in the year 2016. With the presence of major market players and advanced technologies, the market in this region is growing steadily.
Europe has been considered as the second largest market and is expected to reach USD 19,467.6 Mn by the end of 2023.
Asia Pacific (APAC) is expected to witness the fastest growth with CAGR of 6.2 % during the assessment period. Availability of government regulations and presence of untapped markets are sure to attract attention of global players.
Moreover, Middle East and Africa can exhibit a dull growth over the forecast period due to slow implementation of latest technologies.
Considering the global scenario of the market, North America was holding largest market share of 39.6% in global orthopedic devices market in 2016. Europe is second largest market and expected to reach USD 19,467.6 million by 2023. APAC is expected to grow at fastest CAGR of 6.2% during 2017-2023. On the other hand. Middle East and Africa (ME&A) Orthopedic devices market was growing lower than global average and expected to grow at steady pace.
For More Information Visit @ https://www.medgadget.com/2019/01/global-orthopedic-devices-market-to-acquire-a-vast-growth-with-medtronic-smith-nephew-plc-stryker-co-during-forecast-period-2018-2023.html
Global Orthopedic Devices Market - Segments
Globally, the orthopedic devices market has been segmented on the basis of type, application, region and end users. On the basis of type, the market can be segmented into spinal devices, consumables and disposables, trauma fixation, joint replacement, bone repair, and others.
On the basis of application, the market can be segregated into trauma and extremities, foot, knee, spine, hip, spine, ankle, and others, where knee and hip applications hold the largest market share. It has been witnessed that high rate of knee and hip replacement surgeries combined with the innovations in their treatment is contributing towards the market growth of orthopedic devices.
Based on end users, the market for orthopedic devices can be bifurcated into hospitals, ambulatory surgery centers and medical research centers, where hospitals hold the maximum market share.
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